Uhh, there's a practical human problem with that notion and it is that when you're younger if you don't save for when you're older then you'll be destitute. Social Security alone is pretty hard to live on. As for what the bond market is telling us an alternate thesis (supported by the public statements of Trump and the Fed Chairman) is pretty much they don't want a recession in an election year and have eased interest rates not because it's good for the economy but because it's good for the incumbent. In short it's interest rate policy not the market which is setting the price.
I agree with you BUT social security can also be seen as a pay as you go system where the young care for the old. The notion that saving must take place is somewhat tied to American individualism.
If we didn't treat things like wellfare as disdainful and something you could actually rely on, we wouldn't need to worry about personal savings as much.
Not sure who you mean by younger. I'm pushing 40, and I've been aware my entire working life that social security would not be there for our generation when we reach retirement age, but we would still be expected to pay into the system to support our elders and/or their elected officials. The only way we're likely to get any kind of return on that investment is if we become disabled.
