PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: DMaA who wrote (358495)	2/12/2003 10:21:32 PM
From: Lizzie Tudor	Read Replies (1) of 769670

I said the elderly rich benefit because they get more out of the system than they put in. If they are rich then presumably they have other investments. But the fact is the elderly got a windfall from social security regardless of how wealthy they were. They got out (and continue to take out) much more than they put in. Of course, once Congress started paying out full benefits, it couldn't stop. The elderly of the 19505, '60s, and '70s hadn't paid enough into the system to cover full benefits, either, since their working lives began before i937, the year the government started collecting Social Security payroll taxes. So each of these generations got a windfall, too. You might think this pattern finally ended in the '70s, when the first wave of people who began working after 1937 -- and thus paid Social Security taxes for their entire working lives-started to retire. But Congress raised benefits for retirees, so the transfer continued even longer. In today's dollars, the "windfall" to these generations totaled a staggering $10 trillion. cowles.econ.yale.edu

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