21 trillion in debt? No more having our trade partners laugh at us behind our backs

[Canton Dawg]

26 minutes ago, TexasAg1969 said:

Wrong. The 16th amendment establishing income tax was ratified in 1913. But mandatory withholding from wages WAS implemented under FDR in 1943.

https://www.thoughtco.com/history-of-the-us-federal-income-tax-3321600

Whatever you want to call it, FDR was the founding father of tax & spend.

[jbluhm86]

20 hours ago, Canton Dawg said:

That means I've been paying into Social Security 10 years longer than you've been alive.

Whenever I decide to retire, I would say I deserve whatever I've paid into the system.

Absolutely, you should get all the money you put in back. That, however, doesn't include the extra $3-4 dollars of benefits boomers on average are collecting that they didn't put in.

[Canton Dawg]

15 minutes ago, jbluhm86 said:

Absolutely, you should get all the money you put in back. That, however, doesn't include the extra $3-4 dollars of benefits boomers on average are collecting that they didn't put in.

If the boomers are going to collect an extra $3-4 bucks on every dollar, I would imagine the millennials are going to at least double that amount when they retire.

[TexasAg1969]

42 minutes ago, jbluhm86 said:

Absolutely, you should get all the money you put in back. That, however, doesn't include the extra $3-4 dollars of benefits boomers on average are collecting that they didn't put in.

You need a basic course in compound interest.

I wish I had been allowed to put that money into a nice safe mutual fund instead. It would be worth one hellofa lot more than the pittance I'm getting back now.

Let me explain a little better. I put a small amount into IRA's a few years that was far less than I paid into SS. However those IRA's are paying me more now per year under minimum required distribution laws than I get from SS. 

That now make sense to you? The SS fund is a shitty "investment".

[tiamat63]

1 hour ago, Canton Dawg said:

If the boomers are going to collect an extra $3-4 bucks on every dollar, I would imagine the millennials are going to at least double that amount when they retire.

 

[calfoxwc]

My 401K grew by leaps and bounds over a lot of years - I had

the company matching half every dollar put in. It was a terrific amount later on,

and if I could have put the SS into it....

"sigh"

I do like my SS though. But I COULD have been driving a gold plated pickup truck.

[jbluhm86]

2 hours ago, TexasAg1969 said:

You need a basic course in compound interest.

I wish I had been allowed to put that money into a nice safe mutual fund instead. It would be worth one hellofa lot more than the pittance I'm getting back now.

Let me explain a little better. I put a small amount into IRA's a few years that was far less than I paid into SS. However those IRA's are paying me more now per year under minimum required distribution laws than I get from SS. 

That now make sense to you? The SS fund is a shitty "investment".

PolitiFact: Medicare and Social Security: What you paid compared with what you get