There was an excellent op-ed in the New Haven Register about Social Security. http://nhregister.com/articles/2010/12/06/opinion/doc4cfc755f20b6e382322346.txt?viewmode=default
In reader comments there was a comment saying complaining that workers were too dumb to save and that immigrants and others were “gaming” the system. This was my comment.
“Social Security has to be the major source of income for private sector retired workers. Adjusted for inflation wages have not gone up for 30 years. The average 3% yearly increase in worker productivity over the last three decades have been burned up in wars or has gone to the ever more lavish lifestyle of the super rich.
To keep buying and buying as is our patriotic duty to country and our corporate system, families have added women as full time workers, taken part-time jobs and have gone up the wazoo with credit card debt. What kind of private investments can people depend on, Enron? Lehman Bros., bank accounts that pay 0.1 percent?
Government actuaries say that Social Security is completely secure for 27 years and would be secure indefinitely if the earnings cap were removed. The cap means that only the first $100,000 of wages is subject to Social Security tax. Those who make more get a free ride.
Though most CT teachers never get Social Security the Retired Chapter of the New Haven Federation of Teachers has started a petition campaign to preserve the pension.
And by the way Mr. “not a panacea” immigrants pay into the system, they don’t take out. They buy fake ID’s and pay into the fund, billions each year. Their money adds up to 10% of last year’s surplus. Needless to say they don’t get a dime in pension.
Am I cynical or is it that these workers are kept “illegal” deliberately so the government can harvest this money?”