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Vastly so, especially for those who put in their contributions further back in the inflationary curve. There are varying ways to interpret it, but using the same contributions and a fair growth curve, most retirees exhaust their contributed amounts in a few years - I've seen 3 to 5 most often, I think. And let's not even start on the medical costs of 65 to the grave for most individuals.
The idea that anyone receiving SS or Medicare "paid" for it is on a par with saying a PowerBall winner "paid" for their winnings with a $5 ticket. It's a flat-out entitlement... but of a wealthy, politically engaged and very powerful demographic. So that makes it all completely different from "welfare."
We paid excess FICA taxes for decades to fund our benefits. The is enough in the account right now to fund 20 years of benefits over and above what is being collected. Medicare is different, because the Medicare Tax has only been collected since the reign of Bush (No New Taxes) The Elder, so the Medicare trust fund is smaller and will soon be exhausted.
We have to address healthcare costs. If we don’t do that a great reckoning awaits.
But I thought Obamacare was going to solve these problems? Don't you remember?
* Average family will save $2,500 per year
* Costs will be under control.
* Everyone will be covered.
* Like your doctor? Like your healthcare plan? You can keep it!
Oh, yes, the old "entitlements!" B.S. charts. Is anyone honestly dumb enough to take this crap seriously? We've been at war for 17 years straight and just cut corporate taxes in half, but sure, it's the guy collecting Social Security that's screwing the budget up.
The top tax rate in the 1950's was 91%. Very few people paid that top percentage so it would be just fine if the 1% paid that today.
Why do people always spout this off as if it means that this is how the country should operate? Entitlement spending was about 1/4th of what it was in the 1950s as opposed to today as a function of GDP. I'll support a 91% tax bracket for the very rich when you support reducing medicaid, food stamps, and other entitlements by 75%.
For most of this country's history, there has been no income tax.
If you think defense spending goes to the military, you haven't been paying attention. Defense spending goes to contractors, not the military.
Right. Electric Boat gets the money, USN gets a sub. Lockheed Martin gets the money, AF gets a fighter. General Dynamics gets the money, Army gets a tank.
For most of this country's history, there has been no income tax.
For most of this country's history, we had a population of 75 million or less.
For most of this country's history, the primary mode of transportation was the horse.
For most of this country's history, we were a non-nuclear power.
Wake me when you get near a point.
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