The key statement from the CBO report:
For people born in the 1940s or later who have household earnings in the second quintile or above, the present value of taxes will be, on average, more than the present value of scheduled benefits.
Just to be clear: 80% of the people who contribute to SS get less than what they paid in. Only the bottom 20% of income earners have a chance of breaking even.
Of course, that’s not the only reason why this outrageous program of mass theft needs to be abolished. The elderly, as a group, are the wealthiest class of citizens in the United States. Obviously they have had their entire lives to accumulate wealth, so it only makes sense that they have the most assets.
It is a myth that the money which is taken from you in taxes is set aside for your future retirement. The program operates on the principles of a Ponzi scheme, whereby payments into the system by new participants (young workers) are used to make the monthly payouts to the people receiving benefits (the retired elderly). So in effect, grandma and grandpa are robbing their own grandchildren, while at the same time, chances are that grandma and grandpa are far wealthier than their grandchildren.
Further, since all Ponzi schemes are by definition insolvent, the entire system could collapse the moment that payouts exceed pay-ins. For example, if the number of kids being born drops below the rate of those retiring, not enough workers will be around to fund the future payouts. Of course, this is happening right now. The U.S. does not have the demographics or productivity to sustain this insanity.
CNS News is reporting that Social Security’s unfunded liabilities now top 86 trillion dollars, or $73,167.83 per household. That is the equivalent of around 6 times the present annual GDP of the entire nation. This can only end in disaster.
Don’t even get me started no Medicare. That program is so screwed its not even worth commenting on.