Trust Funds: Real and Imaginary
By: Laurence M. Vance| Published on: Dec 5, 2021
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To the contrary, four facts about Social Security should be noted.
There is no contractual right to receive benefits. The Supreme Court ruled on this decades ago.
Benefits are calculated by an arbitrary formula. Congress can change the formula at any time.
The Social Security tax is just a regular federal tax that puts money in the Treasury. Its name means absolutely nothing.
Social Security is just another federal welfare program. In fact, it is an intergenerational, income-transfer, wealth-redistribution welfare program.
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Time to hold the politicians and bureaucrats accountable for this giant Ponzi scheme.