4 ms·

What Would Happen if Social Security Disappeared?

• saltwatershane 15y ago
  As a 28 year old...this scares the crap out of me. Wish I could opt out of SS now.
• ctdonath 15y ago
  "Current workers and employers would see an immediate benefit, in the form of a 6.2 percent increase in income, because the tax that funds Social Security would disappear." More than that. The Social Security "trust fund" is in fact a filing cabinet full of federal bonds (special ones, yes, but still federal bonds). Money from the general fund is used to pay those bonds when cashed in - and a lot will be cashed in starting in not to long. End SS, and those special bonds need not be paid. Note that, being a Ponzi scheme, the amount workers pay for SS now isn't just their FICA but, one way or another, their cut of the total $695 billion (and growing) spent every year. That's (clickety clickety) about $10,000 per taxpayer per year.