Just saw you 8/11 reply to my “no tax on sosec” comment
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It’s a solid plan if they increase the current security tax on high earners, otherwise it’s an untenable solution. Seems to be some support to raise SS tax on earners above the $165k threshold and again at $250 which would keep SS solvent for a few more decades
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Raising taxes on “high earners” is just giving the Gooferment more money to waste.
Recognizing that Social Security “Insurance” is just a racist inter-generational Ponzi scheme that has zero chance of “success” like any Ponzi scheme.
Note that FDR chose the word “insurance” very carefully because at that time “insurance” was highly regarded as “safe”. He knew full well that this was a fraud because there was nothing “saved” to pay benefits. It should have been obvious to the rubes when the first (white) woman “retired” after making one tax payment into “social security insurance”.
I recently read an analysis of one case where the fellow paid in X$ (I can’t find the gripe) and received back about ½X$. That’s nominal dollars with no adjustment for inflation. He ran a simulation if the original X was invested in 50/50 Tbills and S&P500. That portfolio would be valued at about 6X at his retirement. He compared his Z$ monthly benefit with the 4Z$ monthly annuity he should have had.
I have also read many times that Social Security has a negative ROI of between 12 and 40+%.
It’s a national disaster. And, BTW it’s has about 70T$ in unfunded liabilities. No amount of tinkering will save it.
Argh!
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Wish I could find all the things I have read about Social Security.
One time, on a bored commute into NYC for work, I computed that I’d have to live to 132 in order to “steal” back what was “stolen” from me in SSI payroll taxes. And that was on a “nominal basis” with no adjustment for inflation.
Argh!
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Reinke Faces Life 