BigMike wrote:
There hasn't been a SS Trust Fund since the first time it was raided!
Yes, if we could cash out those unfunded liabilities of the "Entitlements," we could all retire comfortably.
Minimum wage @ $10/hour times 50 years of work would equal:
$10/hr wage for one year of labor = $20,800/year x 50 years = $1,040,000 lifetime income.
15% FICA tax x $1,040,000 = $156,000
One could purchase a modest $56,000 tiny home today and invest the other $100,000 in assets, stocks and bonds to receive annuities to last the rest of our lives.
Had that $156,000 FICA tax not been withdrawn from our paycheck, but invested in assets or stocks since our first day of work, we could have easily retired as multi-millionaires, even on minimum wage. But most people cannot do that with FICA taxes of 15% already withdrawn from our paycheck, already living from paycheck to paycheck. This forces government dependency, keeping the poor propertyless. Trade schools instead of high schools would solve the higher wage opportunities for youth.
Opening a savings account with current interest rates versing inflation rates would have devalued the money to "0."
Investing that benefit money with the federal government has resulted in a $20 trillion dollar national debt and $211 trillion in unfunded liabilities which is less than ZERO.
Now you tell me who is too financially feebleminded to manage our own affairs, us private citizens, or the government officials?