Spoke with my Legislator today.......

SSG T

HR Legend
Gold Member
Jul 10, 2002
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It is Ponzi financed. The reason it is ‘there for you’ is that they have raised the FICA tax 12 times since 1967.
The early entrants to the Ponzi get paid more than they put in, so they can tell other dummies it’s a great scheme.
That 6.4% payroll tax you faced in 1967 is now 15.3%.
Mathematically, everyone born after 1975 is facing getting back less than a buck out for each buck they paid in. That’s what happens in a Ponzi that is funded by robbing Peter to pay Paul.
Raising the tax and/or lowering the benefit is all that is on the table for future generations. None of them get to rob the future generations to the degree you and your parents managed.
Congrats!

It's not intended to be a 1 for 1, never was. It was intended to be assistance for those who have no other means of retirement income...Basically a safety net.

Of course, when there are people out there with the thought process of "I'm getting mine, screw everyone else" there are problems.
 

seminole97

HR Legend
Jun 14, 2005
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It's not intended to be a 1 for 1, never was.

Then why did they set it up,from the very start to pay more than 1 for 1?

You assert it ’never was’ setup the way it was at the outset, and for decades after. Each time the

To wit:

Ida May Fuller worked for three years under the Social Security program. The accumulated taxes on her salary during those three years was a total of $24.75.
Miss Fuller's claim was the first one on the first Certification List and so the first Social Security check, check number 00-000-001, was issued to Ida May Fuller in the amount of $22.54 and dated January 31, 1940.


Her first check was nearly 3 years worth of contributions.
What do you think she told her friends, neighbors and young whippersnappers like joelb.c. about Social Security and how awesome it was?
They ingrained this for decades before you were even born.

And now they have you believing ’that was never the intent’.

The past was alterable. The past never had been altered. Oceania was at war with Eastasia. Oceania had always been at war with Eastasia.

 
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