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The Promise of Social Security

“After the first three years -- that is to say, beginning in 1940 -- you will pay, and your employer will pay, 1.5 cents for each dollar you earn, up to $3,000 a year. ... Beginning in 1943, you will pay 2 cents, and so will your employer, for every dollar you earn for the next 3 years. ... And finally, beginning in 1949, 12 years from now, you and your employer will each pay 3 cents on each dollar you earn, up to $3,000 a year. ... That is the most you will ever pay."

- 1936 government pamphlet on Social Security, as reprinted in a column by Walter Williams.  Workers and employers now pay over 15 cents on the dollar in Social Security taxes...on income up to $90,000 a year.  Williams’ article also points out that you have no guarantee of receiving anything from Social Security, no matter how much you have paid in Social Security taxes.  So much for government promises!

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