Conservative Talking Points views our nation’s social security program as one of the greatest swindles in history. The government is taking money by force from one group and redistributing it to another in an ever accelerating model that will one day soon crash in on itself.
Quick History of Social Security (Author Unknown – But Right). Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. He promised:
· That participation in the Program would be completely voluntary. Now - No longer Voluntary
· That the participants would only have to pay 1% of the first $1,400 of their annual Incomes into the Program. Now - 7.65% on the first $90,000
· That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year. Now - No longer tax deductible
· That the money would be put into an independent 'Trust Fund’. Now – Under Johnson the money was moved to The General Fund and Spent.
· That the annuity payments to the retirees would never be taxed as income. Now - Under Clinton & Gore: Up to 85% of your Social Security is taxed.
Quick Q&A of Social Security (Author Unknown – But Right).
· Question: Which Political Party took Social Security from the independent 'Trust Fund' and put it into the general fund so that Congress could spend it? Answer: It was Lyndon Johnson and the democratically controlled House and Senate.
· Question: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding? Anser: The Democratic Party.
· Question: Which Political Party started taxing Social Security annuities? Answer: The Democratic Party, with Al Gore casting the 'tie-breaking' vote as President of the Senate, while he was Vice President of the US.
· Question: Which Political Party decided to start giving annuity payments to immigrants? Answer: Jimmy Carter and the Democratic Party.
Ratio of Worker to Retiree (Individually Sourced)
· In 1935 when Social Security was implemented the amount of earnings subject to tax was only $3,000 and the tax rate was just 1%. But by 2005 the rate rose to 6.2% for both employer and employee on earnings of up to $90,000. (Source: CPA Journal)
· In 1940 there were 160 workers supporting 1 retiree, but by 2006 there were only 3.3 workers supporting that single retiree. (Source: ssa.gov)
· At this rate by 2030, in just 20 years, it will take two workers to support one retiree. (Source: Economic Policy Institute)
Social Security Going Broke
· 80 Million baby boomers born from 1946 to 1964 will be retiring over the next two decades. (Source: Houston Chronicle - May 2009)
· Federal overseers in July of 2009 stated that the Medicare fund will go broke by 2017 and the Social Security trust fund will be out of money by 2037 which is four years earlier than calculated last year. (Source: Houston Chronicle - May 2009)
· The Social Security Administration [SSA] predicts that over the next 75 years there will be a $4.3 Trillion deficit. (Source: Social Security Agency - Report of 2009)
· In 1965 the SSA said the program will only cost America $9 Billion by 1990. That actual cost turned out to be $66 Billion!!! (Source: ssa.gov)
Social Security Is No Fund - It's a Ponzi Scheme!
· Even the SSA admits that beneficiaries receive funds directly from current workers. (Source: ssa.gov)
· The first monthly Social Security check went out to Ida May Fuller in 1940 and after cost of living increases and 35 years of receipts until her death in 1975 she received a startling $22,888.92 in payments from a system to which Mrs. Fuller contributed $24.75. (Source: ssa.gov)
· "We all know the name of the biggest Ponzi scheme in history and it's not even illegal. In fact, it is run by the U.S. government. And the name of it - well, they call it Social Security" - Jim Cramer - CNBC (Source: TheStreet.com - Jan 2009)
· "The largest Ponzi scheme in history is run by the U.S. government and it's called Social Security." Cliff Mason - CNBC (Source: CNBC - Dec 2008)