Social Security: Of Clouds and Silver Linings.

[PoliticalChic]

9. If you like Social Security…..thank Ronald Reagan

"By cutting tax rates, Reagan was able to fund a 50 percent increase in defense spending. This expansion of the military was crucial to winning the Cold War. Social spending also grew by some 25 percent—although I should hasten to add that Reagan sharply reduced the nation’s debt by negotiating a Social Security Commission regime that extended the age of retirement and cut back the implicit liabilities in the Social Security program by some six trillion dollars. These reforms radically improved the fiscal position of the government compared to the 1970s, when real Social Security liabilities doubled.

Reagan knew that all government spending ultimately depends on the output and assets of the private sector. While the federal budget deficit (exclusive of Social Security) swelled under Reagan in absolute terms as he confronted the Soviet Union in the Cold War, the federal debt shrunk sharply as a share of national assets.

Meanwhile, with the top tax rate dropping from 50 to 28 percent under Reagan, tax contributions by the top five percent of earners rose from nine to 18 percent of the total, while contributions from the bottom 20 percent dropped from six to two percent. The top 50 percent of taxpayers paid 94.5 percent of the federal income taxes. Lower tax rates resulted in much larger tax payments by the rich. Reagan’s economic policies proved to be so popular that they were extended, for the most part, under President Clinton and a Republican Congress.”

Ronald Reagan and the Spirit of Free Enterprise

Reagan tapped the creativity of America’s entrepreneurs to bring about a global, not just a national, economic revolution.

imprimis.hillsdale.edu

 

[PoliticalChic]

10. The scam is that they raise taxes without the populace realizing it.
You don’t need the federal scam, Social Security.


“Galveston, Matagorda and Brazoria County employees, many of them union members, have seen their retirement savings grow every year, even during the Great Recession. If state and local governments—and Congress—are really looking for a path to long-term sustainable entitlement reform, they might start with what is referred to as the “Alternate Plan.” How Three Texas Counties Created Personal Social Security Accounts and Prospered




"THE TEXAS TRIBUNE
How Privatized Social Security Works in Galveston
.... see how a privatized Social Security plan might work. Government employees in Galveston, Brazoria and Matagorda Counties have controlled their private retirement plan for 30 years. They opted out of Social Security before Congress changed the law in 1983 to prevent others from withdrawing.


Though the private program has its critics — and some say it does not provide all of the important benefits many destitute Americans claim through Social Security —many in these counties consider their system superior.


Almost everyone agrees Social Security will need to be changed in some way to remain solvent.

In the Alternate Plan, retirement benefits are a direct result of employee contributions. In each paycheck, employees contribute 13.9 percent of the their gross pay (6.1 percent from the employee, 7.8 percent from the county) to a private account.

First Financial Benefits invests the accounts conservatively, ... The companyguarantees a minimum rate of return of 3.75 percent to 4 percent on the accounts to safeguard employees’ benefits against inflation and severe drops in market rates."http://www.nytimes.com/2011/09/18/u...y-works-in-galveston.html?pagewanted=all&_r=0



What????

A possible non-lock-step, one-size-fits all, my way or else plan?????

Oh...noooozzzzzz!

 

[Andylusion]

I know , we are not paying into SS or Medicare now, and who does it benefit, the republicans and Tramp.

How does it benefit Republicans? Please explain.

 

[Andylusion]

8. Did I mention that Social Security is a scam????
Madoff would be proud of it!

“Social Security takes a whopping 12.4 percent of American workers’ [and employers'] paychecks, but a new backgrounder by The Heritage Foundation shows that workers are getting a bad deal from the program.
… Social Security typically provides very low—and in many cases, negative—rates of return.

The Heritage Foundation analysis shows that younger workers—even low-wage ones—would receive at least three times greater rates of return from private savings than Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



“Heritage’s analysis compares what workers would receive if their payroll taxes were invested in personal accounts compared with what Social Security will provide under two scenarios:
1) current law, with roughly 20 percent benefit cuts beginning around 2034;
and 2) a scenario whereby payroll taxes rise immediately to a level necessary to pay the program’s prescribed benefits.

While virtually all workers—across income levels, both genders, and generations—would be far better off with personal savings than Social Security, younger workers get the worst deal from the government program.”
DailySignal, Op. Cit.


Here's where we get into exactly who Social Security actually helps.....and why it's a scam.

“The average young male worker is virtually guaranteed a negative rate of return from Social Security.”

A 23-yr-old with a salary of $60,000 “He will pay $547,088 in Social Security taxes (excluding disability insurance taxes) throughout his lifetime. In return, he will receive a monthly benefit of $2,209 in retirement.

If he instead invested that same amount—$547,088—in a conservative mix of stocks and bonds, he would accumulate more than $1.5 million in a retirement account and could use that to purchase a lifetime annuity that would pay him $6,185 per month, or nearly three times what Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



But….if he had that control of the money, politicians would not be able to syphon off the money, and pretend that it goes into some ‘lock box’ reserved to pay him when he retires.
Who gets all the Social Security money.....

....and who gets a promise?

The reality is that only about 1/2 of Americans are in the stock market.

Yeah, which means that 1/2 Americans will end up impoverished, living off the government.

This is why the older generation was better. They taught people to live modestly and save for retirement.

 

[alang1216]

10. The scam is that they raise taxes without the populace realizing it.
You don’t need the federal scam, Social Security.


“Galveston, Matagorda and Brazoria County employees, many of them union members, have seen their retirement savings grow every year, even during the Great Recession. If state and local governments—and Congress—are really looking for a path to long-term sustainable entitlement reform, they might start with what is referred to as the “Alternate Plan.” How Three Texas Counties Created Personal Social Security Accounts and Prospered




"THE TEXAS TRIBUNE
How Privatized Social Security Works in Galveston
.... see how a privatized Social Security plan might work. Government employees in Galveston, Brazoria and Matagorda Counties have controlled their private retirement plan for 30 years. They opted out of Social Security before Congress changed the law in 1983 to prevent others from withdrawing.


