Social Security is an accounting fiction.
There is no need for reform because there is no Social Security and there hasn’t been any for decades.
There is no money set aside or investment profit to draw retirement benefits from. Politicians stole and spent all of it.
There is no trust fund or lock box.
People do not 'contribute' to their retirement.
Their SS taxes are paying for current retirees.
No one is “paying in”. They are only “paying out”.
"Benefits" are a promise of theft of wealth from future generations.
All government does is keep a record of how much they expect future generations to be obligated to pay.
A real trust fund would have invested in enterprises and activities that would yield a profit that did not come from the very same taxpayers who participate in the fund.
Payouts would come from the gain on investments in the fund and not your pocket.
Social Security, since the 1960's when its funds were stolen by the government, is a false right granted by the government to "legally" steal from someone else to pay you. It also means that you are being stolen from to pay someone else.
A Social Security “surplus” isn’t profit on an investment, it just means we took more from the taxpayers that year than was needed to pay "benefits" to other taxpayers. In fact SS taxes (which the Government deceptively calls "contributions") are no longer enough to cover retiree benefits without tapping the general revenues collected from income tax or borrowing money.
How to deal with the Social Security myth.
Let’s be up front about it. We were scammed by Socialist Politicians. There is no investment to draw upon.
Social Security is a fraud perpetrated on the American people.
Socialists created unfunded obligations which they call “entitlements” to “Justify” taking from others.
But a Title is only granted on something you earned and paid for, not for the “right” to take something someone else owns.
Social Security conditions a country to the Socialist concept of entitlement to take from others and excuses theft in the name of “fairness”. It also gives the government the excuse to identify every citizen with an SS number.
Social Security taxes are spent. There is nothing left. A "retirement benefit" can only come by taking more taxes from someone down the road.
It's just like Bernie Madoff and his pyramid scheme. We ended that. Let's end this too.
How to fix Social Security
Pick an age and refund all prior "contributions", plus interest, to those younger than that age so they are no longer 'paid in'.
Anyone not 'paid in' to Social Security is ineligible for any future "benefits" (legalized theft from future taxpayers).
We continue Social Security 'benefits' at the same level for those left paid in because we are morally and contractually obligated and we have Values.
Everyone already on the SS program (no matter what age), which includes disability, will still be paid as contracted.
SS recipients are actually entitled to payments by virtue of having paid in (actually they paid for the previous person's retirement).
Payment earns title and possession.
SS is not an unearned handout. Welfare, Medicaid, food stamps, section 8 housing etc. are unearned. Handouts being called Entitlements is a misnomer.
It is actually theft of title from those who earned it, to those it is transferred to, who did not earn it.
SS benefits are paid from the SS tax (also called payroll tax) and general tax revenue – not the trust funds we were entitled to. That is the government’s fault not yours or mine. They raided the trust fund from which the retirees should have been paid from. They are Bernie Madoff. The government forced SS recipients to be “on the dole”.
SS can then officially be just an Entitlement for seniors paid from taxes without any further phony language.
We will no longer be kidding everyone that they are contributing to their own retirement.
For those refunded or who never paid in – find a private pension plan and contribute to a real fund that actually invests your money to build for retirement.
Cutting through the phony language:
Response – The author renames the SS Ponzi scheme as a "pay-as-you-go system". Sounds better. It just leaves out a little tiny teeny bit that explains where the money to pay comes from. It is a "Steal from you to pay as you go system". Government hides reality from you with clever names. W-2 Withholding rather than "controlling and stealing your wealth and the life and liberty you invested to create that wealth" or Internal Revenue Service rather than Unconstitutional and immoral Government Pirated Loot and Booty enforcement.
Government has no money other than what it confiscates from current or future taxpayers. Government can not fund anything or do charity and Social Justice (a renaming of Socialism). They taxpayers fund bonds, charity and so called Social Justice.
"Funding" SS with bonds is another renaming of the reality of government theft and Socialist redistribution.
The Federal Government issues a bond and spends the money. It does not invest it in a company that will make a profit and pay back the loan from it's profits.
The interest paid and principal returned on a Treasury Bond is paid by taxpayers down the line or kicked even further down the road by borrowing more (issuing another Treasury bond).
If you as an individual or foreign countries buy a bond, the taxpayer is paying you, not the government.
Social Security accounting fiction is done through "holding" bonds which are a promise from the Federal Government to confiscate taxes from taxpayers and you to pay the interest and the principal to taxpayers and you.
It is yet another Socialist scheme that takes money from one sector of the economy and redistributes it to another sector.
