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Sendor stated: even the strongest advocates of optional personal accounts seem afraid to cite the facts.
"It was Lyndon Johnson who did most of it. Not certain about it having been voluntary ... that seems questionable, and I would like to see a source referenced. But the most egregious thing of all, and that makes the whole thing a Ponzi scheme from the very first day is the following:"
In 1935, when it was originated, the eligibility age for receiving your first check was age 65. But in 1935, the average male (few women in labor force then) life expectancy in the USA was 57 or 58, depending upon which actuarial table you check.
That meant that most would die before collecting their first check and practically no one would ever collect all the money they had paid in. That made it essentially a piggy bank for the Congress to spend on anything they wanted to.
Essentially, only Congress had a key to the mythical "LOCK BOX"! What has caused the present crisis is that the current average life expectancy for US males is 77.3 years.
That there are now only three payers for every recipient is not because there are fewer payers, but because there are so many of us living longer.!
And, of course, because of all the added categories of recipients, such as immigrants and those who should, instead be paid by true welfare funds.
Last time I heard, 31% of SSI payments go to disabled people, and others like dyslexic children, whether they had ever paid in to the fund or not. (And they shoud have help).
Sound like transferring them to legitimate welfare roles would probably cure the SSI underfunding problem in one fell swoop.
Neither party (and this is really infuriating) has really told the whole story.
I think the Republicans had better take the gloves off and start telling it as it is and was, and stop being afraid to attack Lyndon and Franklin, or we will be stuck with a Ponzi scheme, with ever growing numbers of interloper hogs at the slop bucket, forever."
Social Security brought down to the basics. As Winston Churchill said; "We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle."
SOCIAL SECURITY:
Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. He promised:
1. That participation in the Program would be completely voluntary.
2. That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program.
3. That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year.
4. That the money the participants put into the independent "Trust Fund" rather than into the General operating fund, and therefore, woud only be used to fund the Social Security Retirement Program, and no other Government program, and,
5. That the annuity payments to the retirees would never be taxed as income.
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 in the following:
Q: Which Political Party took Social Security from the independent "Trust" fund and put it into the General fund so that Congress could spend it?
A: It was Lyndon Johnson and the Democratically-controlled House and Senate.
Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding?
A: The Democratic Party.
Q: Which Political Party started taxing Social Security annuities?
A: The Democratic Party, with Al Gore casting the "tie-breaking" deciding vote as President of the Senate, while he was Vice President of the US.
Q: Which Political Party decided to start giving annuity payments to immigrants? MY FAVORITE.
A: That's right! Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, began to receive SSI Social Security payments. The Democratic Party gave these payments to them, even though they never paid a dime into it! Then, after doing all this lying and thieving and violation of the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away! And the worst part about it is, uninformed citzens believe it.
Politics is supposed to be the second oldest profession. I have come to realize that it bears a very close resemblance to the first.
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