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>> social programs are why we have a humongous debt. Wrong. Social security and medicare are funded by taxpayers. Social security 6.2%, medicare 1.45%. Total

>> social programs are why we have a humongous debt. Wrong. Social security and medicare are funded by taxpayers. Social security 6.2%, medicare 1.45%. Total 7.65%. Employer has to match that. Total of 15.3% of everyone's paycheck goes towards funding this. Even for retirement contributions, they are after FICA taxes are taken out.

Clubber 3y ago
There is also a cap on social security tax, so if you make more than $160,200, you don't pay any more into social security than a person who makes $160,200 would. If you earn $2M, you pay as much as a person making $160,200. Granted, you are also capped on collecting social security, but those people probably won't need it. https://www.pgpf.org/blog/2023/02/should-we-eliminate-the-social-security-tax-cap-here-are-the-pros-and-cons https://www.pgpf.org/blog/2023/02/should-we-eliminate-the-so... People who aren't employed, also don't pay medicare tax. This includes wealthy people who make their money by other means like market speculation, etc. https://www.patriotsoftware.com/blog/payroll/a-closer-look-at-medicare-taxes/ https://www.patriotsoftware.com/blog/payroll/a-closer-look-a... The middle class is solely supporting both of those programs.
chung8123 3y ago
I don't think what Social Security brings in pays for what Social Security pays out.
- 0xcde4c3db 3y ago
  I'm under the impression that it's sort of the opposite; it's been too good at bringing in money. The exact number depends on year and methodology, but a significant chunk of the national debt is money owed to the Social Security fund because politicians kept borrowing its surpluses to spend on other stuff.
  - Clubber 3y ago
    It's run a surplus from 1983 up until 2021. Following the bipartisan Social Security financing deal in 1983, Social Security ran a surplus every year until 2021. Starting in 2021, Social Security’s total cost exceeded its total income. https://www.cbpp.org/research/social-security/understanding-the-social-security-trust-funds-0 https://www.cbpp.org/research/social-security/understanding-...
- maxerickson 3y ago
  There's a modest deficit: https://www.ssa.gov/policy/trust-funds-summary.html https://www.ssa.gov/policy/trust-funds-summary.html Around 2% this year, a bit more last year.

Clubber 3y ago

There is also a cap on social security tax, so if you make more than $160,200, you don't pay any more into social security than a person who makes $160,200 would. If you earn $2M, you pay as much as a person making $160,200. Granted, you are also capped on collecting social security, but those people probably won't need it. https://www.pgpf.org/blog/2023/02/should-we-eliminate-the-social-security-tax-cap-here-are-the-pros-and-cons https://www.pgpf.org/blog/2023/02/should-we-eliminate-the-so... People who aren't employed, also don't pay medicare tax. This includes wealthy people who make their money by other means like market speculation, etc. https://www.patriotsoftware.com/blog/payroll/a-closer-look-at-medicare-taxes/ https://www.patriotsoftware.com/blog/payroll/a-closer-look-a... The middle class is solely supporting both of those programs.

chung8123 3y ago

I don't think what Social Security brings in pays for what Social Security pays out.

0xcde4c3db 3y ago
I'm under the impression that it's sort of the opposite; it's been too good at bringing in money. The exact number depends on year and methodology, but a significant chunk of the national debt is money owed to the Social Security fund because politicians kept borrowing its surpluses to spend on other stuff.
- Clubber 3y ago
  It's run a surplus from 1983 up until 2021. Following the bipartisan Social Security financing deal in 1983, Social Security ran a surplus every year until 2021. Starting in 2021, Social Security’s total cost exceeded its total income. https://www.cbpp.org/research/social-security/understanding-the-social-security-trust-funds-0 https://www.cbpp.org/research/social-security/understanding-...
maxerickson 3y ago
There's a modest deficit: https://www.ssa.gov/policy/trust-funds-summary.html https://www.ssa.gov/policy/trust-funds-summary.html Around 2% this year, a bit more last year.