/biz/ - Business & Finance

>>6122229

>>3342399

>>3327737
>>3327766
>prevent poor people from becoming millionaires
Why do progressives project their hatred of the poor onto other people?

>>3294804
How about an alternative that is simple for the average person and not something they have to spend tens of hours and hire professionals for?

>>1989414
Social security is a scam in general

>regressive left wants to tax people more and make them even poorer

>>1971775
Because of liberals

>>1955704
The main cause of the divide is social security as the top 10% get most of their money from capital gains which as substantially higher returns than social security benefits.

So I crunched the numbers and compared paying social security tax to investing in the S&P 500 and my mind was blown. Even the lowest quintile American household stands to benefit from privatizing social security. Furthermore, I realized an insidious fact about social security.

Your progeny cannot inherit your social security benefits! This means generational wealth cannot be built up. This seems like a mundane fact, but it's very important. Money invested from privatized social security can be passed down to children who can then utilize the boost in income and grow their investments even higher. Don't forget the fact that with privatized social security all the investments a person made is given to his descendants, while with social security the money just disappears. All the social security tax they paid essentially goes "poof" if they die before applying for benefits.

Lets say you are 65 years old and have a 35 year old son. If you paid social security tax your whole life and then died, your son would get jack fucking shit. Yet, if you invested in the S&P 500 your son would get $499,523. This is exact moment where the regressive nature of social security is revealed. With that inheritance, the son could move up an entire quintile by investing and taking part of the growth as income.