"In 1971, when Boomers were flocking into jobs, the FICA rate (the portion of each paycheck that went to Social Security) was 4.8 percent, and was applied [only] to their first $9,000 in earnings. Thus the maximum bite would only be $468.


"Today, Social Security takes 7.65 percent of earnings up to $51,300, for a maximum of $3,924, a 60 percent inflation-adjusted increase in two decades.

"Since employers match these amounts, the true expenses are actually double these figures, a maximum sum of just under $8,000 per year [and a percentage total of 15.3 %]. Particularly when considered along with the dramatically lower waves of today's young adults, this Social Security burden is crushing to many who are starting out on their own."

--Geoffrey T. Holtz, from Welcome to the Jungle: The Why Behind "Generation X" (St. Martin's Griffin, 1995)