Both major political parties perpetuate The Big Lie regarding Social Security. The Big Lie has existed since Social Security's inception. The debate over "privatization" is only the latest version of The Big Lie.
The Big Lie is that Social Security is some kind of retirement savings plan.
It is NOT.
Social Security is a socialist income redistribution scheme, nothing else.
Those who are working are taxed to provide a "safety net" for those who are less fortunate.
Originally, this meant retirees and surviving dependents.
Congress has, of course, complicated it far beyond this over the last 65 years.
But one fact remains: it is NOT a "savings plan", it is an income redistribution scheme.
A major facet of The Big Lie is that "we have to do something so that Social Security remains solvent in the future.
Poppycock!
In today's age of modern computerization, the computation for operating an income redistribution scheme that remains perpetually solvent is quite simple:
The only change necessary to the current system is that monthly payments to eligible recipients would be a variable amount, not fixed.
THERE IS ABSOLUTELY NO NEED FOR A MULTI-TRILLION DOLLAR "TRUST" FUND!!!
Congress should NEVER have been permitted to confiscate so much money from the American People in the name of The Big Lie. This fund is nothing but a slush fund that Congress raids to pay for other government expenditures. If private sector employers did the same thing with their companies' pension funds, they'd be placed in prison. The "privatization" plan proposed by Bush is merely an attempt by Wall Street brokerage firms and financial institutions to get in on the scam: grab a portion of a constant revenue stream (guaranteed by taxation) from which they can skim their commissions.
Daschle's "concern" over the Social Security system is a lie.
Bush's plan to Enronize the system is worse.
The American People need to wake up and put these liars and thieves in prison.
The answer (sort of) lies in the opening sentence from the third myth: Well, it is true that workers today pay 6.2% of their earnings (up to an earnings limit of $72,600) and the employer pays the 6.2% as well.
The fact of the matter is, the employee NEVER sees that money in the first place so he or she has no sense of ownership of it. In other words, the "worker" doesn't PAY any of those taxes. It has been my long-held belief that the quickest way to overhaul our tax and socialist security system is to require employees to write a check every month for all the taxes that are currently "withheld" from their paychecks.
Yes, yes, I know a lot of people aren't responsible enough to do this, but to hell with them. If they fall behind on their payments, then the taxes could be garnished from their paychecks.
Isn't garnishing the taxes the same as withholding them? Ask someone who has had his or her paycheck "attached" and I will tell you.....errrr.....I mean THEY will tell you that there is a very big difference.
LOL, you missed the 1st misconception. It ain't voluntary. Beside that, if you do attempt to eliminate it and get close, some old guy'll run ya though with a sharpened golf shaft.
L
Old people are greedy, don't care about the future, don't care about their children, grandchildren, etc, and they vote in large numbers. Large enough numbers, so that politicians are afraid to do anything.
Good question.....
...and another good question.
"And why does the Bush Administration want to make it even larger with the new Prescription proposal???"
redrock
"Repeal that [welfare] law, and you will soon see a change in their manners. St. Monday and St. Tuesday, will soon cease to be holidays. Six days shalt thou labor, though one of the old commandments long treated as out of date, will again be looked upon as a respectable precept; industry will increase, and with it plenty among the lower people; their circumstances will mend, and more will be done for their happiness by inuring them to provide for themselves, than could be done by dividing all your estates among them."
Benjamin Franklin, letter to Collinson, 1753
I just want is out of social security!! I want to be able to take care of myself, thank you. You people who are self-employed know how punishing the 15% tax is.
Imagine how much money would be in the fund if 40 million more people were paying into it.
I did fifteen minyutes on it in a room full of Minority stdents and had them all nodding in agreement by the end.
That is an understatement. If you buy Life Insurance you are, in effect, betting that you are going to die. Under FICA, they are betting you are going to die before you can collect. Look at how much you and your employer (read you, also) contribute to FICA. Imagine how much straight Term Life Insurance you could purchase for that amount of money.
The system we have now created in this country is one of duty to smoke and duty to die. The day you turn 18 it is your duty to smoke like a chimney so your cigarette taxes will help fund the Tabacco Bill. You also need to work very hard so you can pay your FICA taxes. If the government has it figured right, the smoking will help insure you will contract lung cancer and/or heart disease around the time you turn 60. At about the time you are applying for your first Social Security Benefit, you'll do your duty and die. Pretty neat system.