Though the private program has its critics — and some say it does not provide all of the important benefits many destitute Americans claim through Social Security —many in these counties consider their system superior.


Almost everyone agrees Social Security will need to be changed in some way to remain solvent.

In the Alternate Plan, retirement benefits are a direct result of employee contributions. In each paycheck, employees contribute 13.9 percent of the their gross pay (6.1 percent from the employee, 7.8 percent from the county) to a private account.

First Financial Benefits invests the accounts conservatively, ... The companyguarantees a minimum rate of return of 3.75 percent to 4 percent on the accounts to safeguard employees’ benefits against inflation and severe drops in market rates."http://www.nytimes.com/2011/09/18/u...y-works-in-galveston.html?pagewanted=all&_r=0



What????

A possible non-lock-step, one-size-fits all, my way or else plan?????

Oh...noooozzzzzz!

What do you propose be done with people who outlive their benefits and are destitute?

 

[alang1216]

8. Did I mention that Social Security is a scam????
Madoff would be proud of it!

“Social Security takes a whopping 12.4 percent of American workers’ [and employers'] paychecks, but a new backgrounder by The Heritage Foundation shows that workers are getting a bad deal from the program.
… Social Security typically provides very low—and in many cases, negative—rates of return.

The Heritage Foundation analysis shows that younger workers—even low-wage ones—would receive at least three times greater rates of return from private savings than Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



“Heritage’s analysis compares what workers would receive if their payroll taxes were invested in personal accounts compared with what Social Security will provide under two scenarios:
1) current law, with roughly 20 percent benefit cuts beginning around 2034;
and 2) a scenario whereby payroll taxes rise immediately to a level necessary to pay the program’s prescribed benefits.

While virtually all workers—across income levels, both genders, and generations—would be far better off with personal savings than Social Security, younger workers get the worst deal from the government program.”
DailySignal, Op. Cit.


Here's where we get into exactly who Social Security actually helps.....and why it's a scam.

“The average young male worker is virtually guaranteed a negative rate of return from Social Security.”

A 23-yr-old with a salary of $60,000 “He will pay $547,088 in Social Security taxes (excluding disability insurance taxes) throughout his lifetime. In return, he will receive a monthly benefit of $2,209 in retirement.

If he instead invested that same amount—$547,088—in a conservative mix of stocks and bonds, he would accumulate more than $1.5 million in a retirement account and could use that to purchase a lifetime annuity that would pay him $6,185 per month, or nearly three times what Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



But….if he had that control of the money, politicians would not be able to syphon off the money, and pretend that it goes into some ‘lock box’ reserved to pay him when he retires.
Who gets all the Social Security money.....

....and who gets a promise?

The reality is that only about 1/2 of Americans are in the stock market.

Yeah, which means that 1/2 Americans will end up impoverished, living off the government.

This is why the older generation was better. They taught people to live modestly and save for retirement.

Except many people didn't save for retirement for many reasons, that's why we SS in the first place:

• putting food on the table now vs tomorrow
• financial ignorance or folly
• bad luck with health o r loss of job
• assuming their kids will take care of them but the kids can't or won't (maybe they had to move for work)

 

[PoliticalChic]

8. Did I mention that Social Security is a scam????
Madoff would be proud of it!

“Social Security takes a whopping 12.4 percent of American workers’ [and employers'] paychecks, but a new backgrounder by The Heritage Foundation shows that workers are getting a bad deal from the program.
… Social Security typically provides very low—and in many cases, negative—rates of return.

The Heritage Foundation analysis shows that younger workers—even low-wage ones—would receive at least three times greater rates of return from private savings than Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



“Heritage’s analysis compares what workers would receive if their payroll taxes were invested in personal accounts compared with what Social Security will provide under two scenarios:
1) current law, with roughly 20 percent benefit cuts beginning around 2034;
and 2) a scenario whereby payroll taxes rise immediately to a level necessary to pay the program’s prescribed benefits.

While virtually all workers—across income levels, both genders, and generations—would be far better off with personal savings than Social Security, younger workers get the worst deal from the government program.”
DailySignal, Op. Cit.


Here's where we get into exactly who Social Security actually helps.....and why it's a scam.

“The average young male worker is virtually guaranteed a negative rate of return from Social Security.”

A 23-yr-old with a salary of $60,000 “He will pay $547,088 in Social Security taxes (excluding disability insurance taxes) throughout his lifetime. In return, he will receive a monthly benefit of $2,209 in retirement.

If he instead invested that same amount—$547,088—in a conservative mix of stocks and bonds, he would accumulate more than $1.5 million in a retirement account and could use that to purchase a lifetime annuity that would pay him $6,185 per month, or nearly three times what Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



But….if he had that control of the money, politicians would not be able to syphon off the money, and pretend that it goes into some ‘lock box’ reserved to pay him when he retires.
Who gets all the Social Security money.....

....and who gets a promise?

The reality is that only about 1/2 of Americans are in the stock market.

Yeah, which means that 1/2 Americans will end up impoverished, living off the government.

This is why the older generation was better. They taught people to live modestly and save for retirement.

Until Hoover, and to a far greater extent, Roosevelt, took charity to be a federal endeavor, it was carried out by the most generous populace ever to grace this planet, the private, individual, religious, American people.


Marvin Olasky, in "The Tragedy of American Compassion," explains that human needs were taken care of by other human beings- not by bureaucracies. The important difference was that the latter may take care of food and shelter...but the former also dealt with the human spirit and behavior.
Welfare programs today, are Liberal….conservatives don’t look for material solutions, but understand that changing values is what solves the problem of poverty..



The Scots' Charitable Society, organized in 1684, "open[ed] the bowells of our compassion" to widows like Mrs. Stewart, who had "lost the use of her left arm" and whose husband was "Wash'd Overboard in a Storm."
...." "Heritage of American Social Work: Readings in Its Philosophical and Institutional Development," by Ralph Pumphrey and W. Muriel Pumphrey, p. 29.

