Well, well. Let's see how this social security thing works. Tax more of my income, means test the "benefit" I get and then cut the inflation protection. Oh, yes. Then INCREASE the benefit for those who do not save. Wow. Is this a program designed by government or what.
A modest counter proposal.
End the Ponzi Scheme (known as Social Security) for those under 30 years of age. Mandate the same payroll deduction as is currently required for Social Security and allow it to build for the 40 years until the worker retires. If the returns at retirement fails to provide what the current system pays, the federal government makes up the difference. The balance at death of these account are also heritable, so the poor gain assets over subsequent generations.
And most importantly, end the current practice of the federal government spending the income from FICA deductions for general fund expenditure, the current rape of the revenue stream.
The U.S. stock market has never been down over a given 30 year period. Should that unlikely event occur, the feds would still be out a bundle less than current expenditure.
All the teeth gnashing in Washington right now is one more indication of how difficult it is for the drunken sailors to stop spending.
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