How the change in the Security Rate will effect us:
As most of you know, the Social Security rate is now 4.2% instead of 6.2%. This means that you will have less taken out of your paycheck. So your take home will be more. That’s the good news if you’re an employee.
This will not help the employer. You still have to pay in 6.2%.
It can affect the existing people that are now receiving social security. If you don’t know, the Social Security Fund is in a projected deficit of $41 billion this year (excluding interest income) attributable to the recession . So whether you realize it or not, this money will not be there for anyone age 50 or younger. When President Bush addressed this while in office, he specifically said those that are currently receiving social security will not be affected. Now that Obama has made this change, I dread what might really happen. Peoples social security checks will be cut. And of course most of us will not receive anything from the money we are putting in now.
OK so I hear this change is supposed to encourage people to spend more. Bull! That’s why we’re in the place we are in now: Overspending. I don’t about you but when I’m running low on cash, I slow down my spending. If I’m in the negative (deficit) I use cash only. I really think that the financial decisions the government makes now are based on money they don’t have. The negative balance in the check register just keeps getting bigger!
Read my next controversial issue: Health Insurance Premiums and the Health Care Reform Act
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The way I see it with the ever changing news its hard to keep up to date on current facts. Most of these commenters arent taking into effect the change of the global economy and how much of a different it has on news technologies / medical growth / economic / political issues. But anyways nice read, defiantly enjoyed your post. Found your blog on google search engines btw… most people always wonder how people are finding them.