Hey everyone will. This is how it works. In 1949 an accounting major in NYC got $2,500 per year. 50 years later, it's some $50,000 per year. That'a a 20X multiplier. When today's graduates retire 50 years from now, the starting salary using the same multiplier will be $1,000,000. They too will be paid more than they ever put in.
inflation in not the primary driver. IT has to do with the early contributors only contributing a few years.
It is still true since reagan/oneill DOUBLEd the tax to 12.4% are '83
Should we double the tax to 25% to keep the ponzi scheme going ? THat is what Lindsey/Clinton would have us do.