There is something interesting about this post.ping
There is something interesting about this post.Social Security "Headed Toward Bankruptcy?"
The Social Security system was bankrupt the first day of its existance, current tax receipts spent and "trust fund" issued IOU against future taxes.
Refer:
THE SOCIAL SECURITY TRUST FUND FRAUD and
CRS Report for Congress (98-422 EPW)
Social Security: and the Federal Budget:
Markets are inherently unpredictable and volatile. At present, for example, all major stock-market indexes are still well below where they were five years ago.
And well ahead of Social Security returns in anycase.
If their investments in private accounts returned more than 3 percent annually over the years, they would end up better off than under the current formula. But if those investments did worse, they wouldn't make up for the portion of benefits that were given up, and the owner of an account would end up worse off.
Except for the fact the owner of the account would actually own something rather than wondering what the whim of Congress would be next in such a depressed economy that would guarantee even more trouble for SS tax receipts.
Bottomline, there are no guarantees in Social Security or accrued property rights at all today. Nothing to pass on to your heirs, nothing accrued to you benefit, just the whim of political fortune to bandaid a ponzai scheme from one Congress to the next. Both by statute and by court decision there is no gurantee in SS.
What Social Security Trust Fund
"The U.S. Supreme Court ruled in Fleming v. Nestor (1960), 363 US 603; that there is no Constitutional right to Social Security benefits. Social Security benefits can legally be cut or eliminated at any time, and beneficiaries have no recourse. The Court held that, "To engraft upon the Social Security System a concept of 'accrued property rights' would deprive it of the flexibility and boldness in adjustments to ever changing conditions which it demands.
Personally, government should be out of the "Social Security" business altogether, if welfare is what is intended then strip the mask off and call it what it is.
Above all encourage people to build their future out of untaxed income and go to a pure consumption tax system that does not tax saving and investment leaving maximum empowerment of the individual to create his own future and estate.