And here is the major difference between current efforts and the earlier: charity was not handed out indiscriminately- "no prophane or diselut person, or openly scandelous shall have any pairt or portione herein."

The able-bodied were expected to find work, and if they chose not to, well....it was considered perfectly appropriate to press them to change their mind.
Olasky, "The Tragedy of American Compassion," chapter one.

 

[PoliticalChic]

10. The scam is that they raise taxes without the populace realizing it.
You don’t need the federal scam, Social Security.


“Galveston, Matagorda and Brazoria County employees, many of them union members, have seen their retirement savings grow every year, even during the Great Recession. If state and local governments—and Congress—are really looking for a path to long-term sustainable entitlement reform, they might start with what is referred to as the “Alternate Plan.” How Three Texas Counties Created Personal Social Security Accounts and Prospered




"THE TEXAS TRIBUNE
How Privatized Social Security Works in Galveston
.... see how a privatized Social Security plan might work. Government employees in Galveston, Brazoria and Matagorda Counties have controlled their private retirement plan for 30 years. They opted out of Social Security before Congress changed the law in 1983 to prevent others from withdrawing.


Though the private program has its critics — and some say it does not provide all of the important benefits many destitute Americans claim through Social Security —many in these counties consider their system superior.


Almost everyone agrees Social Security will need to be changed in some way to remain solvent.

In the Alternate Plan, retirement benefits are a direct result of employee contributions. In each paycheck, employees contribute 13.9 percent of the their gross pay (6.1 percent from the employee, 7.8 percent from the county) to a private account.

First Financial Benefits invests the accounts conservatively, ... The companyguarantees a minimum rate of return of 3.75 percent to 4 percent on the accounts to safeguard employees’ benefits against inflation and severe drops in market rates."http://www.nytimes.com/2011/09/18/u...y-works-in-galveston.html?pagewanted=all&_r=0



What????

A possible non-lock-step, one-size-fits all, my way or else plan?????

Oh...noooozzzzzz!

What do you propose be done with people who outlive their benefits and are destitute?

See post #27



And another book you'll never read:

 

[PoliticalChic]

8. Did I mention that Social Security is a scam????
Madoff would be proud of it!

“Social Security takes a whopping 12.4 percent of American workers’ [and employers'] paychecks, but a new backgrounder by The Heritage Foundation shows that workers are getting a bad deal from the program.
… Social Security typically provides very low—and in many cases, negative—rates of return.

The Heritage Foundation analysis shows that younger workers—even low-wage ones—would receive at least three times greater rates of return from private savings than Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



“Heritage’s analysis compares what workers would receive if their payroll taxes were invested in personal accounts compared with what Social Security will provide under two scenarios:
1) current law, with roughly 20 percent benefit cuts beginning around 2034;
and 2) a scenario whereby payroll taxes rise immediately to a level necessary to pay the program’s prescribed benefits.

While virtually all workers—across income levels, both genders, and generations—would be far better off with personal savings than Social Security, younger workers get the worst deal from the government program.”
DailySignal, Op. Cit.


Here's where we get into exactly who Social Security actually helps.....and why it's a scam.

“The average young male worker is virtually guaranteed a negative rate of return from Social Security.”

A 23-yr-old with a salary of $60,000 “He will pay $547,088 in Social Security taxes (excluding disability insurance taxes) throughout his lifetime. In return, he will receive a monthly benefit of $2,209 in retirement.

If he instead invested that same amount—$547,088—in a conservative mix of stocks and bonds, he would accumulate more than $1.5 million in a retirement account and could use that to purchase a lifetime annuity that would pay him $6,185 per month, or nearly three times what Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



But….if he had that control of the money, politicians would not be able to syphon off the money, and pretend that it goes into some ‘lock box’ reserved to pay him when he retires.
Who gets all the Social Security money.....

....and who gets a promise?

The reality is that only about 1/2 of Americans are in the stock market.

Yeah, which means that 1/2 Americans will end up impoverished, living off the government.

This is why the older generation was better. They taught people to live modestly and save for retirement.

Except many people didn't save for retirement for many reasons, that's why we SS in the first place:

• putting food on the table now vs tomorrow
• financial ignorance or folly
• bad luck with health o r loss of job
• assuming their kids will take care of them but the kids can't or won't (maybe they had to move for work)

What a dunce you are.

The entire 'welfare' system is simply a vote buying scheme.



Economist Jim Powell, in “FDR’s Folly,” notes that a disproportionate amount of FDR’s relief and public works spending “went not to the poorest states such as the South, but to western states were people were better off , apparently because there were ‘swing’ states which could yield FDR more votes in the next election.”

That basis for charity and welfare continues to this day!



Many Liberals are simply this dumb and easy to manipulate.

But far more are cowards who tremble at ever questioning their masters.....for example, asking why after half a century and $22 trillion, the poverty rate is nearly the same as it was when the 'War On Poverty' began.

 

[Andylusion]

8. Did I mention that Social Security is a scam????
Madoff would be proud of it!

“Social Security takes a whopping 12.4 percent of American workers’ [and employers'] paychecks, but a new backgrounder by The Heritage Foundation shows that workers are getting a bad deal from the program.
… Social Security typically provides very low—and in many cases, negative—rates of return.

The Heritage Foundation analysis shows that younger workers—even low-wage ones—would receive at least three times greater rates of return from private savings than Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



“Heritage’s analysis compares what workers would receive if their payroll taxes were invested in personal accounts compared with what Social Security will provide under two scenarios:
1) current law, with roughly 20 percent benefit cuts beginning around 2034;
and 2) a scenario whereby payroll taxes rise immediately to a level necessary to pay the program’s prescribed benefits.

While virtually all workers—across income levels, both genders, and generations—would be far better off with personal savings than Social Security, younger workers get the worst deal from the government program.”
DailySignal, Op. Cit.


Here's where we get into exactly who Social Security actually helps.....and why it's a scam.

“The average young male worker is virtually guaranteed a negative rate of return from Social Security.”

