Posted on 03/07/2011 7:13:15 AM PST by SeekAndFind
In a recent column on the senior citizen lobby, I noted that Social Security is often "middle-class welfare" that bleeds the country. This offended many readers. In an e-mail, one snarled: "Social Security is not adding one penny to our national debt, you idiot." Others were more dignified: "Let's refrain from insulting individuals who have worked all their lives and contributed to the system for 50-plus years by insinuating that [their] earned benefits are welfare." Some argued that Social Security, with a $2.6 trillion trust fund, doesn't affect our budgetary predicament.
Wrong. As a rule, I don't use one column to comment on another. But I'm making an exception here because the issue is so important. Recall that Social Security, Medicare and Medicaid, the main programs for the elderly, exceed 40 percent of federal spending. Exempting them from cuts - as polls indicate many Americans prefer - would ordain massive deficits, huge tax increases or draconian reductions in other programs. That's a disastrous formula for the future.
We don't call Social Security "welfare" because it's a pejorative term, and politicians don't want to offend. So their rhetoric classifies Social Security as something else when it isn't. Here is how I define a welfare program: First, it taxes one group to support another group, meaning it's pay-as-you-go and not a contributory scheme where people's own savings pay their later benefits. And second, Congress can constantly alter benefits, reflecting changing needs, economic conditions and politics. Social Security qualifies on both counts.
Let's start with its $2.6 trillion trust fund. Doesn't this prove that people's payroll taxes were saved to pay for future benefits, disconnecting them from our larger budget problems? Well, no. Since the 1940s, Social Security has been a pay-as-you-go program.
(Excerpt) Read more at realclearmarkets.com ...
What SHOCKS me it that this guy points out that the "trust fund" is a fraud. It's normally a sacred tenet of AARP and liberals that the "trust fund" is actually a real asset.
The American public are clueless. ALL of TV supports, defends and protects Obama including Fox-Al Waleed and the fools keep watching.
I heard info about distant relatives from another relative. They are all struggling and most voted for Obama. Their deceased grandfather was a staunch Republican. I just laugh because people are stupid and want to be serfs to Obama.
Keep weatching TV, the reality Tv and ball games and supporting the one. “Oh but I am old and just watch TCM.” Which is owned by CNN/Time Warner.
The whole monetary system is welfare.
The politicians KNOW that they can’t tax enough to pay for all these promises. Even in LBJ’s day, they knew this. Yet, here we are, with the demographics looking bad, where this house of cards gets tippy. Grabbing the 401K’s which has started to be done in Europe last year, will be done with socialist rhetoric.
401k’s aren’t socialistic in themselves, but this government is socialistic, and will grab whatever they can to keep the game going.
We do not live in a capitalistic system anymore. That is the hard truth. We need to be prepared for the coming problems, so that the blame falls where it belongs, on socialism.
Because we haven’t been a true capitalistic society since at least 1913, when the FED was created.
$360k? I assume that includes your employer amount also.
That’s still an astounding amount - $180k.
I paid in from 66 to 09, almost all years at the max, and paid in $122k for SS and $32k for medicare (both matched by my employer).
...I’VE PAID >6% OF MY SALARY INTO IT FOR 40 YEARS!!!
= = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =
Not really...
The person that hired you ‘matched’ your payment ‘in your behalf’.
If you were lucky enough to be self employed, Unka Sugah allowed you to pay the entire amount.
Now they want to call it welfare.....
Reminiscent of b clinton saying ALL government payouts were welfare, including Military Retirement, SSA etc with the idea being a check from the Government was a check from the Government, so it was one and the same.
I am not sure but I do not think he included Pols pay etc in that mix.
Worth repeating!
I say FIRST abolish every single welfare program, INCLUDING the leaches who infest the government offices to administer them, BEFORE any further talk about social security.
Boy, wouldn't it be nice if we could get a refund of all the taxes we've paid in this country?
Another solution would be for our elderly to quit getting older and to start getting younger for awhile.
And, if both my arms could be right arms . . .
And, then there's Medicare.
Welfare welfare is a drop in a small bucket, whereas SS and Medicare (and Medicaid) are the overflowing barrels that need to be addressed.
Democracy is the theory that the common people know what they want, and deserve to get it good and hard. - H.L. Mencken
True fact:
"One in 19 Americans today get SSDI or SSI. That's one in 19 Americans who are disabled."
I will do everything in my power to help destroy any politician who wants to "means test" or otherwise screw working, traditional, taxpaying American families who have paid into the corrupt "Social Security" system all their lives.
Payroll are distinctly different than federal income taxes. Payroll taxes were designed to provide specific benefits. You must pay payroll taxes to receive benefits. SS and Medicare are very progressive in benefit structure. The SS tax is not regressive. It has a cap because benefits are capped. Even with capped benefits, SS is a terrible plan for higher income individuals.
The 50 percent not paying federal income taxes are tax freeloaders. Federal income taxes are the major tax funding the federal government and many state government functions. Everyone (except the truly disabled) should pay at the 10 percent rate except for a limited time and amount exemption. Tax welfare (large levels of fraudulent returns) should not reduce income tax liabilities below 10 percent.
We have become a nation of tax freeloaders who willing vote to tax others while receiving large levels of government transfer payments without paying the principal tax that funds the government.
Your comments reflect a strong leftist bias. I expect these comments from leftist blogs.
Walt, I realize I’m screwed here.
I just want to feel like I’m not on welfare until I collect what I’ve paid in.
Actually I should be doing much better than many old folks who will be eating dog food after QE 3 kicks in. Most people who post here have no clue what is going on and how QE is affecting them. But they love their ball games and other ianities on Obama TV and tehy know Prince Al Waleed’s Fox News loves them. Fools.
Keep watching TV and supporting Hussein and Prince Al Waleed.
But it’s got an internet connection! LOL! Frantzie does have a point, imo.
I paid into Soc Sec starting at the age of 15.
I was self-employed for over 30 years & paid both halves of the required amounts into Soc Sec.
I am now over 70.
Telling me that all that money is now a welfare payment is just plain insulting.
If I had it in a 401 K for all those years & it had been invested. My Soc Sec would not be frozen at the rate it is now.
Most of us cannot work full time anymore, because employers want 20-30 Y/o ‘workers’.
My experience doesn’t count anymore unless I am called to straighten out the bookkeeping that some twerp with no experience messed up. They got paid $25 an hour, with full benefits to screw it up. I get paid $20 an hour with NO Benefits to fix it.
Billions are being spent to provide welfare, housing, furniture, cell phones, free calling plans, heating, WiC, food stamps, medical care (including transplants), free cars, AAA, insurance, gas cards and towing service.
You don't even have to be a citizen to get all this free stuff!
Ask Aunt Zetuni and Uncle Obama (the other Obama relative in Boston that the media never talks about) and they'll tell you what a wonderful country this is.
Yet the politicians only want to cut social security that working people paid into for years! Why?
That said, I don't mind paying entertainment companies for the entertainment I choose to watch. So I use Netflix, and I stream it on my tv set. I like to watch movies,and I don't mind the copyright holders making some money off of it.
But generally, yes, I believe tv creates mass madness.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.