Posted on 09/12/2011 4:11:50 PM PDT by Nachum
(CNSNews.com) - There were only 1.75 full-time private-sector workers in the United States last year for each person receiving benefits from Social Security, according to data from the Bureau of Labor Statistics and the Social Security board of trustees.
That means that for each husband and wife who worked full-time in the private sector last year there was a Social Security recipient somewhere in the country taking benefits from the federal government.
Most state and local workers are part of the Social Security system and pay Social Security taxes; and, since 1984, all federal workers have been part of the system and pay Social Security taxes. However, unlike private sector workers who pay Social Security taxes with private-sector dollars, government workers pay their payroll taxes out of wages government pays them with tax dollars or with money that was borrowed by government and taxpayers must eventually repay.
(Excerpt) Read more at cnsnews.com ...
benefits to those who have worked as little as two years in their lifetimes (SSD) and even have not ever worked at all (SSI).
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I can see (possibly) minor children of the person who put into the fund, indigent widows or widowers of the person who put into the fund - until they remarry receiving the amassed benefits.
As bad as the program was/is, it was never meant for 25 year old druggies or alkies receiving benefits -
Imagine what the unions and members would say if say the union retirement fund was distributed to people who a/didn’t qualify or b/never worked.
I would support that as a matter of compassion except that is what life insurance is for.
We’re expecting Big Brother to take care of us instead of purchasing inexpensive protection for our own families.
Did you know that if a person of suitable age retires and goes on Social Security, his (or her with the help of science) MINOR CHILDREN are entitled to a check too?
So someone can voluntarily retire and the taxpayers get to foot the bill because the kids aren’t adults yet. Nice, huh?
How to test any financial system for a "Ponzi-Scheme:"
If all incoming funding is stopped, does the existing financial system have the funds and means necessary to pay it's liabilities?
If the answer is yes, it's a sound financial system.
If the answer is NO, it's a Ponzi-Scheme.
A Ponzi-Scheme by any other name (Social Security) is still a Ponzi-Scheme!
Sure, but even if those bonds were marketable, they would still have to pay the principle and interest to the private owners so where's the gain? It's still paid off by taxation at some point.
It's all academic though at this point.
The candidates are talking, as are the people, and even many folks on this site, as if we can put in some multi-year reform where those over 45 will get their checks but somehow those under will not have to pay full price.
It can't happen. Take a look at what's going on in the world. There's so much debt out there, both public and private and the world financial system so fragile, we could wake up, maybe even some day this week, where it all comes down.
Some day, sooner rather than later, you could wake up one morning, pop on the news and see bond yields shooting to the moon. And it's a way different world than 1980. We're a debtor nation now. That's a whole different ball game.
What's going to happen in if we have another downturn, and tax receipts dive again?
It, or Medicare, or both, are going to have to become a means-tested programs and soon. It's not a matter of ideology, it's a matter of mathematics.
So are food stamps not welfare when someone has paid income taxes for 15 years, and then they get an EBT card?
suitable age retires and goes on Social Security, his (or her with the help of science) MINOR CHILDREN are entitled to a check too?
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I wasn’t aware of that -
I did say on my two ‘alternates’ possibly - with the ONLY reason being that at least the person who put into it had the opportunity to get something out of it.
Of course when the program was ‘invented’ only a handful of people lived much beyond 65 so, in essence, it was a ‘tax’ without the nasty label.....
Nope, more wishful myths.
You can go to SSA.gov right now and see what they're paying on those two programs and they're not a drop in the bucket compared to the 10,000 baby boomers becoming eligible for traditional Social Security every single day for the next 15 years.
Well, the word "tax" appeared multiple times in the original law as well as the subsequent Supreme Court cases which said it was not a pension at all that anyone was entitle to but just another income tax.
Well, the word “tax” appeared multiple times in the original law
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Ok..sorry..
My first recorded withholding was in 1954 at age 14.
I ‘contributed’ to Medicare since 1966 and do NOT use it as I am in the VA system.
