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Gotta jack that corporate tax rate way up Morty. Get it way up there. Financial services, insurance and landlords are like 20% of the GDP alone. Tax the ever living fuck out of those leaches.
If the government had put that into a private account, I’d have millions of dollars in there.
I assumed you started working in 1977 for $120k/year (that's $630k in today's value btw) and retired today, contributing 6.2% monthly from the start and put it in a 6% monthly compounding savings account, you'd be just shy of millions ($1.9m).
I did not account for raises because if you've made over $7m in your lifetime, you don't need the cash payout from social security anyway. It's a safety net for people who can't afford to save for retirement - and they've been paying into it their whole lives, too.
I'm not a fan of how social security has been handled (or that I'm not going to benefit as much as boomers have) but social security for everyone benefits the country.
The difference between Social Security and a Ponzi Scheme is the Ponzi lures people in with promises of high rate of return. Social Security is involuntary and promises flat returns (not even rate since deduction amounts are different based on earnings).
Currently, everyone earning less than $168,600 ALREADY pays social security tax on all their income.
So... what? 90% of wage earners?