Government obscures misuse if Social Security money by renaming it

by Debra Mentandon

 

A man dies at age 65 before collecting one benefit check.

He and his employer paid into the system for almost 50 years, and he collected NOTHING. Bare this in mind: there are lots of people who die every year and get nothing.

And the money was mismanaged, and someone then stole from the system. So what do we have now? It’s going broke.

Now they have the gall to call seniors “vultures.” This is an attempt to cover their theft.

The secret behind renaming our Social Security payments is so the government can claim that we are receiving entitlements. Thus, it is putting those who paid into Social Security in the same category as welfare and food stamp recipients. But is it really?

8TA6bjKpcI just learned they are changing the name.  It gives them a means to disclaim this program in the future. It becomes free money for the government to spend under this new name.

The Social Security check is (or soon will be) referred to as a “Federal Benefit Payment.” This is NOT, nor has it ever been, a benefit. It is OUR money, paid out of our hard-earned money! Those who have paid into Social Security are not the only ones who contributed to Social Security. Their employers did too! It became 15 percent of our income before taxes.

If you averaged $30K per year during your working life, that’s close to $180,000 invested in Social Security.

If you calculate the future value of your monthly investment in Social Security ($375/month, including both you and your employer’s contributions) at a meager 1 percent interest rate compounded monthly, after 40 years of working, you would have more than $1.3 million saved.

This is your personal investment. Upon retirement, if you took out only 3 percent per year, you would receive $39,318 per year, or $3,277 per month.

That’s almost three times more than today’s average Social Security benefit of $1,230 per month, according to the Social Security Administration. (Google it – it’s a fact). And your retirement fund would last more than 33 years (until you’re 98 if you retire at age 65)! I can only imagine how much better most average-income people could live in retirement if our government had just invested our money in low-risk, interest-earning accounts.

But NO, the folks in Washington pulled off a bigger *Ponzi scheme* than Bernie Madoff ever did (or Lyndon Johnson).

They took our money and used it elsewhere. I know this practice at least goes back to when Bill Clinton was president, as he used it to say we were in the red.  Guess what he was counting? The money from the Social Security.

  They did not ask if we were OK with them using our money. They also did not ask if it is OK for them to not pay it back. It is bad enough that they have the audacity to say it won’t support us much longer. I don’t understand why they never refer to the welfare money that is paid out being about to run out. They gave welfare money to people who have not earned it, nor have they worked for it. Yet it is their money with no questions asked. No one ever says welfare is running out of money.

They would like citizens to think that it is the workers’ fault this is happening. If tax- paying citizens sit back and let it happen, then we are to blame. It is our money, and workers should be fighting mad to try to hang on to it. If the multitudes will rise up and speak out, there is a chance to turn this nightmare around and fix a huge problem with something that is owed to us.

It is time citizens, young and old, demand this.

Americans need to find a way to keep Medicare and Social Security viable. It affects a lot of people. The stats show that about 90 percent of the population are affected by this, which is the majority.   

Author: Plainsman Press Staff

The student newspaper of South Plains College.

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