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Thread: Social Security to start cashing Uncle Sam's IOUs

  1. #41
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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by USA-1 View Post
    You pay 6% into SS. 6% of 50k is $3000. Work 40 years and you will have paid 120k.
    You think the part that your employer pays doesn't count?

    That is part of your compensation you never get.
    That isn't including interest.
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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by Harry Guerrilla View Post
    You think the part that your employer pays doesn't count?

    That is part of your compensation you never get.
    That isn't including interest.
    But you don't pay it.
    You really think your employer would give that extra money to you?
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  3. #43
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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by USA-1 View Post
    You pay 6% into SS. 6% of 50k is $3000. Work 40 years and you will have paid 120k.
    Perfect example of my second point.

    Do you think that the 6% that your employer is responsible for comes out of thin air? If your employer were not responsible for paying 6.2% of your salary into social security, then you would be receiving something close to 6.2% of your salary in additional compensation.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

  4. #44
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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by RightinNYC View Post
    Perfect example of my second point.

    Do you think that the 6% that your employer is responsible for comes out of thin air? If your employer were not responsible for paying 6.2% of your salary into social security, then you would be receiving something close to 6.2% of your salary in additional compensation.
    You really believe that?
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  5. #45
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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by USA-1 View Post
    You really believe that?
    Quote Originally Posted by USA-1 View Post
    But you don't pay it.
    You really think your employer would give that extra money to you?
    Are you serious? That's sort of how a free market works.

    Using your logic, why would any company pay you more than $5/hour? I mean, as long as every company does that, then it's not possible for you to make more.
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by RightinNYC View Post
    Are you serious? That's sort of how a free market works.

    Using your logic, why would any company pay you more than $5/hour? I mean, as long as every company does that, then it's not possible for you to make more.
    That 6% would go towards profits. They would not give it back to you. You have your wage already set.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by USA-1 View Post
    Like wars, nation building and Wall St bailouts? Hundreds of thousands of dollars paid in? How much do you make?
    Not important, but I have paid the maximum for the past 16 years. By the way, so has my wife. It adds up to a lot of dough, and I doubt we'll see any of it unless they release the cap, which will mean I'll have paid over a million by then.

    It's such a crock.

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by USA-1 View Post
    That 6% would go towards profits. They would not give it back to you. You have your wage already set.
    Yes, and as everyone knows, wages are immutable.

    Let's try a hypothetical and see if that gets us anywhere:

    Pretend that tomorrow, the government announced that instead of you and your employer each being responsible for 6.2% of the SS tax, employers would be responsible for the full 12.4%. You currently earn $100k.

    What do you think would happen to your salary?
    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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    Re: Social Security to start cashing Uncle Sam's IOUs

    Quote Originally Posted by USA-1 View Post
    But you don't pay it.
    You really think your employer would give that extra money to you?
    Absolutely they would.

    If it weren't for all sorts of risk liability insurances, taxes, turnover costs, etc, we'd all make more.

    Companies gladly pay good people well, as long as they are hitting their margins and reward outweighs risk.

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    Re: Social Security to start cashing Uncle Sam's IOUs

    fica taxes every individual at the rate of 7.65%, MATCHED BY YOUR EMPLOYER

    FICA Tax

    for some poor schmuck making 40G that's exactly $6120 per year

    or exactly $510 per month

    FOR RETIREMENT!

    everyone knows that if a twenty-something were to put aside even $100 a month, every month, for the 50 or so years of his or her working life, DUE TO THE ALMOST NECROMANCICAL POWERS OF COMPOUND INTEREST, he or she would be retiring a MILLIONAIRE by age 60

    instead, soc sec takes FIVE TIMES that

    and it's BANKRUPT

    there's GOVT AT WORK for you

    if you're lucky enough to make it to their ever increasing and sneakily arrived at RETIREMENT AGE soc sec will pay you back some paltry sum like $1200 or $1300 a month

    arithmetic-challenged apologists of THIS GREATEST BOONDOGGLE IN HUMAN HISTORY are quick to advise that you're gonna need to put a little EXTRA aside

    soc sec is a SUPPLEMENT, it's not to be RELIED UPON as a bonafide retirement plan, they warn

    BUT AT $1020 A MONTH OUT OF POCKET OFF THE TOP EXACTLY HOW IS A YOUNG COUPLE SPOSED TO COME UP WITH THAT LITTLE SURPLUS UNCLE SAM URGES UPON YOU?

    ironically, those MOST RIPPED OFF by this favorite failed EXPERIMENT of franklin deficit roosevelt's are AFRICAN AMERICAN MALES

    they pay in, pay in, pay in, all their lives and sadly, tragically, often don't survive long enough to RECOUP their investments

    if you pass early, the govt LARGELY keeps the whole thing

    and even at THAT the system's bankrupt

    the great jack kemp, quarterback of the buffalo bills and loser bob dole's veep candidate in 96, made soc sec reform his #1 baby probably in honor of so many of his heroic teammates

    kemp was always talking about the massive ripoff soc sec stole from african americans

    may he rip

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