August 8, 2012
Socialist security, possibly the world’s largest wealth redistribution scheme in history is finally now coming to an end. Like a scam chain letter, the first people who “sent in a dollar” got a hundred back in return, but the last pay in and get nothing. Such is the case now with socialist security reports the AP, “People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. It’s a historic shift that will only get worse for future retirees.”
Unfortunately, unlike a scam pyramid scheme chain letter, citizens are not allowed to opt out, so everyone from now on will be paying in with the guarantee they will be losing money, and getting absolutely no “security.” Rather than a “social safety net,” it’s a ring of jail bars locking everyone into perpetual debt slavery. Such a situation cannot continue for very long, and as the AP notes, it will only get worse as more and more of the baby boomers retire.
“For the early generations, it was an incredibly good deal,” said Andrew Biggs, a former deputy Social Security commissioner who is now a scholar at the American Enterprise Institute. “The government gave you free money and getting free money is popular.”
If you retired in 1960, you could expect to get back seven times more in benefits than you paid in Social Security taxes, and more if you were a low-income worker, as long you made it to age 78 for men and 81 for women.
As recently as 1985, workers at every income level could retire and expect to get more in benefits than they paid in Social Security taxes, though they didn’t do quite as well as their parents and grandparents.
A married couple retiring last year after both spouses earned average lifetime wages paid about $598,000 in Social Security taxes during their careers. They can expect to collect about $556,000 in benefits, if the man lives to 82 and the woman lives to 85, according to a 2011 study by the Urban Institute, a Washington think tank.
As a young person myself, I’m ecstatic to see this socialist ponzi scheme fail. While I feel for people who “paid into it” their whole lives and will now get nothing, the fact of the matter is the money was stolen from them, and stealing from future generations won’t make things any better. Taxes are theft, all of them, the sooner people accept it, the sooner the healing process can begin.