Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. He promised: 1.) That participation in the Program would be Completely voluntary. No longer Voluntary 2.) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program, Now 7.65% on the first $90,000. 3.) That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year, No longer tax deductible 4.) That the money the participants put into the independent 'Trust fund' rather than into the general operating fund, therefore, would only be used to fund the Social Security Retirement Program, and no other Government program, and, Under Johnson the money was moved to The General Fund and Spent 5.) That the annuity payments to the retirees would never be taxed as income. Under Clinton & Gore Up to 85% of your Social Security can be Taxed. Since many of us have paid into FICA for years and are now receiving a Social Security check every month --and then finding that we are getting taxed on 85% of the money we paid to the Federal government to 'put away' -- you may be interested to know that everyone of those harmful changes were made by Democrats, Lyndon Johnson, The Democratic Party. The Democratic Party, with Al Gore casting the 'tie-breaking' deciding vote as President of the Senate, while he was Vice President. Jimmy Carter and the Democratic Party made it possible for Immigrants moving into this country to begin at age 65, to receive Social Security payments even though they never paid a dime into it! |
2 comments:
Bob, With my generation we are called baby boomers. I ask the question Many refer to SS as being a trust fund.How can something that has no assets just IOUs be termed a trust fund? Wouldn't that be an anti-trust fund or in reality its a pyramid scheme right?
It is called a "trust fund" because we were told to trust that the funds were there.But the money has been merged and spent with general revenues, and will continue to be so. So, the government has "given" with one hand and taken with the other.SS It is called a "trust fund" because we were told to trust that the funds were there. As the author says, the money has been merged and spent with general revenues, and wil continue to be so. So, the government has "given" with one hand and taken with the other.SS it is a income tax nothing more nothing less. When the income is transferred to the general fund it becomes a tax.
How is congress going to go around fixing a program that is not now and never was supported by the Constitution. Fixing Social Security might be all well-and-good in the parallel universe that contains a US with a Constitution that spells out the authority of the Congress to create such a program.It doesnt and never did.
A "fixed" Social Security program is still a Ponzi scheme, so anything that we do as a fix is temporary (albeit "temporary" might span decades) and in the end delusional.
I suggest that why not just phase it out altogether and get the govt out of our personal lives and everyone can be personally responsible for themselves. Start today with every new job holder and it should balance out with every old person who passes on. Payments to those when they reach retirement age will be scaled down as they should have been able to save enough by then to take care of themselves. We could get back to the days before progressiveism controlled our every moment if we try. Elimination of social security and state sponsored wealth transfer is conservative. Social security denies citizens of opportunities by taxing a huge portion of their income upfront.
Social security is not one of Congress's delineated powers and is therefore illegal. Let me make this point. Social security has never been a retirement plan, it is simply system for making transfer payments. The fact that the Federal government transferred my income to an older generation, doesn't give me claim on someone else's income, anymore than having my car stolen gives me a right to steal another's car. Living under a bridge has not been one of my goals but thats what might be my reward for all of my hard work gets me.I say that with a sarcastic view of the system and trusting that system operating as a ponzi scheme. Tell you what and I am serious about this. If the government would give me back all my forced contributions I would be willing to give up all future claims to Social Security.
I am forty-eight years old, college educated and work hard five and sometimes six days a week to support my family. I pay taxes out the wah-zoo each year. When Bush suggested that the citizens should have the OPTION to invest a CERTAIN amount of their income into private investment rather than SS, the AARP and other special-interest groups went nuts. The plan was twisted and demonized into something it wasn't. My point is that blame just doesn't rest soley on the politicians. I'm a little bitter towards several age and income segments of my fellow Americans. They are coming off selfish and fake when it comes to the future of this country.
I asked my father back in 2008 who did he think was going to win the election. His reply was "I could care less just along as they don't phase out SS and Medicare". Thanks Pops.
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