Reawakening Virtues: Social Security and The Virtue of Saving by Armstrong Williams
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Let’s be clear. Social security is not an entitlement program. That is, unlike welfare and food stamps, the people who receive social security have contributed to the program over the course of their working career through payroll taxes specifically designated for the purpose of saving for retirement. They are therefore owed at least the amount of money they contributed.
However, problems started to arise when the Federal government, under both parties, began borrowing from the so-called Social Security trust funds to spend on other items in the budget. The trust funds are not like your traditional private trust funds that are fully funded. In fact these trust funds are empty. The government has borrowed every single dime that comes into the trust funds to spend on current expenditures. We have a problem now because our total national debt is approaching (and may have exceeded) our yearly gross domestic product. Most countries that have this level of debt do not enjoy the high credit rating and low borrowing costs that America currently does.
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http://www.billoreilly.com/video
Now Playing: Social Security “entitlement?”
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Why do many in the media keep referring to Social Security as an “entitlement” program? That’s what a BillOReilly.com Premium Member asks Bill in this excerpt from our newest Backstage Conversation webcast.
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There’s no money for anything.
An insurance executive, that did what the Gooferment has done (i.e., spent the insurance premiums and failed to pay claims), would be in jail. But politicians and bureaucrats get away with it.
So, if there’s nothing in the Social Security Insurance “lockbox” but IOUs “backed by the full faith and credit of the United States Government”. That ain’t going to make for a safe and secure retirement unless you’re planning to work in the “mines” until you die!
Sorry to tell everyone. It’s welfare.
Watch for inflation while there is no COLA or phony rates published by “honest” Gooferment bureaucrats, higher taxes on “social security insurance” income (Yeah that was never supposed to happen!), and then just schedule “adjustments” (i.e., higher minimum ages; lower benefit amounts).
It’s worse than a Ponzi scheme because you don’t get NOT to participate. “Made-off” couldn’t MAKE you give him your money!
Argh!
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Reinke Faces Life 