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- Jan 12, 2018
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No such thing as a "living wage".T
Thats how we will eventually ween ourselves off of SS.The average income is $1200 a month on Social Security. That's nothing.
Which is why Bush wanted to allow younger workers to be able to have 4% of our SS contribution go to private accounts, but the greedy Boomers would have none of that.
3 Texas counties opted out if SS before that was outlawed. Their retirees get about twice what they would under SS, and the money is theirs to pass down to their kids.
How Three Texas Counties Created Personal Social Security Accounts and Prospered
Three Texas counties opted out of Social Security 30 years ago by switching to personal accounts, and those workers have made money every year.www.forbes.com
Yes the wealthy will get more, but the bald fact is that only about 44% of American workers have ANY kind of private retirement plan, and those are the ones at the higher end of the income spectrum. The same 40% of Americans who need income supports, have no retirement plans at all.
So you want to dump the only income that the poorest elderly people will ever have, because the middle class and wealthy can do better economically on their own. That means that the middle class and the wealthy are going to have to support the elderly that they refused to pay a living wage to when they were running their businesses.