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View Diary: Social Security by the Numbers (73 comments)

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  •  What an excellent way to explain it! (1+ / 0-)
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    Liberal Thinking
    Until we developed Social Security employers could externalize a part of the cost of this labor to society—to families, friends, charity or the government. They only needed to pay employees enough to live while they worked. As soon as the worker developed a debilitating disease or got too old to work, the employer could simply stop paying them. Since most work is done for the cheapest price the company can get away with (workers cannot afford to turn down work, so there are always workers willing to take any job, even if it doesn't pay enough to live beyond work) this means the company could get labor below the actual lifetime living wage for that worker.

    Funding Social Security with a payroll tax makes all employers pay at least enough for the worker to survive disability (should it occur) and retirement (when, we hope, it does).

    Thank you!

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