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Social Security is one of the biggest atrocities committed by the US Government. If any similar scheme were run by the public, they'd be locked up by the USG. But since the USG is doing it, it's legit.

What's so bad about the Social Security System? Basically, the SSS is just a government run Ponzi scheme. There is no such thing as a SS trust fund. When you give away 15% of your paycheck, it doesn't sit in an account for you to collect on when you retire. The money that you contribute goes directly to the beneficiaries with the extra going to Uncle Sam to spend as he pleases. The money that went out of your paycheck on Friday goes to writing a check for Mr Retired on Monday. So the whole system depends on having enough people currently working to support those currently retired.

Currently, the USG collects more than it pays out. So what does it do with the extra money? It is used to buy a USG issued debt and then that money goes to pay for USG pork barrel programs, entitlements and subsidies. So the USG holds these debts that it issued to itself and saying that it'll pay for these debts later (with interest), but where will the USG get the money to redeem those debts? Those debts are not marketable, only the USG can buy it. So it must eventually collect taxes to redeem those debts. So much for the called "SS Trust Fund".

Your SS account is also not considered an asset of yours. If you die before you retire, none of your dependents can claim any of the money you contributed to SS. Futhermore, the USG is not even legally required to give you money after you retire.

When SS started in 1940, there were 42 workers that supported each retiree. Currently, it's just over three workers for each retiree. It's estimated by 2017, there will be more payouts than those collected. So, the USG will have to start redeeming those debt that it issued to itself. And in 2041, about the same time for me to retire, all the "surpluses" will be exhausted.

Social Security Superpage
Washington Post

Social Security Facts
Social Security FAQ
Understanding Social Security
Baby Boomer Statistics

It's Time To End Social Security - CATA
Born after 1948? Don't count on Social Security - MSN
Social Security Surplus? - Gold-eagle
Let me out of Social Security - USA Today
Social Security:
The Clock is Ticking
- Washington Post
Search for PRAs at NCPA

Social Security Administration
Whitehouse on Social Security

My Social Security

I Opt Out
Social Security Reform

Posted: 2002-07-19 15:18:38

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