From the beginning, Social Security tax revenues were paid out immediately to whatever the government was spending money on that day. They weren’t set aside and invested to cover future Social Security benefits. No, those benefits were to be paid from future FICA taxes. Will those revenues be secure? Let’s see:
Originally, the payments to each Social Security beneficiary were collected from forty workers. Now, each beneficiary is backed by just three workers. In ten years, when baby boomers retire in great numbers, each beneficiary will be backed by only two workers. Will those two be willing to support half a beneficiary?
Of course they won’t. They’ll eject any Congressman who proposes such taxes.
Social Security transfers wealth from young to old – until the old become too numerous and the young too few. It’s a gargantuan Ponzi scheme, heading toward disaster.
Poor black men, with short life expectancies, receive less in benefits than they paid in Social Security taxes. Wealthy white women, with long life expectancies, receive more than they paid in taxes. The money comes from the same pot. Poor blacks therefore subsidize wealthy whites.
Liberals talk about helping the poor. But actually doing it? Oh, that's a different story.
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