Rep. Jerrold Nadler, I respectively disagree that Social Securit works for me and my family. First, it takes 15.3% of my wage and benefit package and provides me with the following:
Disabilty and death benefits (life insurance) which I can buy independently for 95% of the cost of the 2.1% of my wages that pay for this program.
The 2.9% medicare tax does nothing for me unless I reach age 67. Then it just about pays for itself.
The 10.3% OASI tax I pay is 210% greater than what it needs to be to pay my benefits and 40% greate than necessary to pay the lowest benefits.
It forces another spouse to go to work. This has created day car. Now people cry for tax credits and exemptions to pay for child care. This reduces the federal income taxes paid and increases deficits on the general revenue side. Because of high FICA taxes, we have seen IRA, 401K and now a new savings veihical to promote savings. All these reduce federal income taxes which again increas deficits. If you correlate the gigantic FICA increases with the changes in the tax cold since 1970, you will find a significant amount of the $54. Trillion national debt is nothing more than shifting taxes ear marked originally for Federal reciepts to Social Security. Social Security is responsible for the $5.4 trillion National Debt.
Yes, Social Security works by taking out of my pocket and giving it to some one who paid little FICA taxes all their lives, were able to save a significanly higher portion of their income, did not require breaking up the family to pay for it and now rewards these same people with benefits fare exceeding what they should get at my expense. On top of this, it has a $10 Trillion unfunded liability and has wracked up the nation debt by $5.4 Trillion. On top of this, it has enumerated most of America. The Amish and Menenites are exempt from Social Security, why can I not be? Yes, it is very succesfull at bankrupting the future of America.