A 23-yr-old with a salary of $60,000 “He will pay $547,088 in Social Security taxes (excluding disability insurance taxes) throughout his lifetime. In return, he will receive a monthly benefit of $2,209 in retirement.

If he instead invested that same amount—$547,088—in a conservative mix of stocks and bonds, he would accumulate more than $1.5 million in a retirement account and could use that to purchase a lifetime annuity that would pay him $6,185 per month, or nearly three times what Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



But….if he had that control of the money, politicians would not be able to syphon off the money, and pretend that it goes into some ‘lock box’ reserved to pay him when he retires.
Who gets all the Social Security money.....

....and who gets a promise?

The reality is that only about 1/2 of Americans are in the stock market.

Yeah, which means that 1/2 Americans will end up impoverished, living off the government.

This is why the older generation was better. They taught people to live modestly and save for retirement.

Except many people didn't save for retirement for many reasons, that's why we SS in the first place:

• putting food on the table now vs tomorrow
• financial ignorance or folly
• bad luck with health o r loss of job
• assuming their kids will take care of them but the kids can't or won't (maybe they had to move for work)

People lived for 150 years, and thousands before that, without Social Security, and they didn't just fall over dead.

• putting food on the table now vs tomorrow
• financial ignorance or folly

Right, and that would be my point. Prior generations had way more financial knowledge and wise spending practices.... and I would say SPECIFICALLY because there was no Social Security.

Social Security allows people to remain self-centered, and ignorant. It allows people to avoid the consequences of their actions.

I know this because I've met people, more than a few people, who openly directly stated, that the reason they didn't save for retirement... is because government will take care of me.

Had a guy I was working with, quit his job that was paying him a decent wage, because "the more I earn the less Social Security I get. So I'll just quit". And he quit. We rewarded a productive working individual for quitting. That's what Social Security does. It rewards irresponsible behavior.

This system encourages bad behavior. And the result is, we do have people who are eating all their money today, to ignore having food for tomorrow.... because government will give me food tomorrow.

We have people who are financially ignorant and folly, because so what if I don't know how to save..... government will save for me.

• assuming their kids will take care of them but the kids can't or won't (maybe they had to move for work)

Well yes, again... in the past children often understood that part of their duty as an adult, was to help their family or parents when needed.

One of the reasons why Children don't, or refuse to help their parents is..... again... specifically because "Government will take care of my parents, so I don't have to".

They have selfishly pawned off their duties, onto government. And it's because of Social Security. Before Social Security, it was widely understood that you help your parents. And parents widely understood it was there job to take care of themselves as much as possible to be the least burden they can be.

All that social family fabric has been burned to ash, by Social Security. It's horrible system for destroying families.

• bad luck with health o r loss of job

Health I understand, but Job loss is not an excuse.

I myself have had, (at this point I have to estimate because I can't remember all the jobs I've been laid off from), roughly I would say about 40 different jobs in my life. I've been working since I was 16.

When you lose a job, you find another. Ironically I'm unemployed right now (not from Covid). Yet still I have a large fund in a retirement account. You get back to work as quickly as you can, and while you work, you spend less money than you make, and save as much as you can.

So this "bad luck with job loss"... no... no excuses. Get to work. Earn a living like the rest of us.

As for health... people that are actually incapacitated, I have no problem providing government assistance to them. But these should be people incapable of working.

Home - Life Without Limbs

No matter who you are or what you’ve done, Jesus loves you and has made a way for you to have a relationship with Him forever.

www.lifewithoutlimbs.org

This isn't the 1600s. People born without arms or legs, are still able to get degrees, and engage in business. I had a guy I worked with, who had his legs cut off by a train. He went to college, got an electrical degree, and was working as an electrical engineer with no legs.

So... I support helping people who can't work, but that should be very very few people.

 

[Andylusion]

10. The scam is that they raise taxes without the populace realizing it.
You don’t need the federal scam, Social Security.


“Galveston, Matagorda and Brazoria County employees, many of them union members, have seen their retirement savings grow every year, even during the Great Recession. If state and local governments—and Congress—are really looking for a path to long-term sustainable entitlement reform, they might start with what is referred to as the “Alternate Plan.” How Three Texas Counties Created Personal Social Security Accounts and Prospered




"THE TEXAS TRIBUNE
How Privatized Social Security Works in Galveston
.... see how a privatized Social Security plan might work. Government employees in Galveston, Brazoria and Matagorda Counties have controlled their private retirement plan for 30 years. They opted out of Social Security before Congress changed the law in 1983 to prevent others from withdrawing.


Though the private program has its critics — and some say it does not provide all of the important benefits many destitute Americans claim through Social Security —many in these counties consider their system superior.


Almost everyone agrees Social Security will need to be changed in some way to remain solvent.

In the Alternate Plan, retirement benefits are a direct result of employee contributions. In each paycheck, employees contribute 13.9 percent of the their gross pay (6.1 percent from the employee, 7.8 percent from the county) to a private account.

First Financial Benefits invests the accounts conservatively, ... The companyguarantees a minimum rate of return of 3.75 percent to 4 percent on the accounts to safeguard employees’ benefits against inflation and severe drops in market rates."http://www.nytimes.com/2011/09/18/u...y-works-in-galveston.html?pagewanted=all&_r=0



What????

A possible non-lock-step, one-size-fits all, my way or else plan?????

Oh...noooozzzzzz!

What do you propose be done with people who outlive their benefits and are destitute?

Well, if you look up the past, before Social Security, people had wide networks of private support systems, and charity supports.

Go look up the great Dayton Ohio Flood. People across the entire country, donated and sent so much help to Dayton, that train companies had to put multiple locomotives into service on the say lines, just to carry all the supplies and people, to Dayton Ohio.

You can look at the Shriners, and the Moose Lodges. These organizations were created, specifically to help people in their communities.

After Government's take over of support, now when a tragedy hits, people don't help. Why should I help? Call FEMA. Why should I help? That's what Medicaid is for.

