Social Security: Living on Someone Else's Borrowed Income

Social Security Tax is supposedly for individuals who have reach their retirement age. Qualifying age currently is 65 for those baby boomers, people who were born in the 1930's or World War II era. This tax is from wage earners, taken out of salary at a rate of 6.2 percent, according to social security administration. FICA (Federal Insurance Contributions Act) is another form of social security that includes medicare tax of an additional 1.45 percent. These taxes support non-working retirees or disabled bodies and may include their surviving family members, where they receive social security checks once per month, which they depend on as their main source of income. In a way Social Security is like a retirement savings account the government set up for future retirees.

Why is Social Security a bad thing?

Even though social security is a good thing it has undesirable affects on younger Americans and today's generation thought process. According to social security statement employed individuals receive annually three months before their birth month, social security will no longer be available and is soon to run out. This is due to inflation in the economy which social security cannot afford. Baby boomers wages in their working years were different than today's. The social security taxes they paid which they are retiring on as income, is very ineffectual towards purchases in today's marketplace. In a sense there is more expenditures than income and that means a bad system to began with, this dependency on borrowed money.

It was a bad idea that the government started. Borrowing from other people simply is not the way. We all learned this as a child. If we do need to borrow make sure the money is returned promptly. Yet this still happens with individuals not being responsible with their credit cards. The difference here with credit cards verses social security is the interest charged for overdue payments.

Other unnecessary taxes

Federal tax is fine and dandy since it provides maintenance for our nation's administration and the different departments within it. State tax and city tax fall under the previously mentioned subjects too. However school tax is not appropriate for family without children or children who no longer requires public education. At the college or university level the family whose children would like to pursue a degree may be responsible for the tax associated with the cost of an education. School tax in a way is similar to social security in that they both are unnecessary unless the people are willing.

No more bailout or stimulus package please, for any would not be helpful but hindrance.

Sources:
http://answers.yahoo.com/question
www.ssa.gov
http://en.wikipedia.org/wiki/Baby_boomer
http://en.wikipedia.org/wiki/Social_security