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Quote by: chaplainson  I agree with Soylent that not all people can save for their future, however all people are required to pay into SS. i think the number is 7%. SS WAS a good program, but now it's just falling apart as benefits are rising quickly. |
The contributions are 15.3%, 7.65% from the employee and 7.65% from the employer. I think it's fair to say that the employer contributions are really deducted from wages, so in effect all contributions are from the employee.
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Quote by: chaplainson Misunderstanding, I know that SS is all the workers money paying the retired now, but the extra "goes into a trust fund" that the government controls, so at that point it's "their money," in other words they're handling it, and then borrowing from themelves, and then they'll pay back themselves, and the debt will rise, just not from SS but from paying back SS, which means that it will be SS problem. |
The misunderstanding is yours. It isn't "their money", it's ours, deducted directly from our paychecks. "Trust fund" means that they hold it in trust for us, it doesn't mean it becomes their money. I control some of my bosses money, I don't think he'll agree that it becomes mine, or that I can decide to "borrow" it whenever I want. The government isn't "borrowing" the money from themselves, they are stealing it from us. They take our money and replace it with sub-par interest rate bonds, and pay it back with devalued dollars later, if at all.