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April 17, 2010

Entitlement Spending Projection

Filed under: Personal Finance, Videos — Tags: , , , , , — thebalancedspreadsheet @ 9:30 am

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Have you ever looked at your paycheck and wondered what the FICA taxes withheld from your pay are for?  Well FICA stands for Federal Insurance Contributions Act and it is a payroll tax that funds programs such as Social Security and Medicare.  It is often referred to as Entitlements.  Since everybody who earns money pays into this system the question should be asked, how is my money being spent?

The two video’s below are from John Stossel’s Fox Business show on March 26th titled Stealing from our children.  Both are about 9 minutes long, but if you are short on time I recommend starting at the 3:20 mark and going through the end in the first video and going from the start to the 2:11 mark in the second video.

You might know Stossel from his work on ABC’s 20/20 show or from this famous incident with pro wrestling back in the mid 1980’s.  Even though I do not agree with him or his guests on everything I find the show to be really interesting each week.  What really stuck out to me towards the end of the video were the projected tax rates coming up in the near future.  I always knew that social security was in trouble and if I were under the age of 40 I would not count on social security in its current form.  It is just disheartening to see 6.2% (12.4% if self-employed) coming out of your paycheck each month going into a program that is heading towards insolvency.  Good thing I am not planning on Social Security for retirement income.


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