It would debase the entire SS system to allow rich people to opt out at will.
Coupla questions, after I finished laughing at the ignorance that gave rise to such a statement:
1.) How can you possibly debase a failing Ponzi scheme any more than it already is?
2.) What makes you think only "the rich" would want to opt out?
What will people get out of SS? And what would they have gotten if they had invested the same money in retirement funds instead?
Say a guy had started his working career 45 years ago at age 20. He starts at minimum wage back then. And the only raises he EVER gets are cost-of-living increases. Maybe his abilities aren't high, he never gets any merit increases in 45 years. The vast majority of working people do much better than that, of course.
He "contributes" as required to SS for the whole period, and his employer "contributes" the same, also as required by law.
How much would he get from SS if he retires today, at age 65? Max is around $1,700/month (slightly less than $20,000/year) for as long as he lives. Say he lives another 20 years (well beyond the average). Total comes to around $360,000. And when he dies he gets a few hundred for funeral, and that's it. His surviving kids get nothing.
Now, suppose he was somehow able to invest that money (his and the employer's payments on his behalf) in a typical retirement fund instead that pays, say, 7% (most actually pay more).
How much would he have in that fund today at age 65? Anyone care to do the math?
(Hint: can you say "Millionaire"?)
He can live off the interest alone once he retires FOREVER, getting more than $70,000/year, and never decrease the principal amount that's in the fund. And when he dies, his heirs get to split up the entire $million-plus total in the fund.
And that was a guy who started at minimum wage and never got anything in the way of raises, except cost-of-living adjustments. Most people will mave made more, and invested more, than he did.
Want to know the most significant result of Social Security in this country? Social Security has DISPOSSESSED MORE MILLIONAIRES than all the thieves, swindlers, depressions, catastrophes, wars, politicians, inflation schemes, and lawyers the country has seen since its founding in 1776.
And it's the centerpiece of modern liberalism - their shining monument to government effectiveness.
They speak more truly than they know. Social Security is demonstrably the grandest robbery scheme in history.