In spite of the recent hike in the Social Security tax rate, its trust fund is set to run out in 2037. Working Americans are paying into a system under the premise that someday it will help to support them once they are no longer working. With increasing life expectancies and rising costs of living, this dream is no longer a feasible reality. Young Americans are especially burdened by this extra taxation - the rising cost of education leaves a majority of them with heavy debt amidst a recession, ultimately starting out their working lives with heavy personal and social burdens. The Obama administration should cut off social security tax before more people pay into a broken Ponzi Scheme.
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