I have the same question about SS “benefits”. As I see it, for those who have paid into the system most of their adult working lives, it is an account payable for government. It is not a government benefit.
Some of the more libertarian FReepers are against all such benefits, but I think it’s immoral to simply cut off people who have worked or contributed to their benefits. A military veteran is simply not the same as a welfare mom, and some on the right group them together in order to make a political argument. Over 50% receiving benefits sounds much worse than 20% or whatever on welfare. E
ven welfare moms shouldn’t simply be cut off if you ask me. These handouts need to go away over time so that people who are dependent on them can adapt. I know this isn’t a pure solution many want, but I think gradual reform leading to elimination of most of these programs is more moral. My fear is that the politicians will bankrupt the system before they’ll accomplish any reform.
I do know it’s absolutely wrong to not pay benefits that were actually earned or paid into by the recipients. That’s thievery.
The government can change SS benefits at any time. The contributions you make into the system don't belong to you (Flemming versus Nestor.) You could pay maximum contributions into SS for 50 years and die the day before you become eligible to collect benefits and your estate would not get a dime except for a small burial allowance. SS is an insurance scheme, not a pension plan.
It is attitudes like that that have resulted in the situation we are in. SS is a government benefit. The money you and I paid in was spent right away. The current benefits are being paid with by loans.
I have “donated” about $200,000 to SS and Medicare during my Lifetime. My Wife has “donated” another $100,000 or so.
To this day I still “donate” to SS an Medicare.
Our Financial Advisor did an analysis and estimated that consistent straight line Investing of those Funds for 45 Years would build a Nest Egg of about $3,000,000 or more.
The reality of course is that all that money was never Invested, it was just pissed away. All I have is a promise, if you can call it that, of getting some of it back in small Monthly Installments.
Since I have been battling Leukemia for the past nine years and am currently in the Middle of my Third Chemo Regimen, the odds of me collecting even a “smidgen” of the money confiscated by the Federal Government are slim at best.
The best thing that could happen to keep the Ponzi scheme going is for me to succumb to my Disease before I reach my 62nd Birthday. That way some Old Liberal Democrat can enjoy the fruits of my Labor.
I have the same question about SS “benefits”. As I see it, for those who have paid into the system most of their adult working lives, it is an account payable for government. It is not a government benefit.”
They do like to lump SS in as an entitlement when people have paid into it all their lives. And we have a huge baby boom generation who is collecting it now with the smaller X generation working and paying in. And then the often unemployed millenials.
There are a huge amount of people taking benefits such as Medicaid and others, but the military retirements and SS should not be lumped into the same group.
I have the same question about SS “benefits”. As I see it, for those who have paid into the system most of their adult working lives, it is an account payable for government. It is not a government benefit.
For the purposes of this conversation, I would generally agree - however it is not strictly correct. The government has no specific legal obligation to make a specific level of payment. Congress decides what the payment level and the contribution will be, as entirely separate acts.