Social Security is a scheme that transfers wealth from young working people to older people.
The Social Security 2100 Act would decrease lifetime earnings of today's young people and increase that of today's old people while also reducing the amount of money people make from work in order to increase the amount they get from the government.
Charles Blahous, a former trustee for Social Security and Medicare, studied the bill and reported that if it became law, "Young workers' lifetime income would be reduced by more than 2% of their career earnings because of Social Security."
Today's beneficiaries are paid from the pockets of today's workers, who when they retire tomorrow will be paid by tomorrow's workers.
The Social Security 2100 bill increases benefits and "Would accordingly worsen these young workers' net income losses," Blahous wrote.
Why would you tax poor people more to pay poor people more? The net effect would be that workers got less money for their labor and more from the government.
Picking the pockets of young workers to give more dosh to retirees is politically attractive because retirees are highly active in elections and are also a swing population.
https://www.washingtonexaminer.com/opinion/editorials/democratic-plan-rob-the-young-hook-us-on-federal-handouts
The Social Security 2100 Act would decrease lifetime earnings of today's young people and increase that of today's old people while also reducing the amount of money people make from work in order to increase the amount they get from the government.
Charles Blahous, a former trustee for Social Security and Medicare, studied the bill and reported that if it became law, "Young workers' lifetime income would be reduced by more than 2% of their career earnings because of Social Security."
Today's beneficiaries are paid from the pockets of today's workers, who when they retire tomorrow will be paid by tomorrow's workers.
The Social Security 2100 bill increases benefits and "Would accordingly worsen these young workers' net income losses," Blahous wrote.
Why would you tax poor people more to pay poor people more? The net effect would be that workers got less money for their labor and more from the government.
Picking the pockets of young workers to give more dosh to retirees is politically attractive because retirees are highly active in elections and are also a swing population.
https://www.washingtonexaminer.com/opinion/editorials/democratic-plan-rob-the-young-hook-us-on-federal-handouts
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