So people will be taken care of, without government, if government gets out of the way.

One of the sad stories out of Katrina, was a boating club that was running supplies into New Orleans, only to have the government police boats, order them to leave.

That's where we are now as a society. We have sold our souls to the god of Government, and then cry that people are getting no help after a hurricane.

 

[alang1216]

8. Did I mention that Social Security is a scam????
Madoff would be proud of it!

“Social Security takes a whopping 12.4 percent of American workers’ [and employers'] paychecks, but a new backgrounder by The Heritage Foundation shows that workers are getting a bad deal from the program.
… Social Security typically provides very low—and in many cases, negative—rates of return.

The Heritage Foundation analysis shows that younger workers—even low-wage ones—would receive at least three times greater rates of return from private savings than Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



“Heritage’s analysis compares what workers would receive if their payroll taxes were invested in personal accounts compared with what Social Security will provide under two scenarios:
1) current law, with roughly 20 percent benefit cuts beginning around 2034;
and 2) a scenario whereby payroll taxes rise immediately to a level necessary to pay the program’s prescribed benefits.

While virtually all workers—across income levels, both genders, and generations—would be far better off with personal savings than Social Security, younger workers get the worst deal from the government program.”
DailySignal, Op. Cit.


Here's where we get into exactly who Social Security actually helps.....and why it's a scam.

“The average young male worker is virtually guaranteed a negative rate of return from Social Security.”

A 23-yr-old with a salary of $60,000 “He will pay $547,088 in Social Security taxes (excluding disability insurance taxes) throughout his lifetime. In return, he will receive a monthly benefit of $2,209 in retirement.

If he instead invested that same amount—$547,088—in a conservative mix of stocks and bonds, he would accumulate more than $1.5 million in a retirement account and could use that to purchase a lifetime annuity that would pay him $6,185 per month, or nearly three times what Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



But….if he had that control of the money, politicians would not be able to syphon off the money, and pretend that it goes into some ‘lock box’ reserved to pay him when he retires.
Who gets all the Social Security money.....

....and who gets a promise?

The reality is that only about 1/2 of Americans are in the stock market.

Yeah, which means that 1/2 Americans will end up impoverished, living off the government.

This is why the older generation was better. They taught people to live modestly and save for retirement.

Except many people didn't save for retirement for many reasons, that's why we SS in the first place:

• putting food on the table now vs tomorrow
• financial ignorance or folly
• bad luck with health o r loss of job
• assuming their kids will take care of them but the kids can't or won't (maybe they had to move for work)

What a dunce you are.

The entire 'welfare' system is simply a vote buying scheme.



Economist Jim Powell, in “FDR’s Folly,” notes that a disproportionate amount of FDR’s relief and public works spending “went not to the poorest states such as the South, but to western states were people were better off , apparently because there were ‘swing’ states which could yield FDR more votes in the next election.”

That basis for charity and welfare continues to this day!



Many Liberals are simply this dumb and easy to manipulate.

But far more are cowards who tremble at ever questioning their masters.....for example, asking why after half a century and $22 trillion, the poverty rate is nearly the same as it was when the 'War On Poverty' began.

You keep changing the subject from SS to welfare. They are NOT the same.

 

[PoliticalChic]

8. Did I mention that Social Security is a scam????
Madoff would be proud of it!

“Social Security takes a whopping 12.4 percent of American workers’ [and employers'] paychecks, but a new backgrounder by The Heritage Foundation shows that workers are getting a bad deal from the program.
… Social Security typically provides very low—and in many cases, negative—rates of return.

The Heritage Foundation analysis shows that younger workers—even low-wage ones—would receive at least three times greater rates of return from private savings than Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



“Heritage’s analysis compares what workers would receive if their payroll taxes were invested in personal accounts compared with what Social Security will provide under two scenarios:
1) current law, with roughly 20 percent benefit cuts beginning around 2034;
and 2) a scenario whereby payroll taxes rise immediately to a level necessary to pay the program’s prescribed benefits.

While virtually all workers—across income levels, both genders, and generations—would be far better off with personal savings than Social Security, younger workers get the worst deal from the government program.”
DailySignal, Op. Cit.


Here's where we get into exactly who Social Security actually helps.....and why it's a scam.

“The average young male worker is virtually guaranteed a negative rate of return from Social Security.”

A 23-yr-old with a salary of $60,000 “He will pay $547,088 in Social Security taxes (excluding disability insurance taxes) throughout his lifetime. In return, he will receive a monthly benefit of $2,209 in retirement.

If he instead invested that same amount—$547,088—in a conservative mix of stocks and bonds, he would accumulate more than $1.5 million in a retirement account and could use that to purchase a lifetime annuity that would pay him $6,185 per month, or nearly three times what Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



But….if he had that control of the money, politicians would not be able to syphon off the money, and pretend that it goes into some ‘lock box’ reserved to pay him when he retires.
Who gets all the Social Security money.....

....and who gets a promise?

The reality is that only about 1/2 of Americans are in the stock market.

Yeah, which means that 1/2 Americans will end up impoverished, living off the government.

This is why the older generation was better. They taught people to live modestly and save for retirement.

Except many people didn't save for retirement for many reasons, that's why we SS in the first place:

• putting food on the table now vs tomorrow
• financial ignorance or folly
• bad luck with health o r loss of job
• assuming their kids will take care of them but the kids can't or won't (maybe they had to move for work)

What a dunce you are.

The entire 'welfare' system is simply a vote buying scheme.



Economist Jim Powell, in “FDR’s Folly,” notes that a disproportionate amount of FDR’s relief and public works spending “went not to the poorest states such as the South, but to western states were people were better off , apparently because there were ‘swing’ states which could yield FDR more votes in the next election.”

That basis for charity and welfare continues to this day!



Many Liberals are simply this dumb and easy to manipulate.

But far more are cowards who tremble at ever questioning their masters.....for example, asking why after half a century and $22 trillion, the poverty rate is nearly the same as it was when the 'War On Poverty' began.

