Joseph Ponzi, our first Social Security commissioner.
Walter Williams calls out the National Ponzi Scheme (AKA Social Security). He quotes a marketing pamphlet from when it was started:
And finally, beginning in 1949, twelve years from now, you and your employer will each pay 3 cents on each dollar you earn, up to $3,000 a year. That is the most you will ever pay."
I now pay over 15% on my first $106,800 of income. And Obama apparently loves the idea of having no limit. So that is 15% on all my income. What happened to 3% “most I’ll ever pay”? Promises. Promises.
That’s right… over $15K a year and they tell me, and I expect, to never see a dime of it back. I’m 44 and Social Security is set to be out of money when I turn 70. Knowing this, and not being in a lush taxpayer funded pension plan, I try to earn and save, but they take higher and higher amounts – over 50% when it is all said and done.
So if I seem bitter, or angry, or a pissed, well, I think I’ve got reason. My life is pretty good, all in all, but nobody likes to be robbed and lied to all the time. Every paycheck is a stickup. Every April 15th another day to get stuck with the AMT. Every quarter, corporate taxes get signed and checks sent. It gets old knowing that your hard work is taken for granted and as “theirs” by others. Very old.