“But the big bucks are being spent on the entitlement programs, which is mainly on the elderly and adults.”
True, because the seniors were forced to pay into the socialized retirement and medical program.
But I have to say, your interpretation that the children are going without because the money is instead being funneled to the elderly is quite a stretch.
Problem is these programs are unsustainable, given that there is no nest egg of all the money paid in. With a poor economy and more retiring folks on the horizon, there’s no way they can continue to get paid at the rate promised. It all has to collapse.
Which I suppose is your point..
Do you see a solution?
Oh hey kabar.
You might be one of the few to get this. Most people don’t seem to understand when I try to explain our Social Security dilemma. Some I think intentionally don’t want to know, others just don’t get it, or maybe I’m not explaining it well like back when I tried to explain what other women that I was working with how all of their income was taxed in the rate that their husband’s highest income was taxed at. If not higher. Most of them just didn’t seem to get it. I think because they really didn’t want to know. I actually got asked why I was taxed that much, as if it didn’t apply to them. Fairly simple math, even simpler than the Social Security math.
Anyway, hubby was looking into retiring early. But wanted to see how much he would lose if he quit paying into Social Security. So I ran the calculations in an Excel spreadsheet, and the calculations are readily available on the Social Security website. Just to put it in round numbers, if he continues to work in until he’s sixty-seven, another seventeen years, if he keeps paying minute the max rate he will pay in $175,000. (This is just for the next seventeen years, doesn’t count but he has already paid in. And is only his portion, not his employers.)
If he lives until 83, his average lifespan, he will only get back $50,000. That is taking Social Security at sixty-seven. Actually, taking Social Security at seventy doesn’t really change the numbers much unless he looked past 92.
Anyway, my point was that he should go ahead and retire!
Actually, my point to you is that the system is so socialized that it is ugly. Of course, when they need to make cuts they’re going to cut those making the most. And those people are already not going to get back what they put into it. Those at the lower level it back every penny they paid in, plus quite a bit more.
They knew it was socialism when they implemented it.