Letter to the editor: Medicare & Social Security
Write on, Rich Schachte ( “Republicans trying to save Medicare, Social Security,” Sept. 19, TribLIVE). Pennsylvanians only hear from Sen. Bob Casey when he is up for election. Casey always goes to the first page of the Democrat playbook — “They plan to take away your Social Security” — to frighten old people.
A secure Medicare and Social Security are byproducts of a thriving economy. Thank you, President Trump.
When folks work, they and their employer pay payroll taxes into Social Security (6.2 percent) and Medicare (1.45 percent). That is 7.65 percent x 2, or 15.3 percent of their earnings.
What Democrats don’t tell you is that they want to extend these benefits to illegal aliens and keep them on the Democrat plantation. Spanish translation: “When you rob Pedro to pay Raul, you can always depend on the support of Raul.”
Democrats will not tell you that the government is a poor steward of your money. The average return for your Social Security money is an inflation-adjusted 1.23 percent. Gen Xers and millennials can expect to get 88 cents for every dollar they contribute to Social Security if the system lasts until their retirement.
Republican attempts to allow you some control of your payroll tax investment (i.e., stock market) have been resisted. The average rate of return of the U.S. stock market since 1900 is 10.4 percent per year.
Would you rather get 10.4 percent or 1.23 percent annually on your investment?
David A. Scandrol