Labor Dept. Data: Only 1.75 Full-Time Private Sector Workers Per Social Security Recipient (CNSNews.com) - There were only 1.75 full-time private-sector workers in the United States last year for each person receiving benefits from Social Security, according to data from the Bureau of Labor Statistics and the Social Security board of trustees. That means that for each husband and wife who worked full-time in the private sector last year there was a Social Security recipient somewhere in the country taking benefits from the federal government. Most state and local workers are part of the Social Security system and pay Social Security taxes; and, since 1984, all federal workers have been part of the system and pay Social Security taxes. However, unlike private sector workers who pay Social Security taxes with private-sector dollars, government workers pay their payroll taxes out of wages government pays them with tax dollars or with money that was borrowed by government and taxpayers must eventually repay. In its latest annual report, the Social Security board of trustees reported that the federal government’s total revenue from Social Security taxes in 2010—$544.8 billion—was not enough to cover Social Security’s total benefit payments—$577.4 billion. The board of trustees also reported that there were 156.725 million “covered workers” in the United States who paid some Social Security taxes during 2010. But these 156.725 million “covered workers” included all workers—including government workers—who were “paid at some time during the year for employment” on which Social Security taxes were due. People who worked full-time for 52 weeks during the year were included with people who worked only part-time for a month. The Social Security board of trustees reported that there were 53.398 million Social Security beneficiaries in 2010. That meant, as the Social Security board of trustees reported, that there were just 2.9 “covered workers” who paid some Social Security taxes in 2010 for each individual who received Social Security benefits. (According to the Social Security board of trustees, there were 41.9 "covered workers" per Social Security beneficiary in 1945.) However, the Bureau of Labor Statistics has generated data indicating how many full-time workers there were in the country in 2010 and how many of these worked in government as opposed to the private sector. According to BLS, there were 111.714 million full-time workers in the United States last year. Of these, 18.073 million worked for local, state or federal government, and 93.641 million worked in the private sector. The 93.641 million full-time private sector workers last year worked out to 1.75 for each person receiving Social Security benefits. These 93.641 million full-time private sector workers were the foundation of the tax base that supported both government at large and Social Security in particular. Prior to 1983, states and localities could legally opt their employees out of the Social Security system. In 1981, for example, the employees of Galveston County, Texas, voted 78 percent to 22 percent to opt out of the Social Security system for a locally run retirement plan. Brazoria and Matagorda counties in Texas also opted out of Social Security. http://www.cnsnews.com/news/article...vate-sector-workers-social-security-recipient This ponzi scheme will fail. It's just a matter of time. Medicaid/Medicare will crash much sooner. Progressive policy is a failure, and toxic to the nation. Greece, here we come. _
Wow so my income has to support not only me and my family but half of a Social Security recipient as well. How is this better than a ponzi scheme?
Just for perspective, when Social Security was enacted, there were 35 workers for every 1 retiree. Time for some MAJOR reform. Back to the drawing board.
I want to opt out of the Ponzi scheme, called Social Security, and I will even forfeit everything that I have paid into it since 1982.
I wonder how effective it would be to just raise Social Security tax. If SS is so big why is the Federal Government's general budget getting so much tax? Shift the tax into the SS fund. Or, get the 20-30 somethings a job. What happened to all the jobs? The young worker unemployment rate is like +20% -- similar to the great depression. And, if the youth need education why aren't there free scholarships? Get a certificate and run with it. It's better than moving to India (you thought car traffic was bad? Try adding cows ). [ame=http://www.youtube.com/watch?v=bgaZmAjX8Ss]Indian Traffic[/ame]
Where do I sign? I'll take that deal right the (*)(*)(*)(*) now. Putting 12% of my income into a reasonably secure 401k would give me a much better return than what I'm going to get from Social Security - which is likely zero. The other thing that needs to be done is to means test Social Security. If you're rich, why are you taking a government handout? Reserve Social Security for the aged poor, and you'll save it for generations.
No real supprise here. Most private sector workers and other buisness professionals in banking, investment industry and wall street, do not pay into social security or medicaid because most if not 90% of their income is from investments. Hence they pay only 15% tax on capital gains, and some have stock options which most are not taxed. Even if they did pay into SS the amount would be so small, it would amount to about $600 per month. Chicken feed for those fat cats. But, that does not stop them from wanting to take away what you paid into SS.
The greedy baby boomers have used it for generational theft. They are taking way more than they ever put in and they are forcing their children and grandchildren to give them money. Also... what a lousy investment. The return has been .75 which is horrible. But... lazy liberals see it as "Free Money" because they don't earn... so they love it.
Yeah we should just let all those retirees just rot just so the precious "job creators" can steal more money.
Govt spent the money on anything and everything and left us with IOUs. Now the liability is bankrupting us. Sucks.
This is where a means test would be good. If you can afford a Cadillac, or a boat, or a vacation home, or a trip to the casino - none of which I can afford as a working man supporting a family - what right do you have to take money from me to sit on your ass?
