06/11/12, 11:44 AM
|
 |
Voice of Reason
|
|
Join Date: Sep 2004
Location: Las Vegas, NV
Posts: 33,704
|
|
Quote:
Originally Posted by texican
And, Nevada, I know your smart enough to know that you haven't been paying into an annuity fund, but into a govt. run welfare program.... the money you/I "donate" does not go into a bank vault somewhere, but automatically goes out the door to current retirees.
|
It works exactly like an annuity fund is supposed to work.
In the first place, your contention that all the money that goes into the program is immediately paid out to recipients is false. The baby boomer generation paid in an excess $2.6 trillion that was not paid out to recipients. Like any annuity fund, excess funds that are collected are invested. In the case of the Social Security/Medicare fund those excess funds were invested in T-Bills.
This is not welfare in any way, shape, or form. 10% to 15% of my salary (depending on the year) was paid to FICA during my entire adult life. I take exception to the suggestion that I'm some kind of a freeloader because I'll start drawing Social Security later this summer. I paid for it, so I deserve it.
Last edited by Nevada; 06/11/12 at 02:06 PM.
|
62Likes
