Tuesday, December 28, 2004

Frisco FED crunches the numbers on SS tax bite - Ouch!

Suppressed News: News for America:
"Social Security is robbing Americans of their future, because it forces all workers to paying into a socialist program that promises a very dismal return. This is a promise that will not be met for younger Americans if the system is not fixed."

This article reproduces a very interesting graph showing rate of return to retirees on their SS "contributions" by year of birth for the top, middle and bottom income quintiles. For a worker born in 1970 or later, the rate of return for workers with incomes in the bottom quintile is a barely adequate 4%, for the middle quintile a dismal 1.5%, and for the filthy capitalists in the top quintile approximately 0%. Click here for the full SF Federal Reserve Bank study.


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