Social Security and Minimum Wage: Comments? As of August 2021, the average social security check is $1,437.55, according to the Social Security Administration ($17,244 annual)...

American Vet

Comments?

As of August 2021, the average social security check is $1,437.55, according to the Social Security Administration ($17,244 annual)
https://www.bankrate.com/retirement/average-monthly-social-security-check/

$15 minimum wage = $31,200 (annual)

JR-57 Loc: South Carolina

American Vet wrote:

Comments?

As of August 2021, the average social security check is $1,437.55, according to the Social Security Administration ($17,244 annual)
https://www.bankrate.com/retirement/average-monthly-social-security-check/

$15 minimum wage = $31,200 (annual)

Thank you for posting and pointing this out. Unfortunately, numb nuts won’t understand your point.

lpnmajor Loc: Arkansas

American Vet wrote:

Comments?

As of August 2021, the average social security check is $1,437.55, according to the Social Security Administration ($17,244 annual)
https://www.bankrate.com/retirement/average-monthly-social-security-check/

$15 minimum wage = $31,200 (annual)

The SS benefit is below federal poverty levels.

moldyoldy

lpnmajor wrote:

The SS benefit is below federal poverty levels.

And the people getting minimum SS were making minimum wage when working.

JR-57 Loc: South Carolina

lpnmajor wrote:

The SS benefit is below federal poverty levels.

I wish some of you would take the time to research and understand history.

The main stipulation of the original Social Security Act was to pay financial benefits to retirees over age 65 based on lifetime payroll tax contributions.

It was never intended to provide adequate income for retirement. It was intended as supplemental income at best.

On a side note; SS is a prime example of the governments failed redistribution of wealth programs of which there are many.

moldyoldy

JR-57 wrote:

I wish some of you would take the time to research and understand history.

The main stipulation of the original Social Security Act was to pay financial benefits to retirees over age 65 based on lifetime payroll tax contributions.

It was never intended to provide adequate income for retirement. It was intended as supplemental income at best.

On a side note; SS is a prime example of the governments failed redistribution of wealth programs of which there are many.

How is it redistribution when you pay into the fund?

JR-57 Loc: South Carolina

moldyoldy wrote:

How is it redistribution when you pay into the fund?

As you know, SS has morphed into other programs. Under the 1935 law SS only paid retirement benefits to the primary worker. A 1939 change in the law added survivors benefits and benefits for the retiree's spouse and children. In 1956 disability benefits were added. The original 1935 law contained the first national unemployment compensation program, aid to the states for various health and welfare programs, and the Aid to Dependent Children program. At times SS has been financed by general tax revenues. How is SS as we know it today, not a redistribution of wealth program? There are beneficiaries who have not contributed to the program.

Wonttakeitanymore

JR-57 wrote:

As you know, SS has morphed into other programs. ... (show quote)

Exactly!

hbmac10

American Vet wrote:

Comments?

As of August 2021, the average social security check is $1,437.55, according to the Social Security Administration ($17,244 annual)
https://www.bankrate.com/retirement/average-monthly-social-security-check/

$15 minimum wage = $31,200 (annual)

https://www.lewrockwell.com/2021/10/no_author/how-a-7611-monthly-social-security-check-became-1473-and-why-digital-money-wont-stop-this-theft/