From: utzoo!decvax!decwrl!amd70!eager Newsgroups: net.misc Title: Social Security Article-I.D.: amd70.1372 Posted: Thu Feb 3 18:46:19 1983 Received: Sun Feb 6 09:15:18 1983 There are some interesting features of the Social Security System: 1. Only earned income is taxed. If you receive your income from investments or anuities, there is no tax. This is mostly of benefit to the upper classes. 2. There is no trust, although there is a Soc. Sec. Trust fund. No investment is done, all income goes to the Treasury and all expenses are paid by the Treasury. 3. Soc. Sec. System tries to keep people out of the work force by offering benefits at 65, and further by decreasing benefits dollar-for-dollar to offset earned income. 4. SSS is paid for by the middle classes. With the top limit of earned income somewhere about $30,000, the wealthy pay a small percentage of income compared with the average wage-earner. 5. If I could invest 13% of my salary in a real investment, I would be well prepared for retirement. This is the amount the Feds take (6.5+% from my paycheck, 6.5+% from my employer). Just figure up what $4000 per year at 10% interest gets you after 40 years! 6. Welfare is of benefit to the society as a whole. SSS as a retirement system (which it was never intended to be) is a cruel joke on the people who expect it to support them in their retirement and even crueler to those who will bear the burden of this fiscally mismanaged system. -- Mike Eager @ amd70