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Re: Your tax dollars given to the rich...AGAIN
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Originally Posted by Oreo
There are such things as safe financial instruments. Government bonds, class AAA corporate bonds, interest annuities, savings accounts, etc. I believe this was the idea, versus the stock market, where it can be very risky.
The point is: Investment into "safe" financial instruments would guarantee a much better return that throwing all of it into social security.
History has proven that. The government "always" gets into it, for wars, & other things they want done. The average pay-out is only 2% over a lifetime, that is if you're lucky. Right now, SS will go bankrupt in about 20 years. Right now, they are going to cut back benefit pay-outs, raise the retirement age, etc. Take a look at your paycheck, & realise that your employer doubles what you pay in to social security & medicare. Then take a look at your social security statement to see what you're going to get when you retire. It's ridiculous.
So really, where would you want your money to be at when you retire? You wouldn't have to ask me that twice.
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I believe you'll find that the entire Social Security surplus is invested by law in US government bonds.
The reason the payout is low is because Social Security is an insurance plan, not a savings plan. It provides disability benefits, survivor benefits as well as retirement benefits.
It has the lowest administrative cost load of any pension fund in the world.
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“ The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.”
Adam Smith , The Wealth of Nations 1776
"We have always known that heedless self-interest was bad morals; we know now that it is bad economics"
FDR's second Inaugural Address
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