What most people don't even think about is we've been there and done that before.
Never had any social safety net before the New Deal. Most old people were just plain poor , and were cared for by their children.
One of the things that kept the Bush Recession from becoming another "Great Depression" was that older people had SS . They may have lost their retirement, and the value of their house may have gone down to the price of dirt, but they had SS to help see them thru.
I never cease to be amazed how many people can only see the short term greed in their own little lives, and discount the benefit even they get from living in a society where either they would have to be taking care of their own parents, or just let them rot.
It's been proven that people WILL NOT SAVE . During the "payroll tax holiday" that we just came out of, according to USA Today, most people just spent that extra money.
Do any of you remember anyone that was not on SS ? I do, and it wasen't a pretty site.