Same thing in Canada.
The majority of people don't believe Canada Pension (our equivalent of SS) won't be there when they need it!
The Canada Pension Plan is not funded from tax revenues. It is at arm's length from the government and is funded by the premiums of employees, employers, and fund investments.
Major changes were made to premium levels in the late nineties that will ensure that the Canada Pension plan will meet its obligations for the foreseeable future.
There was concern for the viability of the CPP, but it was addressed and the fund is in good shape.
The Old Age Pension is funded from current government revenues, but the CPP is not.
The Canada Pension Plan is not funded from tax revenues. It is at arm's length from the government and is funded by the premiums of employees, employers, and fund investments.
Major changes were made to premium levels in the late nineties that will ensure that the Canada Pension plan will meet its obligations for the foreseeable future.
There was concern for the viability of the CPP, but it was addressed and the fund is in good shape.
The Old Age Pension is funded from current government revenues, but the CPP is not.
It was a smar move by Canada to keep the pension plan seperate and out of the government's reach to spend.
How does the CPP differ from the Old Age Pension? I would assume the old age pension is for those who did not contribute into the CPP?
__________________ "I think some people love spiritual bondage just the way some people love physical bondage. It makes them feel secure. In the end though it is not healthy for the one who is lost over it or the one who is lives under the oppression even if by their own choice"
Titus2woman on AFF
"We did not wear uniforms. The lady workers dressed in the current fashions of the day, ...silks...satins...jewels or whatever they happened to possess. They were very smartly turned out, so that they made an impressive appearance on the streets where a large part of our work was conducted in the early years.
"It was not until long after, when former Holiness preachers had become part of us, that strict plainness of dress began to be taught.
"Although Entire Sanctification was preached at the beginning of the Movement, it was from a Wesleyan viewpoint, and had in it very little of the later Holiness Movement characteristics. Nothing was ever said about apparel, for everyone was so taken up with the Lord that mode of dress seemingly never occurred to any of us."
Quote from Ethel Goss (widow of 1st UPC Gen Supt. Howard Goss) book "The Winds of God"
It really bothers me that I am paying in to something I will never benefit from.
The latest estimates are that SS is at a deficit of over three TRILLION dollars.
Neither one of the presidential candidates wants to tackle real refom, so SS will go bankrupt - or we will need to keep raising taxes astronomically.
Current indications are that, for SS to stay solvent, the three tax brackets would neeed to be raised as follows.
Low income would be taxed at 25% of income.
Middle class would be taxed at 66% of income.
Wealthy would be taxed at 80% of income.
Insane!
The problem with those percentages is that they would bring FAR less money into the system than the current ones do!
Virtually all liberal economists base estimated income from taxation on a static model where behavior and wealth generation is unchanged based on tax percentages. They see the same amount of "wealthy" people and those becoming wealthy, who are paying 80% in taxes as does exist with the current 39% bracket. They don't realize that there would be FAR LESS wealth generation with such high taxation.
Imagine if they decided to tax 100% of everyone! Every single dollar and cent that people made would be sent to the government. The government would enjoy a bonanza the first year! But zilch the second... and third... and forth.... The issue is the same with lower tax percentages, but just a bit more hidden.
Hybrid Mode
