The reason the early retirement blog spends so much time focusing on Social Security, is because Social Security and Medicare, are the largest assets owned by most Americans. How much is your Social Security asset worth?
An article by Rex Nutting in Market Watch details a study which reveals how much Social Security and Medicare are worth, and the author tries to explain why the rich want to steal the programs from the middle class.
The survey conducted by the National Institute on Aging found that the typical American household has a net worth of $67,000, take out their house, and they only have $15,000 in retirement savings. Americans in retirement are slightly better off, they have an average net worth of $171,000, take their house of the equation, and they have $43,000 in retirement savings.
The present lifetime value of their Social Security income would be worth $315,000 and $190,000 for Medicare. The typical American’s Social Security and Medicare benefits are worth $505,000 combined, about half of these families also had a defined-benefit pension, worth on average, $140,000. the total accounts for 76% of the typical American’s retirement savings.
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Most Americans would retire in poverty, or not at all, without Social Security and Medicare. Programs for which they paid into when they were working. The author claims that the rich want to rob Social Security and Medicare because they don’t need the programs. This is true, but not the only reason, there are other reasons why the rich want and need to rob the retirements of the American Middle Class.
Our government, owned by the wealthy elite, has borrowed all the money from the Social Security trust fund and does not want to pay it back. If the government has to pay back the American people for the money it borrowed, it would have to raise taxes on the only people left who have money, the wealthy elite. Which is why the wealthy have waged class war against the Middle Class.
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What basically happened with Social Security, is that the government borrowed the money, and used it to cut taxes for the wealthy and for corporate welfare. The wealthy and their corporations don’t want to give the money back.
If the government has to honor it’s debt to the American people, it will have to borrow more money, and interest rates will rise. If interest rates rise, the value of the U.S. Treasury Bonds the rich own will collapse, and so the government wants to sacrifice Social Security to keep interest rates low. It’s also why Obama favors the fraudulent accounting gimmick called Chained CPI.
There are other reasons why the rich want and need to rob Social Security, which I won’t go into boring detail right now, but suffice it to say a robbery of the Middle Class is taking place. And Social Security is all most Americans have left for retirement.
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