Quote:
Originally Posted by DAVES
People do not seem to understand. Social Security, first of all is a graduated tax. People who earn more pay more per increasing benefit. Close enough numbers, social security was a 7% tax for people who worked for someone else. Your employer paid another 7% for you-essentially tax free income. I was self employed and paid 13%.
Many think there is an account, a pile of money that you paid in. I paid in for 45 years.
That is not the case, they use money coming in to pay the money going out. I did not have a choice. If, we think of social security as insurance, I/we who earned middle class income or more could have bought the same coverage as private insurance for less.
That covid check, first of all I did not qualify. I agree it was ridiculous. Retired people being paid for inability to work due to covid. Truth had I qualified for a check, I would have taken it and cashed it.
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Just a minor item about the stimulus checks. The point of them was for people to get out and spend the money to help stimulate the economy. It wasn't meant only to help less fortunate. So giving it to old people in the Villages was good IMO if it resulted in more people going out to dinner or hitting the shops o even spending it on Amazon. The worst thing one could have done with those checks would have been to just deposit them into a savings account.