Smith Barney ran ads for years saying “We make money the old fashioned way. We earn it.”. Some may argue this claim about the Smith Barney investment firm, but it seems this philosophy has disappeared in the real world. It seems more and more people in the world and across our country earn much more in federal assistance than they pay in retirement dues and taxes. Anyone who lives long enough will in fact, earn more in government subsidies than they paid into the system. This is the philosophy behind socialism and spreading the wealth from the rich to the poor. It seems just about every government program pays out more than it receives in taxes. Let’s face it; most Americans have a big appetite for government social programs, but little tolerance for paying taxes and paying for their retirement benefits.
First, there are welfare programs such as Medicaid, low income housing, and food stamps to name a few. Over two-thirds of the people who ever enter into these programs will receive more revenue from the federal government then they will ever pay in taxes to the federal government.
Secondly, there are those gold plated government retirement programs bargained by unions. We all have heard the stories of firemen, policemen, and Post Office workers, to name a few, who retire in their 40s and are collecting 100,000 dollars a year in retirement pensions. These people are, in many cases, earning more in benefits than what they contributed to the benefit system within 5 years of retiring. And some corrupt government officials, like in the city of Bell, California, are giving themselves huge benefits before they retire.
Thirdly, we certainly cannot forget that the average government employee collects 121,000 thousand dollars a year including benefits compared to a mere 61,000 dollars a year for private sector workers. And let’s not forget it is the private sector worker that is footing the bill for government employees.
Fourth, we cannot forget the lush retirement programs provided by unions, many of which are paid for by the taxpayer. Teacher unions are a great example. Many teachers will earn more in benefits than what they paid into the system within 10 to 15 years upon retiring. And this does include bad teachers earning full salaries when they are suspended.
Fifth, there is Medicare and social security. Anyone who starts collecting Medicare and Social Security benefits on or before the age of 67, will earn more than they paid into the system before the age of 80. So anyone who lives long enough will eventually be a burden to our national budget. This is why so many people feared ObamaCare legislation. Americans understand that government intrusion into the healthcare system could lead to rationing and death panels to lessen the financial burden that the federal government incurs for long Gevity.
And none of the above includes millions of Americans earning several years of unemployment benefits over the course of their lifetimes. But the bottom line is that millions of Americans will earn more in government benefits over their lifetime then they will actually pay in taxes or dues. So it begs to reason that Americans are making money the new way: they steal it! Face it; nobody should earn more in benefits then what they have paid into the system, period!
My Book: Is America Dying? (Amazon.com, Barnes and Noble)