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kane · 12-12-2010, 04:22 AM

It wouldn't work. It is simple numbers. If a person retires and all they get is Social Security they are going to get around $1300 per month (I believe it is a little different for everyone and can depend on where you live etc, but we will use this number for my example). They are also going to get medicare and a medicare supplement insurance plan. So assume that medicare costs the government $500 per month per person (I'm just guessing here) of which about $100 of it will come out of the social security check. If you are in good health then you are only costing the government around $1700 per month. But if you need $400 per month worth of medicine and go to the doctor 3-4 times per year now you are costs upwards of $2200 or more per month.

Now say 10 million people retire and 10 million people take the jobs they were doing. If those new workers make the average US wage of $16 per hour that means they will only pay in (with employer contributions) about $4900 per year to social security. This means that we could easily see an uncovered cost of $25K per person that retired. Times that by 10 million and you have a 250 billion dollar a year shortcoming.

12-12-2010, 04:22 AM
kane Too lazy to set a custom title Join Date: Aug 2001 Location: portland, OR Posts: 20,684	It wouldn't work. It is simple numbers. If a person retires and all they get is Social Security they are going to get around $1300 per month (I believe it is a little different for everyone and can depend on where you live etc, but we will use this number for my example). They are also going to get medicare and a medicare supplement insurance plan. So assume that medicare costs the government $500 per month per person (I'm just guessing here) of which about $100 of it will come out of the social security check. If you are in good health then you are only costing the government around $1700 per month. But if you need $400 per month worth of medicine and go to the doctor 3-4 times per year now you are costs upwards of $2200 or more per month. Now say 10 million people retire and 10 million people take the jobs they were doing. If those new workers make the average US wage of $16 per hour that means they will only pay in (with employer contributions) about $4900 per year to social security. This means that we could easily see an uncovered cost of $25K per person that retired. Times that by 10 million and you have a 250 billion dollar a year shortcoming.