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The future of Bidenomics: You pay Social Security tax on all of your income?
(www.foxbusiness.com)
this post was submitted on 04 Jan 2024
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I assumed you started working in 1977 for $120k/year (that's $630k in today's value btw) and retired today, contributing 6.2% monthly from the start and put it in a 6% monthly compounding savings account, you'd be just shy of millions ($1.9m).
I did not account for raises because if you've made over $7m in your lifetime, you don't need the cash payout from social security anyway. It's a safety net for people who can't afford to save for retirement - and they've been paying into it their whole lives, too.
I'm not a fan of how social security has been handled (or that I'm not going to benefit as much as boomers have) but social security for everyone benefits the country.
I started working in 1988. I haven’t made less than 100k since 2000. I’ve averaged since about 2010 over 400k a year.
Increasing how much I pay into the system; doesn’t increase the amount I receive. That isn’t in the design.
401k allows about double social security with the cap. I have about 5 million in my 401k which shows social would have done better in a private account.
Yeah, so you're wealthy. You don't need any social security (but you still benefit from it)
Moving it to a private account means a tiny group of millionares would make billions off our tax dollars. I am not on board with that.
I don’t benefit from it. It provides zero value to me
Yes, you do. A healthy country benefits all citizens.
There's a financial burden we all bare when people can't afford to live. We're spared part of that burden through the underprivileged receiving social security
No I don’t. It’s just a wealth transfer which doesn’t build wealth. It provides zero benefit to me.
You must really like crime, because what you're advocating for is the worsening of economic outcomes for Americans and therefore crime.
There you go again.
There you go again
Yes, you do. Trickle down economics is a proven disaster that has eroded the middle class. It's much better for the country to help bring the bottom up than to further increase wealth inequality by further funding the rich with our tax dollars.
You're against wealth transfer but you're proposing another one...this time to the wealthiest people in the country. And you're fine with that because you get some more scraps out of it.
I'd be more sympathetic to your plight if you paid your fair share in taxes....but you richer you are, the less you contribute proportionally. You're not the 1% but your attitude is why there's so much anger toward the rich.
I am not suggesting a wealth transfer. Keeping my own money is not a transfer. Trickle down didn’t hurt the middle class. That’s some weird liberal re-write of history. If that was the issue then why didn’t the democrats fix it? NAFTA and other trades agreements are what destroyed the middle class. When companies could move jobs to China or Mexico , that removed the factory jobs many middle class people depended on.
You are suggesting a wealth transfer. Do you think private banks give you 100% of the interest your money makes? Where do you think the extra money goes?
Democrats didn't fix it because Democrats can't fix shit
And nafta is not the only reason for wealth consolidation. The fact remains that wealthy people largely do not choose to "trickle down" anything. It's been a massive failure and you'd have to do mental gymnastics to see it as working. Or just be extremely selfish
Wealthy people provide capital to build and expand companies. That’s how Tesla was formed. Space x. Amazon. Etc,
Did you seriously just use Tesla and Amazon as examples of good things that wealthy people have done for the country? Jeez, man
Yes. Don’t you support electric cars to help with climate change? Without Elon we wouldn’t have a viable electric car industry. It’s crashed over 100k good paying jobs. That’s trickle down in action.
We had electric cars in the 70s but the oil industry killed them.
And Elon didn't start Tesla. He bought it and took credit for it.
I guess this is further proof that being rich doesn't make you smart
What car was tesla selling when Elon bought it? What factory did they own? You’re just proving my point.
I am not proving your point. Tesla hasn't started production yet but would have regardless of musk's involvement. And since then, he made the company worse because he's an idiot who happened to have the money to take over a promising company.
Nothing to say about Amazon, though?
They would have went bankrupt. Do you think they let Elon in out of the kindness of their heart? They were out of money. It was let Elon invest or go BK. You think Tesla would have been better off BK? lol.
Amazon is no worse than Walmart.
And both are awful for the country :)
"Tesla Motors was incorporated on July 1, 2003, by Martin Eberhard and Marc Tarpenning. Eberhard and Tarpenning served as CEO and CFO, respectively." "Tesla's first car, the Roadster, was officially revealed to the public on July 19, 2006."
"The Prius was developed by Toyota to be the "car for the 21st century; it was the first mass-produced hybrid vehicle, first going on sale in Japan in 1997 at all four Toyota Japan dealership chains, and subsequently introduced worldwide in 2000."
I will concede that Musk may have made some marketing decisions that contributed to the popularity of Tesla cars vs other brands but I do not believe that "Without Elon we wouldn’t have a viable electric car industry." If there is money to be made in a business then someone will inevitably step in to fill the market niche. That's a core tenant of how capitalism is supposed to promote the efficient use of resources.
Also, I'm not sure who the "we" in your comment is referring to. I personally do not have any type of car industry, viable or not. Are you suggesting that US car manufactures should be nationalized and owned collectively by all citizens?
Furthermore, I do not support electric cars as a major contribution to the solution to climate change.
The roadster was just a lotus chassis with some electric parts. Elon pushed the vision.
For some reason people like to like about Musk. Tesla is a success story because of him.
They had nothing till he showed up. They were great engineers but they didn’t know how to run a company.
Elon is the flavor flav of Tesla.
I like your characterization of Musk as "the flavor flav of Tesla". He is or tries to be a hype man, a personality, capable of creating a cult of personality. He hired engineers and workers and told them to build things he wanted. The solutions those people created to his (and the other members of the board of directors) demands are what Tesla became. I'm not convinced he knows anything about running a company (Twitter).
He’s shown he can run Tesla. That doesn’t mean he can run any company.
I also think he’s more of a liability as Tesla now.
Elon was a great hype man and knew other rich people who could invest. That’s why Tesla was successful. He had giants pockets books to fund it. It wasn’t just his money. Thiel was another large investor m