Almost one-third of those receiving government benefits — 49.9 million — collected Social Security. That is the government’s huge Ponzi scheme that steals from the workers to give to retires. For those who retired prior to 2000, it was a great deal. Workers who retired in 1960 paid on average $36,000 in Social Security taxes and received lifetime benefits of $259,000. Those who retired in 1980 paid an average of $192,000 in Social Security taxes and received $452,000 in benefits. The average 2010 retiree had paid $558,000 in Social Security taxes but the expected lifetime outlay will be only $555,000. Projections for the 2030 retiree are for lifetime benefits of $699,000 on Social Security taxes of $796,000. Keep in mind that retirees are not the only people dipping into the Social Security pool. It includes disabled workers and the spouses, children, widows and widowers of those who had a portion of their wages confiscated by the government. Like all Ponzi schemes, Social Security will inevitably collapse. And then there are the other redistributive government programs to consider. Among the 151 million receiving government largess at the end of 2011, 49 million got food stamps; 46.4 million were on Medicare, 23.2 million were on the Women, Infants and Children (WIC) program; 20.2 million got Supplemental Security Income; 13.1 million who got veteran’s benefits and 364,000 who received railroad retirement benefits. If you livid in Hong Kong , where there is a FLAT tax , and you saved this amount of money and invested at normal rates of return after 40 years of working you would have 64 million dollars to retire with
Posted on: Fri, 25 Oct 2013 11:58:51 +0000
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