P2P-Zone - View Single Post

Drakonix · 05-03-05, 03:08 PM

Very well said, DD.

I can only add that there are also those who collect Social Security (Disability) who have NEVER paid into the social security system. I personally know several individuals who are doing this. Obviously, when you give money away to those who paid little or nothing into it, the system is indeed like a pyramid scheme.

The main intent is to keep people more dependant upon the government, and less dependant upon themselves. This in turn creates huge government bureaucracy to "oversee" matters - which in turn consumes more money in providing the goverment employees to perform this task of oversight. They take your money, spend most of it - and then dictate how you can get some of it back.

The reason social security isn't bankrupt (yet) is that they keep raising the tax rate. In 1937, the rate was 1% of income - and people were told "it's never going to change". Remember that wages were low and therefore the contribution was small. Today, it's a total of 15.3% of earnings (OASDI+HI and there are caps). Usually, employers pay half of the amount and the employee pays the other half with paycheck deductions. However, any way you slice it - it's 15.3% of your pre-tax earnings out of your pocket. Wages are (generally) a lot higher nowadays, so that 15.3% represents considerably more money.

Social security tax rates were hiked in the following years (19xx):
50, 54, 57, 59, 60, 62, 63, 66, 67, 68, 69, 71, 73, 74, 78, 79, 81, 82, 84, 85, 86, 88, 90.

There's more, too. Some government employees that entered the Public Employees Retirement System (PERS) early in the game got to opt out of Social Security. Whereas they are ineligable for regular social security benefits they are still eligable for social security disability.

There is no valid reason why individuals should be prevented from privately overseeing their own retirement funds. Current IRA plans do not permit contributions anywhere near what social security taxes take away.

The U.S. social security tax rate historic tables can be viewed at http://www.ssa.gov/OACT/ProgData/taxRates.html

05-03-05, 03:08 PM	#8
Drakonix Just Draggin' Along Join Date: Apr 2000 Posts: 1,210	Very well said, DD. I can only add that there are also those who collect Social Security (Disability) who have NEVER paid into the social security system. I personally know several individuals who are doing this. Obviously, when you give money away to those who paid little or nothing into it, the system is indeed like a pyramid scheme. The main intent is to keep people more dependant upon the government, and less dependant upon themselves. This in turn creates huge government bureaucracy to "oversee" matters - which in turn consumes more money in providing the goverment employees to perform this task of oversight. They take your money, spend most of it - and then dictate how you can get some of it back. The reason social security isn't bankrupt (yet) is that they keep raising the tax rate. In 1937, the rate was 1% of income - and people were told "it's never going to change". Remember that wages were low and therefore the contribution was small. Today, it's a total of 15.3% of earnings (OASDI+HI and there are caps). Usually, employers pay half of the amount and the employee pays the other half with paycheck deductions. However, any way you slice it - it's 15.3% of your pre-tax earnings out of your pocket. Wages are (generally) a lot higher nowadays, so that 15.3% represents considerably more money. Social security tax rates were hiked in the following years (19xx): 50, 54, 57, 59, 60, 62, 63, 66, 67, 68, 69, 71, 73, 74, 78, 79, 81, 82, 84, 85, 86, 88, 90. There's more, too. Some government employees that entered the Public Employees Retirement System (PERS) early in the game got to opt out of Social Security. Whereas they are ineligable for regular social security benefits they are still eligable for social security disability. There is no valid reason why individuals should be prevented from privately overseeing their own retirement funds. Current IRA plans do not permit contributions anywhere near what social security taxes take away. The U.S. social security tax rate historic tables can be viewed at http://www.ssa.gov/OACT/ProgData/taxRates.html __________________ Copyright means the copy of the CD/DVD burned with no errors. I will never spend a another dime on content that I can’t use the way I please. If I can’t copy it to my hard drive and play it using the devices I want, when and where I want, I won’t be buying it. Period. They can all take their DRM, broadcast flags, rootkits, and Compact Discs that aren’t really compact discs and shove them up their bottom-lines.