Want to know what has really happened to our Social Security Contributions??

Question

When Franklin D. Roosevelt, a Democrat, introduced the Social Security Program,

He Promised:

1-participation in the Program would be Completely voluntary,

2- Participants would only have to pay 1% of the first $1,400 of their annual Incomes into the Program,

3 - Money the participants elected to put Into the Program would be deductible from Their income for tax purposes each year,

4 - Money the participants put into the Independent 'Trust Fund' rather than into the General operating fund, and therefore, would Only be used to fund the Social Security Retirement Program, and no other Government program

5 - Annuity payments to the retirees would NEVER be taxed as income.

Since many of us have paid into FICA for years and now receive a Social Security check every month -- and then finding that we are getting taxed on 85% of the money we paid to the Federal government to 'Put Away' -- you may be interested in the following:

Answer 1

If the government did not confiscate even more of my salary through SS, I would be a multi-millionaire at retirement.  As it is, I will get very little, if anything, from this sham of a government program.  The Ponzi scheme that is Social Security will collapse under the weight of the Baby Boomers who have kept this scheme financed (above water) for so long.  There is a reason they call SS the "third rail" of politics.  Touch it and you will get fried.

Government does not create efficiencies, it just wastes more and more of our taxpayer funds to buy votes.  The system is broken and there does not appear to be any fix in sight.  D.C. has no will to do the right thing.  Actions to address looming financial disaster have already been put off for far too many years.  D.C. has screwed us.

Answer 2

The whole thing is a SCAM anyhow !

We need to completely scrap ALL government programs that allege to take care of people and provide safety nets (etc...)

entitlements and Public Housing.... all that stuff must go!

You have seen Public Housing (?)

think Public Health Care!

The Gov. can't do it right, HOWEVER we do need safeguards on the private sector providers who will be supplying the services that the Gov. should not be doing.  Proper laws for health and safety are just fine, stuff that lines the pockets of GREED INC.

not so good!

.

Answer 3

Our wonderful government has stolen it!

Answer 4

Yet too many so called "Americans" want to support the Marxist/Socialist Candidate Obama for President!

WHAT has this great nation fallen to?

FIRE all those bums in Congress and get some REAL Americans in office who have a CLUE to what America is all about!

Freedom, Personal Responsibility (providing for you OWN welfare) and Rights. -  NO TYRANNY !!!

When Americans do WELL, they are very Charitable.

Welfare is Unnecessary unless there is too much Socialism. Socialism begins an economic decline that forces people into a prison to look ONLY towards helping their own families and taking care of their own responsibilities FIRST! (Due to high taxes). Yet the powers of Socialism prevent them from accomplishing that.

That is NOT to say Corporations can't abuse their power and their employees. A balance is required and honesty, not greed should reign supreme.

Government is FAR to POWERFUL and TYRANNICAL a tool to be the one dominant controlling factor in our civilization. Corporations must bargain between themselves to gain you trust and your willingnes to work. It creates competition for yor alegience.

Our Founding Fathers were RIGHT in attempting to LIMIT power by giving us a Constitution that spreads power as far and wide as possible to prevent any one group from becoming a corrupted bunch of tyrants.

They may not have been perfect, but the Constitution thay gave us came from their ability to see their own human flaws and go beyond them to give us a tool to prevent tyranny in the future. Don't continure to permit Lawyers and Politicians to use specious arguments to pursuade you to vote for taxes that take your power form you and give it to tyrants that will  use your power against your best interests.

Answer 5

Dang! You said everything I was going to!

Answer 6

I know what you are saying. Each paycheck I get, the FICA deduction (involuntary tax) is almost as much as the other taxes taken out of my check. Am I ever going to see this money? No way. By the time I retire the baby boomers will have spent it all up. Not that I want the government planing my retirement in the first place.

If I were to place the same amount of money that is taken from me in the form of FICA deduction (involuntary tax) and place it  in a conservative mutual fund and roll it over every couple of years. In 20 years I would have a nice little sum of money. More if I were to invest it aggressively. (Of course congress would tax that as well, the penalty for being responsible). Do you think this is ever going to happen? h**l no! Congress has found a gold mind in social security. For them it's 'found money'.

People have been warning us about the up coming social security crisis for years, but so suggest a change is political blasphemy. Of course but the time the s*** hits the fan, everyone in congress will be retired or dead, leaving my generation to pick up the pieces.

Answer 7

As a footnote to your story the balanced budgets of the Clinton years were the product of paying down general debt with Social Security money. The most interesting aspect of the retirement system is that pays checks to people who assert that they are disabled from working for 12 continuous months.  And for a little frost on the cake a 35 year old will draw the age 65 or 66 rate while an age 62 early retiree takes less.   It would seem appropriate to require the disabled person to take at age 62 rate until reaching age 65. Maybe, I am missing the point.  It is largely a gift based on 10 years of employment and the rate is pegged to the twenty highest quarters of income for the disabled who are largely free to moonlight without concern of fraud charges from the federal government.