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Author: tmbFool One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: Re: Re:Levit-to each according to his need Date: 10/26/1998 3:00 PM
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PeteHodges wrote:

"When the government supplies the safety net you have to a least call it socialism. You can also call it
wasteful, ineffective and un-American. But do not call fair. That is just to much."

I dont know about the socialism part but ineffective and wasteful are certainly apt descriptions. Even for a minimum wage employee, the amount S.S. takes doesnt return a whole lot in the end. Saving 10% of $5.50/hr (instead of getting taxed 12.4% by S.S.) for 40 years at a 10% average return comes out to about $600,000. One could conservatively earn $3000/month from this amount in retirment. Can S.S. do as well for this low-paid employee (3 times their working wages)?

Higher paid workers of course come out even worse than this when you compare what they might have made out of their own savings.


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