

What Would Happen if Social Security Disappeared? - chwolfe
http://www.slate.com/id/2303391/

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ctdonath
"Current workers and employers would see an immediate benefit, in the form of
a 6.2 percent increase in income, because the tax that funds Social Security
would disappear."

More than that. The Social Security "trust fund" is in fact a filing cabinet
full of federal bonds (special ones, yes, but still federal bonds). Money from
the general fund is used to pay those bonds when cashed in - and a lot will be
cashed in starting in not to long. End SS, and those special bonds need not be
paid.

Note that, being a Ponzi scheme, the amount workers pay for SS now isn't just
their FICA but, one way or another, their cut of the total $695 billion (and
growing) spent every year. That's (clickety clickety) about $10,000 per
taxpayer per year.

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saltwatershane
As a 28 year old...this scares the crap out of me. Wish I could opt out of SS
now.

