From the article: (The fact is that most Americans who live long enough to collect Social Security will actually get far more back from the system than they paid into it. So, while they may not be getting something they don’t deserve, they’re definitely getting more than they deserve.)
If could have put SS payments into Index Fund would be ahead of game!
I hope this is fake news...I have heard they were planning to cancel state income tax deduction and the mortgage deduction as well—I read these 2 ideas may have been pulled off the table.
Seems middle class taking it on the chin IMHO.
NO one mentions all the funds left in by those who die short of collecting SS or Medicare. That money does not go to their families or roll over the the spouse’s account.
My pastor died a month before his first SS check was due, they kept every dime of 40 yrs working 2 jobs he paid in. Both he and his wife worked 40 yrs each and paid into SS.
The spouse if female is allowed to draw off their spouses it it is the larger, they lose every dime they paid into SS for 40 yrs to the system. There does need to be a better safe way to invest and grow the existing funds. Medicare is DICTATORSHIP CARE worse health care than DUMBO’s , especially if your secondary is also a DICTATORSHIP Military healthcare plan.
Make congress restore the TRILLIONS they stole from both funds and left worthless IOU’s. Congress should not be able to add SS/Medicare or Military health care that is already pre-paid, for their general fund. It should be a dedicated fund for the purposed it was meant for.
The fact is that most Americans who live long enough to collect Social Security will actually get far more back from the system than they paid into it. So, while they may not be getting something they don’t deserve, they’re definitely getting more than they deserve.)
I don’t think that takes into account a REALISTIC adjustment for inflation. My monthly social security is in nominal terms about four times what I EARNED per month in the first year I paid it as a civilian and actually more than my first YEAR’S EARNINGS as an eighteen year old sailor but one new car now costs what a large farm with a fine house, outbuildings, equipment and livestock cost back then. The average house in this area which is not anywhere near the top in real estate values now costs more than my projected lifetime earnings were when I joined the Navy. The sales tax in this state on a fast food lunch now is considerably more than the lunch plus tax used to be. My social security check which once would have supported an entire family in luxury is a pittance now. Working people used to aspire to make two dollars an hour because that would support a family with no strain, two dollars doesn’t buy one gallon of regular gas now, even though gasoline is down to about half of the 2008 price and only costs about a third or less of what it was expected to cost at this point.
The problem with that statement is that it's simply not true. Social Security is sold as a retirement program. The reality is that it requires you to save a "Millionaire's Savings Account", while giving you a "Pauper's Pension". I have been paying FICA (Social Security) taxes for 55 years. I still am. Had I put that same money into an ultra conservative savings plan, it would be worth well over a million dollars, and could be paying way more than double what I'm getting now.
The problem, of course, is that it's not a savings plan. It's simply another tax. It's immediately spent (and then some, long before its even paid). Government will ALWAYS do this. The absolute LAST thing we need is another tax that is hidden from the payer.