from, The Daily Bell:
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. Not anymore. 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. … The shift among middle-income workers is happening just as millions of baby boomers are reaching retirement, leaving relatively fewer workers behind to pay into the system. It’s coming at a critical time for Social Security, the federal government’s largest program. – Reuters
Dominant Social Theme: If we work hard, government will take care of us.
Free-Market Analysis: Social Security is gradually fading away for most Baby Boomers. What the ’60s generation in both Europe and America doesn’t understand is that government isn’t here to help them. Modern regulatory democracy is supposed to give way to global governance. That’s obviously the plan.
Social Security started out well enough, of course. The first person to receive a check was Ida May Fuller who paid Social Security taxes for three years that came to a total of $24.75. Her very first monthly check in 1940 was for $22.54. And since she lived to be 100, she collected $22,888.92.
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