You keep changing the subject from SS to welfare. They are NOT the same.

"...SS to welfare. They are NOT the same. "

Which of them represents earnings by the recipient?

I fervently look forward to seeing your picture on a milk carton.

 

[alang1216]

Prior generations had way more financial knowledge and wise spending practices.... and I would say SPECIFICALLY because there was no Social Security.

Is that why no one lost money in the bank and stock market crashes of 1929?

I've met people, more than a few people, who openly directly stated, that the reason they didn't save for retirement... is because government will take care of me.

Meaning the "government will take care of me" because I spent my whole life paying money into SS?

All that social family fabric has been burned to ash, by Social Security. It's horrible system for destroying families.

• bad luck with health o r loss of job

Health I understand, but Job loss is not an excuse.

If you work in a factory that closes and there are few other jobs in your town, what do you do? Move, take a low-paying, service job, or start your own business. The first if likely to destroy your family, the second may or may not destroy it but will certainly have a major impact, especially if you no longer have health insurance, and the third is a major risk that may or may not pay off.

So... I support helping people who can't work, but that should be very very few people.

Agreed and good luck with the next job.

 

[alang1216]

"...SS to welfare. They are NOT the same. "

Which of them represents earnings by the recipient?

I fervently look forward to seeing your picture on a milk carton.

Silly question, SS. I have contributed to SS and will get paid some pittance based on what I contributed. The more you contribute the more you get back. Welfare is the exact opposite.

 

[alang1216]

10. The scam is that they raise taxes without the populace realizing it.
You don’t need the federal scam, Social Security.


“Galveston, Matagorda and Brazoria County employees, many of them union members, have seen their retirement savings grow every year, even during the Great Recession. If state and local governments—and Congress—are really looking for a path to long-term sustainable entitlement reform, they might start with what is referred to as the “Alternate Plan.” How Three Texas Counties Created Personal Social Security Accounts and Prospered




"THE TEXAS TRIBUNE
How Privatized Social Security Works in Galveston
.... see how a privatized Social Security plan might work. Government employees in Galveston, Brazoria and Matagorda Counties have controlled their private retirement plan for 30 years. They opted out of Social Security before Congress changed the law in 1983 to prevent others from withdrawing.


Though the private program has its critics — and some say it does not provide all of the important benefits many destitute Americans claim through Social Security —many in these counties consider their system superior.


Almost everyone agrees Social Security will need to be changed in some way to remain solvent.

In the Alternate Plan, retirement benefits are a direct result of employee contributions. In each paycheck, employees contribute 13.9 percent of the their gross pay (6.1 percent from the employee, 7.8 percent from the county) to a private account.

First Financial Benefits invests the accounts conservatively, ... The companyguarantees a minimum rate of return of 3.75 percent to 4 percent on the accounts to safeguard employees’ benefits against inflation and severe drops in market rates."http://www.nytimes.com/2011/09/18/u...y-works-in-galveston.html?pagewanted=all&_r=0



What????

A possible non-lock-step, one-size-fits all, my way or else plan?????

Oh...noooozzzzzz!

What do you propose be done with people who outlive their benefits and are destitute?

Well, if you look up the past, before Social Security, people had wide networks of private support systems, and charity supports.

Go look up the great Dayton Ohio Flood. People across the entire country, donated and sent so much help to Dayton, that train companies had to put multiple locomotives into service on the say lines, just to carry all the supplies and people, to Dayton Ohio.

You can look at the Shriners, and the Moose Lodges. These organizations were created, specifically to help people in their communities.

After Government's take over of support, now when a tragedy hits, people don't help. Why should I help? Call FEMA. Why should I help? That's what Medicaid is for.

So people will be taken care of, without government, if government gets out of the way.

One of the sad stories out of Katrina, was a boating club that was running supplies into New Orleans, only to have the government police boats, order them to leave.

That's where we are now as a society. We have sold our souls to the god of Government, and then cry that people are getting no help after a hurricane.

How Did Older Americans Get By Before Social Security?

Spoiler alert: It wasn’t pretty

To appreciate what Social Security provides for older Americans, it’s useful to look back at the ways seniors built a nest egg — or, more accurately, how most of them didn’t — before the program was put in place in 1935 to help the country recover from the Great Depression.

So how did older Americans get by? Website Gobankingrates.com compiled a list of 16 things that served as a safety net for seniors before Social Security, though “safety net” doesn’t really apply to many of the options, which include panhandling, moving into almshouses or poorhouses, or simply dying impoverished, which was the fate that befell 1 in every 2 older Americans in the years after the 1929 stock market crash.

Among the most “reliable” resources were pension plans, though as of 1932 only 15 percent of American companies offered employees such an option. State pensions were available for the lucky few government workers; by 1935 about 3 percent of elderly Americans were receiving those benefits. And in the years after the Civil War, those injured during military service received pensions. By the early years of the 20th century, less than 1 percent of the U.S. population was still benefiting from those.

Annuities gained popularity in the years before the Depression, as the practice of large, extended families providing a safety net for elder members diminished. And savings accounts were useful to some, too, though banks weren’t as trusted or as regulated. Thus, the old cliche of stuffing money into a mattress wasn’t an outlandish or impractical notion — often, it was the most practical option, at least for the few seniors who had cash on hand. Some seniors relied on help from church congregations and neighbors to stay afloat. A few had investments that survived the crash.

It’s safe to say that Social Security was one of the most important federal programs for America’s older workers, and recent studies provide confirmation: A 2016 report by the Center on Budget and Policy Priorities showed that Social Security benefits lifted more than 22 million Americans above the poverty line the previous year. The study estimated that without Social Security, more than 40 percent of seniors in American would be living at or below the poverty level.

 

[PoliticalChic]

"...SS to welfare. They are NOT the same. "

Which of them represents earnings by the recipient?

I fervently look forward to seeing your picture on a milk carton.

Silly question, SS. I have contributed to SS and will get paid some pittance based on what I contributed. The more you contribute the more you get back. Welfare is the exact opposite.

