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re: If social security is doing so great why do we now need myRA?

Posted on 12/28/14 at 3:35 pm to
Posted by SpidermanTUba
my house
Member since May 2004
36129 posts
Posted on 12/28/14 at 3:35 pm to
quote:

quote:
The money to pay their benefits comes mostly from current workers paying into the system.

Nope.


Yep.

In 2013 Social Security paid $812,259,000,000 in benefits.

Payroll tax contributions were $726,217,000,000.

Therefore, 89.4% of of the money used to pay benefits in 2013 came from tax contributions in 2013. I think 89.4% qualifies as "most"

LINK

Sorry you're wrong. You'd think with a name like "TaxingAuthority" you would have been right.

This post was edited on 12/28/14 at 3:45 pm
Posted by NC_Tigah
Carolinas
Member since Sep 2003
124542 posts
Posted on 12/28/14 at 3:40 pm to
quote:

Yep.

In 2013 Social Security paid $812,259,000,000 in benefits.

Payroll tax contributions were $726,217,000,000.

Therefore, 89.4% of of the money used to pay benefits in 2013 came from tax contributions in 2013. I think 89.4% qualifies as "most"
Yet you claim to be a PhD? That claim smells to high heaven.
Posted by Taxing Authority
Houston
Member since Feb 2010
57457 posts
Posted on 12/28/14 at 3:45 pm to
quote:

Therefore, 89.4% of of the money used to pay benefits in 2013 came from tax contributions in 2013. I think 89.4% qualifies as "most"
Good grief you apparently want to be ignorant. First, try to understand NPV of liabilities, or what a trustfund ratio is. Next, read my first post where SSI trustees consider 2013 to be cash flow negative (even though less than 100% of the inflows pay ALL of the outflows). And then go have a gander at the tables at the end of the reports that gives payed in years vs. age groups by pay-in years to see that those in their 40s, 50s and 60s have paid in far more than they are expected to receive.

If you even bothered... you'd understand that Social Security's solvency problem doesn't stem from lack of individual pay in. It stems from declining number of contributors. (Classic fatal flaw in any ponzi scheme).

Why do you think immigration "reform" enjoys such strong bi-partisan support from establishment politicians?
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