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Quote from W. Allen Wallis,

"When you pay social security taxes, you are in no way making provision for your own retirement. You are paying the pensions of those who are already retired. Once you understand this, you see that whether you will get the benefits you are counting on when you retire depends on whether Congress will levy enough taxes, borrow enough, or print enough money..."


W. Allen Wallis (more quotes by W. Allen Wallis or books by/about W. Allen Wallis)

former Chairman of the 1975 Advisory Council on Social Security


May 27, 1976 


Economics, Fed, Money, IRS, Taxation


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