http://www.ssa.gov/policy/docs/statcomps/supplement/2010/5a.html#table5.a4
- Social Security is NOT an investment fund. It is a "pay as you go program" where today's workers pay the benefits of past workers. It has similarities to a Ponzi scheme. I tend to lean towards the concept that it is a Ponzi scheme where today's investors are paying off past investors.
- There are approximately 307 million people who are in the United States. 52 million people collect Social Security at an average payment of about $1100 per month.
- The workforce comprises 140 million people with a median income of $32000 per year. The payroll tax for social security is generally 12% combined employee/employer I believe.
Lets stop to think about this for a second. On ET, you constantly have everyone discussing big money trades. However, in the real world about 1 in 6 people live off of about $1100 a month in abject poverty in the United States. That $1100 is what decides elections and gets people so riled up.
Looking at the numbers, folks, I am not proud and hopefully I will never be in a position where I have to live on $1100 a month. I love to work, I love to think and I love to do...I would certainly not love sitting at the mailbox waiting for my $1100 check. I wouldnt be proud of that...
- Social Security is NOT an investment fund. It is a "pay as you go program" where today's workers pay the benefits of past workers. It has similarities to a Ponzi scheme. I tend to lean towards the concept that it is a Ponzi scheme where today's investors are paying off past investors.
- There are approximately 307 million people who are in the United States. 52 million people collect Social Security at an average payment of about $1100 per month.
- The workforce comprises 140 million people with a median income of $32000 per year. The payroll tax for social security is generally 12% combined employee/employer I believe.
Lets stop to think about this for a second. On ET, you constantly have everyone discussing big money trades. However, in the real world about 1 in 6 people live off of about $1100 a month in abject poverty in the United States. That $1100 is what decides elections and gets people so riled up.
Looking at the numbers, folks, I am not proud and hopefully I will never be in a position where I have to live on $1100 a month. I love to work, I love to think and I love to do...I would certainly not love sitting at the mailbox waiting for my $1100 check. I wouldnt be proud of that...
