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Who do think pays for the elderly social services for the poor ? The tax payer! Why do you object to the user of the services helping pay for the services they receive by in rolling in an optional op in savings program ? Do have any grasp of end of life costs ? The medical profession has a legal obligations to keep a patient alive as long as possible-
You are assuming these elderly poor will contribute to your plan when they don't take advantage of current opportunities. If they can't afford to contribute to an IRA how are they going to afford to contribute to a government pension plan? Furthermore, I suspect the growth of a government-managed pension plan will underperform just about ANY other investment option.
End-of-life care costs? Typically people are on medicare and you should not confuse the costs of medical care with retirement funding. Yes, retirees pay medicare insurance premiums IF THEY HAVE the means to. Poor old people don't.
You are assuming these elderly poor will contribute to your plan when they don't take advantage of current opportunities. If they can't afford to contribute to an IRA how are they going to afford to contribute to a government pension plan? Furthermore, I suspect the growth of a government-managed pension plan will underperform just about ANY other investment option.
End-of-life care costs? Typically people are on medicare and you should not confuse the costs of medical care with retirement funding. Yes, retirees pay medicare insurance premiums IF THEY HAVE the means to. Poor old people don't.
Never let facts get in the way of the visions people have for solving extremely complex issues way above their capable of
SS needs to be shored up as it will only pay 77% of benefits as soon as 2034. Congress has not put together any legislation on that yet. They will probably start on that October of 2032 at the earliest (the way they do not do anything unpopular until they 11th hour).
Of the $3.46 trillion in receipts taken in by the U.S. Treasury during fiscal 2019, nearly half came from the $1.72 trillion in individual income taxes collected.
In addition, $1.24 trillion in Social Security and Medicare taxes were paid by individuals, bringing their share to 85%.
Taxes paid by corporations last year totaled $230 billion, or just 6.6% of the total in 2019. The remainder of federal revenues are made up from customs duties on imported goods, excise taxes such as those on gasoline, estate taxes and other miscellaneous taxes and fees.
WHO PAYS THE MOST?
W2 wage earners - those with a regular paycheck from a business, government entity or non-profit - make up the largest share of tax revenue through income tax and social insurance withholdings, like the payroll tax that funds Social Security, the government retirement program.
So, Muffin, do you live off passive income from real estate or stocks and you don't really pay into the system? That would be my bet.
I am betting govt worker with a great pension. In my experience with them here in NY, they typically have the biggest F everyone else I got mine attitude while being the biggest economic parasite
Another massive defined-benefit program run by Fedgov, that 31-Trillion will
very quickly look small if this idea gets going.
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