Germany, I think, was first to substitute a Social Security program for its elderly based on this premise, that is, that we would tax workers to pay retirement benefits for those retired.
Sentiment: NEGATIVE
Imagine a country where the vast majority of seniors live in poverty, a country where for many there are no golden years, but a time of struggle and dependence. That was the United States before the creation of Social Security, which has proven to be one of the most effective and important government programs in our history.
From the employees' standpoint, in 1935, Social Security was a big gamble. Employees would be required to participate in the program, contributing a percentage of their income for their entire adult working life.
It has to have a payroll tax that's dedicated to Social Security. The Social Security tax has been very successful over the years in raising almost all of our elderly citizens out of poverty.
Before Social Security existed, about half of America's senior citizens lived in poverty.
The 1993 Social Security tax penalizes seniors who have planned for their retirement through savings, investment and hard work. That's wrong, and that's why the double tax on Social Security must end.
Social Security is a tax.
As you know, Social Security functions under the premise that today's workers will help finance benefits for retirees and that these workers will then be supported by the next generation of workers paying into the same system.
Social Security is a plan that actually was designed in a much different time, in a different era, and with a different set of American demographics in mind.
Americans used to be able to depend on their jobs to provide a stable retirement.
Indeed, I think most Americans now know that in 1935 when Social Security was created, there were some 42 Americans working for every American collecting retirement benefits.
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