romanov
Senior Veteran
- Jul 6, 2006
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Nor the pertinent reasons why I am wrong... without them, you are most certainly not 'right'.
She stated that she has neither the time nor the inclination to bother with that debris.
Exactly, what you think. Probably some garbage that some professor puked out. That's why like to deal with what I know to be true.This has nothing to do with how I feel, but what I think.
You have absolutely no idea how social security works do you? I have this little saying; something I picked up years ago. You have the right to do as you please provided that you do not deprive me or others of our life, liberty or property through force or fraud. Social security is a fraud; an absolute 100% unadulterated fraud. A ponzi scheme forced on us by the federal government.Never mind how this would effect those for whom social security was designed for originally: those who have nothing to invest, and thus need a safety net.
You say that it's to protect those who have no money to invest. You invest in social security every time you get a paycheck. But it's a pay as you go system. The people recieving social security checks right now get your money. And whenever the social security system and congress allow you to retire, you'll get the money that your children and your neighbor's children are paying into the system. Now the government can keep the fraud under wraps as long as there are more people working than receiving benefits.
Right now, there's more money coming into the social security system through your FICA tax than is being paid out by the social security administration. Guess what happens to the balance of the money? It goes into the general fund and has gone into the general fund since, I think, 1939 when congress changed the rules. They have spent the money, it is gone. There is no "lock box." There is no social security trust fund. Your "safety net." is a stack of IOUs in the bottom of some file cabinet in the social security office and they are all signed by the American taxpayer. They've spent it on every thing from highways, to Vietnam, to indoor rain forests in Iowa.
FICA tax is based on your income. Let's say you gross $100 a week. Your FICA tax is $7.25 or 7 1/4% of your income up to $85,000 a year. Your employer "contributes" dollar for dollar what you pay in. So $7.25 + $7.25 = $14.50. Not an exact computation but about 14.5% of what you earn goes into the social security sieve. As an experiment, go to any reputable financial advisor in your area and tell him you plan to work until you are 65 and never plan to make more than about $35,000 a year adjusted for inflation. And then tell him you want to invest 15% of that 35,000 a year into a retirement fund. And you want to know approximately how much you will have to retire on and how much can you reasonably expect to earn off that money for your retirement years.
That's kind of a trick question that you need not answer because I already know the answer. The Galveston TX school system opted out of the social security system when it was still legal to do so. A janitor who never made more than $25,000 a year, put money into the Galveston, TX school system's retirement plan done through a financial planner. The first year of his retirement, he made $34,000. In other words, he retired and got a raise.
If you were allowed to do the same, not only would you retire with more money, but when you died, guess who gets the money? Your wife or your kids or your cat, who ever you want to get the money, it's your money. You know who gets your social security money when you die? The government. You wife get's $250 and your kid's about $75 each a month if they are under the age of 18. So if your kids are lucky, you'll die when they are 2 years old. Great safety net.
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