The True Nature of Social Security Revealed
Laurence M. Vance
Laurence M. Vance is a policy advisor for the Future of Freedom Foundation.He is the author of over a dozen books, including The Revolution That Wasn’t. Visit his website:www.vancepublications.com.
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Yet the vast majority of Americans still believe that retirees are entitled to Social Security benefits because they paid into the system their entire working lives.
But that couldn’t possibly be true. Not if the government can withhold half of your benefits and tax you up to 85 percent on the rest of them. If Americans are entitled to Social Security benefits because it is “their money,” then it shouldn’t matter how much money they make after retirement. Their income shouldn’t trigger the taxation of their Social Security benefits.
There is, in fact, no connection between Social Security taxes paid and Social Security benefits received. Benefits are calculated by an arbitrary formula that Congress can change at any time. Even worse, there is no contractual right to receive benefits. When Congress passed the Social Security Act of 1935 (H.R.7260), which was signed into law by Roosevelt on August 14, 1935, it put Social Security benefits in Title II and Social Security taxes in Title VIII with no reference in either title to the other.
So if Social Security is not a retirement plan, a trust fund, an annuity, an insurance program, a savings account, or a pension fund, then what is it? The true nature of Social Security is that it is an intergenerational, income-transfer, wealth-redistribution welfare program that takes money from those who work and gives it to those who don’t. And if that is the case, then Social Security — as much as food stamps, Section 8 housing vouchers, cash payments, and every other form of welfare — should be eliminated.
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Bottom line: It’s not YOUR money. It is gigantic Ponzi scheme.
“We, The Sheeple” have been defrauded.
Yes, they SHOULD HAVE KNOW that Gooferment is immoral, ineffective, and inefficient. As well as untrustworthy.