 | when Social Security was created in 1937, the cost (called the "payroll tax")
was a total of 2% of the first $3500 of income, with benefits non-taxable? |
| today the payroll tax is 15.3% of the first $65,400 of income, with up to 85% of
benefits subject to the income tax? |
| fully 71% of American workers pay more in payroll taxes than they do in income taxes? |
| there is no such thing as the "Social Security Trust Fund"? That's
right, it is nothing more than a "pay-as-you-go" system, meaning that current
employees are paying for current retirees. |
| in 1937, the first year of Social Security, there were 42 employees per retiree; in 1965
there were 5 employees per retiree; at present there are 3 employees per retiree; and, by
about 2030 when the baby boomers are retired, the ratio will be 2 to 1? That simply
will not fly! |
| the Social Security system will be producing an annual deficit situation long before
2030? The current estimate is by 2010-2012. By 2030 the deficit will have
reached unbearable and unthinkable proportions on the scale of many trillions of dollars! |
| this preposterous situation was created solely by your U.S. Congressmen who are solely
interested in achieving everlasting political life at taxpayer expense? |
| if any private company ever devised such a system, the management would be jailed? |
| many current legislators, including Bill Clinton and Ted Kennedy, have the temerity to
suggest solutions that involve the "adjustment" or "reform" of a
system with 60 years of built-in flaws? |
| the only answer is to dismantle Social Security? Don't mend it, end it!
There is nothing worth saving. It is a failed concept, infected by years of
tinkering and meddling and jiggering. It should be replaced by a system of private
accounts similar to 401(k) plans. |
