Not so good with the numbers but I tell a good lie
John Hinderaker (WASPy Midwestern lawyer, potty-mouth, proof that there must be another not-so-good Harvard Law…that guy) well, he’s more of a words kind-of guy as opposed to being a numbers man. That must be why he makes shit up:
Of course those children would be better off saving than hoping to someday receive government checks. But the Social Security program makes it impossible for many millions of Americans to save, by sucking up the 15% of their incomes that otherwise could be available for saving. By making saving impossible, it relegates millions of Americans to retirement on the dole, at the whim of Congress.(my emphasis)
Social Security tax You pay 6.2% Your employer pays 6.2%.
Now I’m sure John believes that your employer, if not compelled to pay that additional 6.2 percent to the government, would be more than happy to fork it over to you in your paycheck. And he is entitled to believe that just like he believes that people don’t laugh at him behind his back, but even if your employer did, well, lets break out the calculator…hmmmmm…6.2 + 6.2….carry the one…hmmm. We come out with 12.4 or, as John might put it eleventy-fourteenish. Which, if I remember my math isn’t exactly 15% unless you use that new math which eliminated 13 and 14 just to speed things along.
Either way, we hope that Mr. Hinderaker’s clients are checking his billings because he’s taken ’rounding up’ to a whole new level.