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As a youngster (I’m 35), when I learned that 40% of my U.S. income taxes are going to pay for social security and medicare alone, I had to ask myself the question… Why the heck do I pay 7% of my income taxes to social security (and another 7% as an employer for social security) in addition to the 40% from my income taxes?
Take from the young to pay for the old via entitlement programs.
Read on for how I think the system should be fixed:
The U.S. government has made promises to our young people that it cannot afford to pay for with the current pay-as-you-go system.
We must make Social Security a better deal for our younger workers by allowing them to put part of their payroll taxes in personal retirement accounts.
A young person who earns an average of $35,000 a year over his or her career would have nearly a quarter million dollars saved in his or her own account upon retirement.
I favor a new social security system that favors encouraging SELF RELIANCE and not the current ENTITLEMENT programs.
In 1950, there were 16 workers to support every one beneficiary of Social Security. Today, there are only 3.3 workers supporting every Social Security beneficiary. Can you see why this system needs a major overhaul now?
For that matter, why should any X quantity of works be liable to support and pay for another? Meaning, why should multiples of people pay to support each social security beneficiary? That’s just absurd!
Social Security is suppose to be money you pay in now and when you retire, money you get out, dollar for dollar with some interest… and not a system where it takes a pyramid scheme of people to support the beneficiaries with more than they paid in the first place.
Better yet, why should we have Social Security at all? Why can’t we teach our young kids to create a plan for their retirement rather than expecting the government to provide for them at old age?
I don’t mind taking care of my parents if need be when they can’t work or social security doesn’t cover them enough…but I do have a beef with paying in millions of dollars of taxes over my lifetime to fund social security programs that will never be there in 2027-2030 when I can ‘government’ retire to claim back a fraction of what I put in.
What do you think?
 Posted by Christopher M. Knight on April 15, 2005 at 8:53 am | Views 515 | |
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I think you do need government programs to support people into retirement, because the reality is that not everyone will save on their own. However, there are some major problems with our current programs that will require a major overhaul, and the sooner it gets done, the less pain (from taxation) we will see in the future.