Avowed Socialists were elected to several state and federal offices in the latest election. Such candidates, and now office holders, relentlessly attack capitalism as a failed system and extol the socialist “solution”.
The more you understand the previous paragraph, the more you should be concerned.
Quite simply, the socialists are mistaken. Let’s examine the first socialist program implemented in the United States: Social Security.
The simple, objective, fact is that Social Security is a bad deal for workers; especially the poor and middle classes.
Here are simple FACTS about Social Security:
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- Social Security taxes are SEVERELY REGRESSIVE. It’s levied on the first dollar earned. There are no deductions or credits.
- Social Security confiscates more than 11% of the working poor’s compensation. (Medicare withholdings drive that up to more than 14%.) For the working poor, 11% of gross compensation can be several MONTHS rent, OR it can be a VERY significant portion of their food budget.
- There is no right of inheritance. To illustrate, if you and your spouse die the day before you retire, and your children are independent adults, the federal government KEEPS ALL of the money withheld from you and your spouse during your careers. That is HUNDREDS OF THOUSANDS OF DOLLARS, even if you only earned minimum wage throughout your career!!!
- The government calculated “benefit” is FAR less than that provided by a Privatized solution.
- Social Security represents an unfunded mandate of tens of Trillions of dollars.
- In fourteen years, a 23% CUT in benefits will be implemented unless payroll taxes are increased. (Workers lose either way.)
- We can, instead, be a nation of MILLIONAIRES.
Stay connected to see how. (and it ISN’T Socialism…….)