Thursday, October 19, 2006

Social Security

The NY Times reports today that Social Security payments will go up by 3.3% next year. The average monthly benefit check will rise to $1044 for more than 53 million people. If my math is correct, that will mean more than $55 billion per month and more than $660 billion (2/3 of a trillion dollars) will be spent next year for Social Security. Now that there are 300 million people in the U.S. , social security payments work out to about $2,213 PER PERSON.

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