Social Security & Poverty
U.S. Senator Bernie Sanders (I–VT) claims that Social Security “keeps over 27 million people out of poverty.”
IN FACT, Social Security hinders low- and middle-income workers from saving by taking 12.4% of their paychecks, leaving them dependent on government for their retirements. If workers who earn $50,000/year could save and invest half of their Social Security payroll taxes during their careers, each worker would retire with an additional $428,000 to $1.6 million in wealth.
