Social Security Impacts
U.S. Congressman Robert Garcia (D–CA) claims that Social Security is the “single best program” to “uplift” people and “ensure they can afford a decent life.”
IN FACT, Social Security hinders workers from saving by taking 12.4% of their paychecks, leaving them dependent on government during their old age while paying an average benefit of $23,712/year. If workers earning $50,000/year could save and invest half of their Social Security payroll taxes, they would have an additional $428,000 to $1.6 million of wealth by the age of 67.
