lx43
01-20-2010, 10:00 PM
If I had the power I would end Social Security tomorrow. This is one thing I do not agree with Ron Paul on about having a transition period. My transition period would be months not years as I think he would do.
Wouldn't you love to have the kind of return this lady had; her rate of return was in excess of 20% annually? 95% of money managers can't beat that over that time horizon.
http://mises.org/daily/4001
Social Security was a sure thing in its infancy. Just think of Ida May Fuller (1874–1975), a nonexempt legal secretary from Ludlow, Vermont. Ms. Fuller exemplifies the advantages of getting in early and getting out early. She paid a whopping $24.75 to participate in Social Security. Her first monthly Social Security check was issued January 31, 1940, for $22.54. Within three months, Ms. Fuller's investment was in the black. Over the ensuing 35 years, she would collect $22,888.92 in Social Security payments.
Of course, only a small percentage of mankind was lucky enough to have been born in 1874. Everyone reading this polemic resides far down the pyramid — exactly where you don't want to be in a Ponzi scheme, especially in one where participants keep voting themselves greater remuneration. Social Security benefits totaled $35 million in 1940, soared to $961 million by 1950, rose again to $11.2 billion by 1960, trebled to $31.9 billion by 1970, quadrupled to $120.5 billion by 1980, doubled to $247.8 billion by 1990, and nearly trebled again to $650 billion by 2009.
That's a lot of cash outflow, requiring a lot of cash inflow. The tax rate in the original 1935 rendition was 2%, half paid by the employee and half paid by the employer on the first $3,000 of earnings. Today, the rate is 12.4% on the first $106,800 of an employee's taxable earnings. In short, we've gone from a maximum dual contribution of $60 a year to maximum dual contribution of $13,243 — a 7.5% average annual increase.
Amen with the paragraph below, its one thing if you want to be in a ponzi scheme, but its nothing but theft to force everyone else in it because you contributed to it. This is why those who are currently on social security and medicare don't want to end it. They don't want to get screwed, they just want to screw future generations out of a chance to save and invest for their own retirement without govt help.
That leaves the voting majority, whom I do blame. Victims of micro-level Ponzi schemes are only greedy; they don't infringe upon others' freedom. The same can't be said of those who demand that we all participate in these macro-level Ponzi schemes.
Half the country votes for a living, the other half works for a living. Which are you?
Wouldn't you love to have the kind of return this lady had; her rate of return was in excess of 20% annually? 95% of money managers can't beat that over that time horizon.
http://mises.org/daily/4001
Social Security was a sure thing in its infancy. Just think of Ida May Fuller (1874–1975), a nonexempt legal secretary from Ludlow, Vermont. Ms. Fuller exemplifies the advantages of getting in early and getting out early. She paid a whopping $24.75 to participate in Social Security. Her first monthly Social Security check was issued January 31, 1940, for $22.54. Within three months, Ms. Fuller's investment was in the black. Over the ensuing 35 years, she would collect $22,888.92 in Social Security payments.
Of course, only a small percentage of mankind was lucky enough to have been born in 1874. Everyone reading this polemic resides far down the pyramid — exactly where you don't want to be in a Ponzi scheme, especially in one where participants keep voting themselves greater remuneration. Social Security benefits totaled $35 million in 1940, soared to $961 million by 1950, rose again to $11.2 billion by 1960, trebled to $31.9 billion by 1970, quadrupled to $120.5 billion by 1980, doubled to $247.8 billion by 1990, and nearly trebled again to $650 billion by 2009.
That's a lot of cash outflow, requiring a lot of cash inflow. The tax rate in the original 1935 rendition was 2%, half paid by the employee and half paid by the employer on the first $3,000 of earnings. Today, the rate is 12.4% on the first $106,800 of an employee's taxable earnings. In short, we've gone from a maximum dual contribution of $60 a year to maximum dual contribution of $13,243 — a 7.5% average annual increase.
Amen with the paragraph below, its one thing if you want to be in a ponzi scheme, but its nothing but theft to force everyone else in it because you contributed to it. This is why those who are currently on social security and medicare don't want to end it. They don't want to get screwed, they just want to screw future generations out of a chance to save and invest for their own retirement without govt help.
That leaves the voting majority, whom I do blame. Victims of micro-level Ponzi schemes are only greedy; they don't infringe upon others' freedom. The same can't be said of those who demand that we all participate in these macro-level Ponzi schemes.
Half the country votes for a living, the other half works for a living. Which are you?