Have also paid ‘full bore’ since 1991.
Since it wasn’t ‘my idea’ and it was (supposedly) ‘put aside’ for MY benefit, Yes, I do want it and NO it is not an entitlement.
Can you explain to me how it's any different (by referring to the actual mechanics, not what politicians said in speeches) from someone paying income tax dutifully for 30 years and then signing up for food stamps?
Because with income taxes, we vote for politicians who affect our tax rate- either positive or negative. Our tax rate is out in the open, with public discussion and vote.
With SS- this was promised as a retirement fund- in which I have paid into by force for 30 years. I would have over $700,000 in my retirement if I did not have to pay SS.
All I know, if Medicare and SS is eliminated ( although I have no issue with Medicare becoming means tested)- I will leave this country upon retirement for a place with a low cost of living.
I will no longer pay federal income income tax.I will escape. I will not be the only person to do this.
What is the government going to do?
We will take our wealth with us, and even if they catch us- what are they going to do with a bunch of grey haired 70-80 year olds? Throw us in prison?
If they did, I would get free medical care.
from someone paying income tax dutifully for 30 years and then signing up for food stamps?
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Nice play on words.
Are you related to Bill Clinton?
Sound like him.
I am referring to the statement he made saying anyone drawing a check from the government was in the same class....be it welfare, unemployment, retirement and believe he basically singled out Military Retirement and Welfare, saying it was the same thing.
Yes, in terms of words (like your above question)it is still a check from the government but not in the same vein.
What would your reaction be if say an insurance policy you paid into for 50 years suddenly became ‘due’ and the insurance company told you they put the money in another, similar but different program so they are not obligated to pay you?
I was ‘told’ at the tender age of 14 that what ‘they’ took from me would be mine eventually, I believed them and now I expect them to pony up....(go ahead and read some sarcasm here)...
For what it may be worth when I (we) were in our mid 30’s-40’s really didn’t believe we would ever see a penny of FICA either....
I mean to say- $700,000 in additional retirement funds. This does not include my employer match.
Right on!
No, it was no play on words. I ask you to explain to me how it was different in actuality. Either by law, or how the accounts are structured or in any tangible way. Not what you were "told" but in actual practice.
You didn't do it (in fact did just the opposite). You couldn't do it and it can't be done, because of the simple fact there is no difference.
There isn't, wasn't and has never, ever, ever been a set aside account for persons' pensions in Social Security. It was always a tax and always a welfare check.
You want to get that check. That's understandable. Shaniqua wants her EBT card charged at the first of the month too.
But it's nothing belonging to you, it wasn't set aside for you, there's no account for you, you're just getting someone else' income tax payment or borrowings from the Chinese.
You don't have to be honest with someone on an internet board, but I hope you're at least honest with yourself on what you're actually getting.
I also want to add, I paid $700,000 into the SS fund.My hard earned dollars.
That does not put me into the dirtball, foodstamp class of people who have contributed nothing to this country and their fellow man.
I want my money back.
It was not promised to you. Ever. In fact the government went all the way to the Supreme Court in Nestor v Fleming and won asserting it wasn't a promise, just an income tax.
Did you ever read the law for yourself? I bet you haven't. Have you ever read the Supreme Court cases regarding what you believe was "promised"? I'm guessing no.
So where are you getting this idea that you were "promised" some specific payment for paying income tax? That's what I want to know.
Shaniqua is a dirtball, and was not promised a retirement fund.She has paid nothing into the system.
How would you like it if the government lied to you, in order to pay off Shaniqua for her vote?
How old are you?
I am honest with myself. If the government double crosses me, I will double cross it in spades.
Another thing- SS is in addition to income tax( in which I pay about 32% of my income).
How much have you paid?
What about the guy who pays income tax for 30 years and then signs up for food stamps? Are you different from him? If so, how?
I want my money back.
I'd like all my income tax ever paid refunded too, but I don't go around telling people I'm entitled to it.
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