Liberally Conservative

"Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same, or one day we will spend our sunset years telling our children and our children's children what it was once like in the United States where men were free....... ~Ronald Reagan~

Wednesday, April 27, 2005

Social Security: Fact vs. Fiction

Social Security Fiction: "The Social Security Administration first began to describe the program to the public in terms of private pension and insurance metaphors. Payroll taxes became known as 'contributions'; the . . . trust fund was where taxes were 'kept' in an 'account'; and benefit provisions were dubbed 'insurance.' After decades of this rhetoric, the American people eventually became convinced that they were 'buying' future benefits with their own payroll taxes." Social Security Fact: Social Security is not an entitlement program, not insurance and not a savings system. When the government sends a Social Security check to an individual, it is not giving him/her anything; it is paying him/her back a portion of the money he/her has been taxed for his/her retirement through a special retirement plan. The money belongs to the individual, money owed to him/her, money systematically and forcibly taken from his/her paycheck as 'security' against a time when they will be too old to work. Money forcibly "withdrawn" virtually interest free to the government at a huge cost of future value to the individual worker. If this tax was invested in the stock market over the life of a worker it would have grown 6-6.5%. Social Security offers less than 2% on the same money and is used, without permission, to pay for entitlements politicians deem necessary. Source: Opinion Journal

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