And the other half are to stupid to realize it.
I am 38.. My odds are about 50/50.. if that.
My 4 year olds odds? 1 in a million. But he WILL be paying for someone else on it.
And the other half are economically illiterate idiots...
60% of them voted for Obama
I KNOW I, nor my wife, nor my 4(soon to be 5) kids, will be getting social security.
Hell, I doubt the United States will still exist as a United Country when I am that old, assuming something isn't down about our present situation.
Given that the U.S. government, full of power-hungry Leftists and fascists and all manner of dirty slimeballs, anything promised or set up is subject to change at any time as prior generations just weren't honorable enough to adhere to freedom-granting founding principles.
Well, if these grandkids want a future they best be thinking of not voting for obuma. A whole bunch of you grandkids voted for that Marxist slug. So you best be rethinking what you did.
Stimulus this and stimulus that, but what about social security?
‘no matter what happens with Social Security, millennials will likely have to rely more on their own savings than previous generations.’
Fine, start now.
Can I get my money back while you’re at it?
And another thing, while they’re getting off my lawn tell the Millennials we’re tired of they’re non stop whining.
They may get the present amount of social security in dollars, but fast food places will be enticing people to breakfast with chicken biscuits that only cost $99.99.
There are a lot of ways for oppressive governments to confiscate wealth.
More than half the younger boomers don’t think we will get SS either.
So, what else is new?
When are Americans going to wake up and quit believing those lying politicians?
Oh, they might get it in Zimbabwean devalued currency.
My wife and I both turned 66 this year and we are getting full S/S checks, plus we still work!! So it is like extra money!! But we both paid into S/S for 45 years so we earned it. So we use the money to go to the Indian casino. Don’t flame me! I am a long time Freeper. Just living life large.
My wife and I both turned 66 this year and we are getting full S/S checks, plus we still work!! So it is like extra money!! But we both paid into S/S for 45 years so we earned it. So we use the money to go to the Indian casino. Don’t flame me! I am a long time Freeper. Just living life large.
Since there is general consensus that SS cannot pay the benefits it has promised to future retirees, it is time to stop extracting FICA taxes from workers.
If we eliminate the worker-side of the FICA, but expand the employer-side to include all employee compensation — meaning not just wages up to $106K/yr, but all wages, all non-cash benefits like health and life insurance, company vehicle allowances, stock options, etc. — and up the rate to 10%, the revenue collected from the employer would collect $850B/yr. That, combined with the $2.5T owed by the general fund to the SS Trust fund, would be enough revenue to pay current benefits to existing retirees until they die. It would be enough to pay future retirees the HHS poverty level of $11k/yr or the amount they’ve earned up to the date they stopped contributing directly, whichever is higher. So nobody has to worry about grandma eating cat food, but a better-than-poverty-level retirement will require people save some of that 7.65% they are no longer paying to FICA and invest for themselves.
I would also require 20 years employment in the US to receive the full default poverty-level benefit, subtracting 5% of benefit for each year they are short of 20 years — that would stop retirement age immigrants and “refugees” from collecting from a system they never contributed to. Collecting retirement earlier than 65 will also reduce your benefit by 5% per year — retire at 60 if you want, but received just 75% of the age 65 amount.
To discourage outsourcing labor, I’d also apply this 10% tax to expenditures to foreign entities including imports, essentially applying our payroll tax to the outsourced labor embedded in those imports. This would garner another ~$200B and allow complete elimination of the Corporate profits tax and all the lobbying and corruption it promotes as well as the overhead to businesses to comply with the corporate tax code. Those profits will still be taxed, but at the individual level as dividend or capital gain income.
Half of them will be right and the other half guilty of very wishful thinking.
Mark