Old Age, Survivor, and Disability Insurance (OASDI - a.k.a., social security) is funded through a tax on employee wages and employer contributions. Employees pay a 6.2% tax on their wages up to $137,700 in 2020 and employers pay a matching 6.2% amount for a total of 12.4%. For an employee earning $50,000, the employee has a total of $3,100 taken out of their paycheck during the year. The employer pays a matching amount of $3,100 for a total of $6,200. Assuming this employee has averaged a $50,000/yr salary, then their monthly social security check would be approximately $1,800. For this discussion, indicate whether or not the government should abolish Social Security using the following assumptions. The employee would not have to pay a 6.2% tax for OASDI. The employer would pay the employee an additional 6.2% of their salary to go toward retirement. In essence, this would increase the employee's take home pay by 12.4%. Using a $50,000 salary, this would result in the employee pocketing $6,200 more a year. Make sure you explain your choice by discussing the potential advantages and disadvantages of abolishing (or keeping) Social Security.