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Milton J. Madison - An American Refugee Now Living in China, Where Liberty is Ascending

Federalism, Free Markets and the Liberty To Let One's Mind Wander. I Am Very Worried About the Fate of Liberty in the USA, Where Government is Taking people's Lives ____________________________________________________________________________________________ "Extremism in defense of liberty is no vice. Tolerance in the face of tyranny is no virtue." -Barry Goldwater-

Thursday, July 14, 2011

Headline of the Day.....

"Editorial: Obama Exposes Social Security's Big Lie"
Social Security is more like a scam than a big lie. But it definitely is a political football too. There has been more Republican bashing by Democrats surrounding Social Security than almost any other program.

For those of you gullible people think that there is some guarantee implied or that the benefits that you have paid from money earned by your work are somehow your property or actually owed to you, please see this sad fact.....
Turns out, this "guarantee" is a lie.

In 1960, the Supreme Court ruled that workers do not have a legal right to their Social Security benefits. Congress can cut them any time it wants, which it's done several times. And, because there are no ownership rights, if you die the day you retire after making a lifetime of payments into Social Security, your heirs get nothing.
From here. Most of you, particularly if you are younger, will probably never receive anything from this demographic indulgence.

But furthermore, what about this trust fund or the actual taxes that are collected from everyone's paycheck? Well, the trust fund actually does not really exist. If it did exist, then why wouldn't the payments be made? Also, what happens to the funds that are collected on Social Security taxes? Well, they go to the treasury and not really into some kind of social security account. They are actually general funds in the treasury.

But the most insidious aspect of this scam called Social Security is as we read above, you are not actually legally entitled to this benefit, it can be arbitrarily reduced or eliminated and as the Obamessiah argues, IT WILL NOT BE PAID UNLESS THE NATION BORROWS (RAISING THE DEBT CEILING ALLOWS FOR MORE FUNDS TO BORROWED) SO SOCIAL SECURITY IS ACTUALLY BEING PAID FROM ISSUING DEBT. How utterly awful is that?

1 Comments:

At 10:41 AM, Anonymous Anonymous said...

Wow...that's a revelation. I never knew that.

 

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