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Student Wins Trimble Foundation Prize for Social Security Essay
November 09th 12:49:22 AM
"Social Security is one of the government’s best accounting illusions, while there seems to be a positive balance in the fund, the receipt of tax dollars are lent to other government agencies to finance current government projects. A look at these facts should make all young Americans concerned:
- The maximum original Social Security tax was just $60. Today it is $11,000.
-Social Security taxes have been raised more than 40 times since the program began.
-The Social Security payroll tax rate has grown from just 2 percent in 1949 to 12.4 percent today.
-A medium income worker born after 1965 can expect a rate-of-return of less than 2% on his or her Social Security taxes.
-In 2005, the Social Security Board of Trustees reported that in 1945, there were about 50 workers paying Social Security taxes for every retired person receiving benefits, and today, there are 3.3 workers. By 2050, when most of today’s college students are looking towards retirement, there will be only 2 workers paying Social Security taxes for every retired person receiving benefits."
Congratulations Constance Liu we couldn't have said it better ourselves. Read the entire essay.
Posted by Chris Schrimpf
Comments
If Socialist Insecurity sucks so bad (and it does), why would you want to 'save' it?
See:
http://weblog.secureourfuture.org/mt-tb.cgi/199
SS Equity Funds EQUAL Big Government Corruption!
S4 Sucks and Gives Change!
Posted by Noid on November 09th 02:41:54 AM
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