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View Diary: World's elite loots at least $21 trillion and stashes it in tax-avoiding hideaways (211 comments)

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  •  The number of workers per beneficiary in 1950... (2+ / 0-)
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    JesseCW, opinionated
    is a meaningless statistic that never affected policy in the slightest. The 16-to-1 ratio is a figure plucked from 1950, the year that Social Security expanded to cover millions of theretofore uncovered workers: farm workers, domestic workers, and others. Those 1950 amendments followed the recommendations of the 1948 advisory council ….

    … all pension programs that require a period of employment for eligibility, private as well as public, show similar ratios at the start, because all newly covered workers are paying in, but no one in the newly covered group has yet qualified for benefits. The president could just as accurately have said that in 1945, the ratio of workers to beneficiaries as 42 workers paying in for every one beneficiary or the equally accurate but misleading ratio from 1937, 26 million workers paying in for about a dozen beneficiaries.

    See: Zombie Social Security lie: Worker-to-beneficiary ratio will kill the system

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