If you want an indepth analysis on social security, I recommend looking into some of the speeches given by Nobel laureate Milton Friedman on the subject. Here's one https://youtu.be/rCdgv7n9xCY
The tax is a regressive tax. You pay taxes on the first dollar of wage income up until the cap, and then no taxes beyond that. Sure, the other income taxes have all kinds of credits, but that is separate from how social security operates.
Lower income people start paying earlier in their lives. By that I mean folks who start working right out of high school, if not earlier, because they did not go to college. Sure some folks have a part-time high school job, and some have jobs on campus, but I'm talking about the poor folks, not middle class and above.
Lower income people often have the most backbreaking, physically intense, jobs which often shortens life expectancy.
Yeah I get all that. I'm not a fan of the whole Social Security plan but until it changes it's what we have.
I still don't buy the low income starting work earlier though. Lots of kids start working in high school to get gas/car/insurance money. We grew up really poor, and my dad was in and out of the hospital with 2 kidney transplants and dialysis. I screwed around in school and didn't have a scholarship so I graduated early and went into the Air Force. No college. I worked until I was able to get in the USAF (at age 17).
Many times the reason people are low(er) income is because they didn't do what was required to get out of the vicious cycle. My sister never did. She stayed home and worked crap jobs, had a kid from some random guy, and lived on benefits. She kept getting bigger and bigger until her liver started dieing, and eventually she died of liver failure. Sad part is she actually had a scholarship and took 2 years towards a nursing degree, but she decided one day she didn't like all the work it took so she dropped out.
Some people just don't want to work, or are plain old lazy. It isn't black and white.
If you want an indepth analysis on social security, I recommend looking into some of the speeches given by Nobel laureate Milton Friedman on the subject. Here's one https://youtu.be/rCdgv7n9xCY
The tax is a regressive tax. You pay taxes on the first dollar of wage income up until the cap, and then no taxes beyond that. Sure, the other income taxes have all kinds of credits, but that is separate from how social security operates.
Lower income people start paying earlier in their lives. By that I mean folks who start working right out of high school, if not earlier, because they did not go to college. Sure some folks have a part-time high school job, and some have jobs on campus, but I'm talking about the poor folks, not middle class and above.
Lower income people often have the most backbreaking, physically intense, jobs which often shortens life expectancy.
Yeah I get all that. I'm not a fan of the whole Social Security plan but until it changes it's what we have.
I still don't buy the low income starting work earlier though. Lots of kids start working in high school to get gas/car/insurance money. We grew up really poor, and my dad was in and out of the hospital with 2 kidney transplants and dialysis. I screwed around in school and didn't have a scholarship so I graduated early and went into the Air Force. No college. I worked until I was able to get in the USAF (at age 17).
Many times the reason people are low(er) income is because they didn't do what was required to get out of the vicious cycle. My sister never did. She stayed home and worked crap jobs, had a kid from some random guy, and lived on benefits. She kept getting bigger and bigger until her liver started dieing, and eventually she died of liver failure. Sad part is she actually had a scholarship and took 2 years towards a nursing degree, but she decided one day she didn't like all the work it took so she dropped out.
Some people just don't want to work, or are plain old lazy. It isn't black and white.