The baby boomers have gotten their way all their lives. They are unlikely to consent to any kind of cut in their perks now.
The sad fact is that the Social Security Ponzi Scheme gives back far less than you put into it. That's basically because the money was never invested, but was used for various vote-buying schemes as soon as it was paid in.
I've been making enormous forced social security payments for 40 years, and will get back very little in return. Most honest workers are in the same position.
posted on 02/26/2004 7:53:14 PM PST
"The sad fact is that the Social Security Ponzi Scheme gives back far less than you put into it"
I don't think it works that way...ex: lets say a person works 30 years with an average salary of 40K @ today's 6+% SS tax, that only comes out to approx $72,000. It only takes about 6-7.5 years to collect that money thru SS. Life expectancy is 8 years past 65 for the average man, so you are getting more than you put in UNLESS you averaged over 40k your entire working career. I seriously doubt that most baby boomers averaged 40k over a 30 career span.
posted on 02/26/2004 8:58:19 PM PST
Well, those touted abotions have killed off all the would be wage earners, so now the Mexicans must be imported, just so the feds can collect FICA taxes which is near 16% of their wage earnings,(1/2 worker/ 1/2 employer) even if they never pay one cent fed or state income taxes.
Damn it is a brave new world what?
posted on 02/26/2004 9:14:27 PM PST
by Ursus arctos horribilis
("It is better to die on your feet than to live on your knees!" Emiliano Zapata 1879-1919)
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