[mikeash]

Why do we need to keep a fig leaf to cover up what everybody already knows is there? We should either accept that Social Security is a form of welfare and rationalize it accordingly (my preference) or we should overhaul it to actually be the mandated savings scheme that it's said to be.

[bmelton]

Because welfare isn't popular, it makes it more subject to the political climate, and because as a mandated savings scheme, social security isn't terribly performant.