The Dims want to create another Social Security.
They want to force us to contribute, then spend all the money we contribute, let the next generation pay for our retirement, then when there isn’t enough money, claim the new system was never intended to pay for all of our retir3ement, it’s just a supplement.
Under Ms. Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5% of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3% a year, adjusted for inflation.
Current employer + employee "contributions" are 14.65%. So an additional 5% of pay would result in a 33% increase in EVERYBODY'S tax rate. A 33% increase in taxes. I thought Barry was going to cut everybody's tax.