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Perhaps the biggest media story of 2010 was the influence of Tea Party voters on the congressional landscape. The new congress comes to Capitol Hill with a mandate to end profligate spending and restore fiscal sanity, we are told. But when the House and Senate convene in January, the newly elected members will face tremendous pressure to maintain spending levels for entitlement programs. Even the most modest proposals to trim Social Security or Medicare spending will be met with howls of indiBut millions of Americans now realize that the status quo is an illusion that will not last even ano
Originally posted by Night Star
I have paid into ss for over thirty years and by the time I retire, if there is any money left, it won't be enough to retire on. People are lucky to even be employed these days. It is a shame how many people are screwed over by the system and how often.
Originally posted by getreadyalready
reply to post by thecinic
Put the same $200 per month into a mutual fund at a modest 5% for 30 years and see what your return is.
According to Dave Ramsey's calculator it would be worth $167,000 dollars. More than double the return on Social Security and with no cost to any other tax payer or your employer!
Now, if the employee paid $200 per month, then th employer matched it, so double that figure to $320,000 dollars upon retirement! Social Security is a bad investment!
Edit to add:
Imagine the "stimilus" of taking the burden of matching Social Security tax from employers! That would immediately provide 7.5% more payroll funds for more employees. If the Govt reports are accurate, and there is 9% unemployment, then we could almost wipe it out just by this one action!edit on 28-12-2010 by getreadyalready because: (no reason given)edit on 28-12-2010 by getreadyalready because: (no reason given)
Put the same $200 per month into a mutual fund at a modest 5%
for 30 years and see what your return is....$167,000 dollars..... then the employer matched it,
so double that figure to $320,000 dollars upon retirement!
Because the elderly vote heavily! Youngsters not so much. Talk about reforming Social Security and risk getting booted out of office. Not to mention that the politicians do not participate in the same plan! If they serve two terms, they have a lucrative retirement for life!
The Ponzi Scheme could have worked in the beginning if they had delayed payouts for about 20 years. Coops often use this technique. People pay in for 10 or 20 years before any benefits start being paid back out. There is time to build a reserve, gain interest, and then the payouts are replaced by the new coop members.