Where did all the money go?

I remember when I started my first real job and couldn't WAIT for my first check, only to be taken aback when I saw that the majority of it went to other places besides myself. Do you know what is being taken out of your payroll check? FICA, OASDI - are these Greek terms to you? You should know what they are because THAT is where your money went.



I'm currently fired up about the Social Security Cap for Maximum wages. I know its probably because I don't make that cap that I gripe. Its just frustrating to hear that Social Security is doomed when I've been PAYING and continute to pay into it since I was 15. Its really difficult not to feel RIPPED OFF. I feel like someone has GROSSLY mismanaged my money - FOR WHAT?



I want my parents to receive their benefits -- but personally I'm not placing any bets for myself or my husband. I understand that by raising the cap they have to provide additional benefits to those who make high salaries. However I feel that the burden of the deficit of Social Security has fallen on the working poor and the middle class - how is that fiscally smart?

A little Trivia for you.....

What is the maximum wage contribution for Social Security in 2008?


Maximum Earnings Taxable: 2007 2008
Social Security $97,500 $102,000




And for the record...

•OASDI = Old Age, Survivors and Disability Insurance (AKA Social Security)
•FICA = stands for Federal Insurance Contributions Act. It is actually a fancy name for Social Security Tax PLUS Medicare


Basically the problem is that the government spends the money we put into Social Security FASTER than we can put it in there. The Baby Boomers are almost of retirement age and at that point the scale will drastically tip. The spending holiday for the US Government is over. Its sad really - I would have thought the smart people that work for the US Treasury would have been working on a solution long before the first Baby Boomer could walk. I guess my question is, doesn't this whole thing seem Unconstitutional?