Let's try again.....and this time, see if you can inject honesty in the reply:

"...SS to welfare. They are NOT the same. "

Which of them represents earnings by the recipient?



It is exceedingly simple to make these Leftists lie.

 

[alang1216]

It is exceedingly simple to make these Leftists lie.

I answered your question, it appears to be almost impossible to at least one radical right-winger comprehend.

 

[Andylusion]

8. Did I mention that Social Security is a scam????
Madoff would be proud of it!

“Social Security takes a whopping 12.4 percent of American workers’ [and employers'] paychecks, but a new backgrounder by The Heritage Foundation shows that workers are getting a bad deal from the program.
… Social Security typically provides very low—and in many cases, negative—rates of return.

The Heritage Foundation analysis shows that younger workers—even low-wage ones—would receive at least three times greater rates of return from private savings than Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



“Heritage’s analysis compares what workers would receive if their payroll taxes were invested in personal accounts compared with what Social Security will provide under two scenarios:
1) current law, with roughly 20 percent benefit cuts beginning around 2034;
and 2) a scenario whereby payroll taxes rise immediately to a level necessary to pay the program’s prescribed benefits.

While virtually all workers—across income levels, both genders, and generations—would be far better off with personal savings than Social Security, younger workers get the worst deal from the government program.”
DailySignal, Op. Cit.


Here's where we get into exactly who Social Security actually helps.....and why it's a scam.

“The average young male worker is virtually guaranteed a negative rate of return from Social Security.”

A 23-yr-old with a salary of $60,000 “He will pay $547,088 in Social Security taxes (excluding disability insurance taxes) throughout his lifetime. In return, he will receive a monthly benefit of $2,209 in retirement.

If he instead invested that same amount—$547,088—in a conservative mix of stocks and bonds, he would accumulate more than $1.5 million in a retirement account and could use that to purchase a lifetime annuity that would pay him $6,185 per month, or nearly three times what Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



But….if he had that control of the money, politicians would not be able to syphon off the money, and pretend that it goes into some ‘lock box’ reserved to pay him when he retires.
Who gets all the Social Security money.....

....and who gets a promise?

The reality is that only about 1/2 of Americans are in the stock market.

Yeah, which means that 1/2 Americans will end up impoverished, living off the government.

This is why the older generation was better. They taught people to live modestly and save for retirement.

Except many people didn't save for retirement for many reasons, that's why we SS in the first place:

• putting food on the table now vs tomorrow
• financial ignorance or folly
• bad luck with health o r loss of job
• assuming their kids will take care of them but the kids can't or won't (maybe they had to move for work)

What a dunce you are.

The entire 'welfare' system is simply a vote buying scheme.



Economist Jim Powell, in “FDR’s Folly,” notes that a disproportionate amount of FDR’s relief and public works spending “went not to the poorest states such as the South, but to western states were people were better off , apparently because there were ‘swing’ states which could yield FDR more votes in the next election.”

That basis for charity and welfare continues to this day!



Many Liberals are simply this dumb and easy to manipulate.

But far more are cowards who tremble at ever questioning their masters.....for example, asking why after half a century and $22 trillion, the poverty rate is nearly the same as it was when the 'War On Poverty' began.

You keep changing the subject from SS to welfare. They are NOT the same.

According to the US Supreme Court they are the same.

Honestly, there is no way to look at Social Security, as anything other than a general welfare benefit.

Is Social Security Welfare? – The Future of Freedom Foundation

Since the Department of Health, Education, and Welfare became the Department of Education and the Department of Health and Human Services in 1979, the term “welfare” has fallen into disuse. “Income security,” “entitlement,” or “public assistance programs” are now the usual terms for what used to...

www.fff.org

Highlights:

1. Social Security benefits not connected to how much you pay in. If you have two men, who earn the same income, one works for 45 years, and the other 35 years, both will get identical benefits.
2. According to Title XI, section 1104 of the Social Security Act, congress can change tax rates, or benefits, with zero compensation to people paying in, or those collecting benefits, whenever they please.
3. US Supreme Court case Helvering v. Davis (1937), ruled “the proceeds of both [employee and employer] taxes are to be paid into the Treasury like internal revenue taxes generally, and are not earmarked in any way.”
4. US Supreme Court case Fleming v. Nestor (1960), ruled "To engraft upon Social Security a concept of “accrued property rights” would deprive it of the flexibility and boldness in adjustment to ever-changing conditions which it demands and which Congress probably had in mind when it expressly reserved the right to alter, amend or repeal any provision of the Act.
5. Social Security benefits have zero property rights. If you don't collect, then you simply don't get the money. If I die, my bank account, my properties, my 401K and my life insurance police, will all be collected by my extended family, and passed on. If you die with no dependents under Social Security, even if paying into the system your entire life, everything you paid in, is simply gone.
6. Social Security benefits can be taxes, up to 85% of your benefits. If I put money in my account, and then withdraw it, am I taxed? If I invest in a 401K, and withdraw it at retirement, am I taxed? (only on the growth in certain situations).

So let me recap all that for you:

1. US Supreme Court says, all the money you pay in, goes in as general revenue. It is spent, and gone.
2. US Supreme Court says, you have no property rights to Social Security, anymore than a person on food stamps and welfare has property rights to those things.
3. US Social Security Act itself says, the government can change how much you are required to pay in, and how much you can get out, at will without warning or compensation. Just like any other welfare program.
4. Social Security does not pay out, based on what you pay in, like any other insurance of investment.
5. Social Security can be taxed, unlike a savings account or retirement account.
6. Social Security does not guarantee you anything. If you die without collecting, then you simply don't collect, just like any other welfare program.

Social Security is a welfare program. That *IS* what it is.

Your money, that you pay in Social Security tax, goes to the same place as the Gasoline tax, as the Corporate tax, as the Estate Tax, as your income Tax, as your Medicare Tax.

They are all general revenue taxes, sent to the Federal Government, and are spent.

