134 million people employed, supposedly.
$46,500 average income.
12.4% SSI tax.
This gives about $77 billion in income to Social Security.
Old-Age And Survivors Insurance (OASI)is $700 billion.
SSI benefits paid is $59 billion to about 8 million people.
Disability is another $145 billion to over 11 million people.
We take in $77 billion, we pay out over $800 billion.
We are already broke.
“134 million people employed, supposedly.
$46,500 average income.
12.4% SSI tax.
This gives about $77 billion in income to Social Security.”
I think that is suppose to be $772,644,000,000.00
Anyway, we’re still broke.
I believe you dropped a zero someplace in your calculation.
“Trust Fund” Income In 2012:
(1) Payroll taxes for OASI and DI were almost $600 billion.
(2) Interest earned on the “Trust Fund” was about $100 billion.
(3) There's another $25 billion from taxes on received benefits.
(4) And, $100 billion from “General Fund Reimbursements” (sounds like an accounting trick).
According to the Trustees, OASI and DI can pay in full until 2020 with those 4 income sources.
After 2020, they must start to “redeem” the IOU’s (Good Luck!).
SSI - that used to be paid directly from General Funds - but, maybe that has changed.
Here's a good link for you or anyone else who wants to see a good composite summary for 2012 (I don't think 2013 has come out yet):
How dare you use those old outdated antiquated mathematical principles of yesteryear that were deemed Racist 30 years ago. You need to learn “Common Core”
We want to spend $1 Trillion on Social Security programs and we are only spending $800 Billion, why were Social Security programs cut by $200 Billion Dollars??