Pssshh...you obviously have never been out of the United States if you think that. At least 80%(probably more) of the world would trade places with a middle class american. If you think middle Americans get screwed, go check out the factories in India or china. Then you will see what screwed really is working 16 hour days for 62 cents per hour. THATS screwed. Everyone in the United States lives like a king compared to most of the rest of the world. Even our homeless can make 100 bucks per day begging.
The money paid into social security is borrowed by the federal government and used for all manner of things. It is owed to the trust fund and must be paid back with interest.. Social Security is a defined benefit retirement plan and has nothing whatsoever to do with Ponzi schemes which are fraudulent. We can agree that the government spends money in ways we don't approve of, but that has nothing to do with social security. Government deficits can impact social security indirectly, of course, as I pointed out in my post above.
I agree. However do not forget about disability coverage, survivor benefits to spouses and dependent children. Also consider that if you live well beyond age 78 you can not outlive your benefits. And yes, you will receive a monthly check well in excess of $794 for as long as you live and it will be indexed to inflation, whereas had you funded your retirement privately with bonds paying the same interest as those in the Trust Fund, all the while paying disability insurance premiums out of your contributions, and then on retirement paid yourself the same monthly amount you would receive from social security, it won't be too many years before you run out of money.
You can see from your own numbers what a good deal social security is for you in particular. You definitely won't get "screwed" as long as congress gets busy and makes the necessary adjustments soon. If you possibly can, you'll want to contribute to a Roth IRA or some other supplemental retirement plan, because you can't live very well on social security alone. It is mainly intended to prevent impoverishment in old age. There won't be enough to pay for the gardener, maid, and pool boy.
What's your point? Average poor people in the rest of the world would love to trade place with the "poor" people in the US too. Where in the world that you don't have to work and get a roof over your head and get food, medical and money for free?
unless you are self employed as a trader as most on et should be. then you pay nothing. even if you are self employed as a trader it is important that you find a way to pay in enough to qualify for ss.