Social Security benefits are paid out of General Revenue... just like the military, Food stamps, court systems, the FBI, Public House, and any other government spending.

Social Security = welfare. Fact.

 

[PoliticalChic]

8. Did I mention that Social Security is a scam????
Madoff would be proud of it!

“Social Security takes a whopping 12.4 percent of American workers’ [and employers'] paychecks, but a new backgrounder by The Heritage Foundation shows that workers are getting a bad deal from the program.
… Social Security typically provides very low—and in many cases, negative—rates of return.

The Heritage Foundation analysis shows that younger workers—even low-wage ones—would receive at least three times greater rates of return from private savings than Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



“Heritage’s analysis compares what workers would receive if their payroll taxes were invested in personal accounts compared with what Social Security will provide under two scenarios:
1) current law, with roughly 20 percent benefit cuts beginning around 2034;
and 2) a scenario whereby payroll taxes rise immediately to a level necessary to pay the program’s prescribed benefits.

While virtually all workers—across income levels, both genders, and generations—would be far better off with personal savings than Social Security, younger workers get the worst deal from the government program.”
DailySignal, Op. Cit.


Here's where we get into exactly who Social Security actually helps.....and why it's a scam.

“The average young male worker is virtually guaranteed a negative rate of return from Social Security.”

A 23-yr-old with a salary of $60,000 “He will pay $547,088 in Social Security taxes (excluding disability insurance taxes) throughout his lifetime. In return, he will receive a monthly benefit of $2,209 in retirement.

If he instead invested that same amount—$547,088—in a conservative mix of stocks and bonds, he would accumulate more than $1.5 million in a retirement account and could use that to purchase a lifetime annuity that would pay him $6,185 per month, or nearly three times what Social Security will provide.”
3 Examples of How Social Security Robs Americans of Greater Income Before, During Retirement



But….if he had that control of the money, politicians would not be able to syphon off the money, and pretend that it goes into some ‘lock box’ reserved to pay him when he retires.
Who gets all the Social Security money.....

....and who gets a promise?

The reality is that only about 1/2 of Americans are in the stock market.

Yeah, which means that 1/2 Americans will end up impoverished, living off the government.

This is why the older generation was better. They taught people to live modestly and save for retirement.

Except many people didn't save for retirement for many reasons, that's why we SS in the first place:

• putting food on the table now vs tomorrow
• financial ignorance or folly
• bad luck with health o r loss of job
• assuming their kids will take care of them but the kids can't or won't (maybe they had to move for work)

What a dunce you are.

The entire 'welfare' system is simply a vote buying scheme.



Economist Jim Powell, in “FDR’s Folly,” notes that a disproportionate amount of FDR’s relief and public works spending “went not to the poorest states such as the South, but to western states were people were better off , apparently because there were ‘swing’ states which could yield FDR more votes in the next election.”

That basis for charity and welfare continues to this day!



Many Liberals are simply this dumb and easy to manipulate.

But far more are cowards who tremble at ever questioning their masters.....for example, asking why after half a century and $22 trillion, the poverty rate is nearly the same as it was when the 'War On Poverty' began.

You keep changing the subject from SS to welfare. They are NOT the same.

According to the US Supreme Court they are the same.

Honestly, there is no way to look at Social Security, as anything other than a general welfare benefit.

Is Social Security Welfare? – The Future of Freedom Foundation

Since the Department of Health, Education, and Welfare became the Department of Education and the Department of Health and Human Services in 1979, the term “welfare” has fallen into disuse. “Income security,” “entitlement,” or “public assistance programs” are now the usual terms for what used to...

www.fff.org

Highlights:

1. Social Security benefits not connected to how much you pay in. If you have two men, who earn the same income, one works for 45 years, and the other 35 years, both will get identical benefits.
2. According to Title XI, section 1104 of the Social Security Act, congress can change tax rates, or benefits, with zero compensation to people paying in, or those collecting benefits, whenever they please.
3. US Supreme Court case Helvering v. Davis (1937), ruled “the proceeds of both [employee and employer] taxes are to be paid into the Treasury like internal revenue taxes generally, and are not earmarked in any way.”
4. US Supreme Court case Fleming v. Nestor (1960), ruled "To engraft upon Social Security a concept of “accrued property rights” would deprive it of the flexibility and boldness in adjustment to ever-changing conditions which it demands and which Congress probably had in mind when it expressly reserved the right to alter, amend or repeal any provision of the Act.
5. Social Security benefits have zero property rights. If you don't collect, then you simply don't get the money. If I die, my bank account, my properties, my 401K and my life insurance police, will all be collected by my extended family, and passed on. If you die with no dependents under Social Security, even if paying into the system your entire life, everything you paid in, is simply gone.
6. Social Security benefits can be taxes, up to 85% of your benefits. If I put money in my account, and then withdraw it, am I taxed? If I invest in a 401K, and withdraw it at retirement, am I taxed? (only on the growth in certain situations).

So let me recap all that for you:

1. US Supreme Court says, all the money you pay in, goes in as general revenue. It is spent, and gone.
2. US Supreme Court says, you have no property rights to Social Security, anymore than a person on food stamps and welfare has property rights to those things.
3. US Social Security Act itself says, the government can change how much you are required to pay in, and how much you can get out, at will without warning or compensation. Just like any other welfare program.
4. Social Security does not pay out, based on what you pay in, like any other insurance of investment.
5. Social Security can be taxed, unlike a savings account or retirement account.
6. Social Security does not guarantee you anything. If you die without collecting, then you simply don't collect, just like any other welfare program.

Social Security is a welfare program. That *IS* what it is.

Your money, that you pay in Social Security tax, goes to the same place as the Gasoline tax, as the Corporate tax, as the Estate Tax, as your income Tax, as your Medicare Tax.

They are all general revenue taxes, sent to the Federal Government, and are spent.

Social Security benefits are paid out of General Revenue... just like the military, Food stamps, court systems, the FBI, Public House, and any other government spending.

Social Security = welfare. Fact.

Excellent analysis.