BY JEFF CHURCHILL — The below link of the Fox News article is what set me off today and if you want to read it please click on the below link:
“Slash Social Security to Pay for War? Dems Slam Boehner for Remark He Denies”
The above article just chapped my hide and inspired me to write a short essay on the demise of our “Progressive Social Security System.”
Bear with me, it’s a bit long, but it’s necessary. Especially, if you want to know the facts. If you require more information please refer to Wikipedia or the Cato Institute or even the Heritage Foundation like I did.
“The Social Security Spin Cycle Continues”
After reading article from Fox News this morning the “Spin Cyclers” twisted South Carolina’sRepresentative Boehner’s commendable attempt to rescue our ill fated Social Securityby raisingthe retirement age to 70 years was the icing on the cake. Specifically on two fronts.
1. I’m against Congress raising the retirement age to 70. Especially since the original authors of the Social Security Act of 1935 promised that we could receive retirement funds at age 65 after being forced to pay into the program through our payroll taxes.
2. How these elected alleged pundits accused republicans of looking to “break America’s promise to seniors.” As quoted by South Carolina Democrat Party Chairwoman Carol Fowler. And, “the Queen” Nancy Pelosi’s office put out a “fact sheet” accusing Boehner of wanting to “slash” Social Security not to stabilize the program, but to pay for Iraq and Afghanistan. Well we all know what a twit Pelosi is; and, Pelosi or her office minions don’t require any further comments.
Talk about calling the kettle black. Let’s review what the liberals or “Progressives” have done for the last 75 years; shall we.
Our Social Security is crumbling and crumbling fast. As a matter of fact the unfunded liability is $43 trillion, that’s with a “T,” or about $379,475 per household.
And, within the next 5 years, that total will climb to $57 trillion because of what our infamous Democrats and even few Republican “R.I.N.O.’s” have doing for the past 75 years. And I guarantee it’s not because of us “Baby Boomers” becoming of age either.
As I said earlier for the past 75 years American’s have been forced, not volunteered, to pay payroll taxes into Social Security; with our employers kicking in matching funds.
That’s a ton of money to accumulate. Now, quite frankly I didn’t have a choice in this decision back in 1935, I wasn’t even thought of yet. Personally, I believe we should all invest in our own retirement accounts so that we can manage our own future, not government, specifically because of its past performances.
However, this program was one of the biggest government alleged entitlement programs ever devised; until the introduction of the Social Security Act of 1965 implementing the mother of all so-called privileges at the time, Medicare. And now of course we have the grand mother of all, “Obama-care;” which tears into Social Security/Medicare to the tune of a half a trillion dollars.
Since the enormous growth of the Social Security funds, the administrator, the Secretary of the Treasury (now that’s a scary thought) had developed two private trust accounts. One or the largest of the two is the “Old-Age and Survivors Insurance (OASI) Trust Fund”, which holds in trust those funds that the federal government intends to use to pay future benefits to retirees and their survivors. In 1956, the tax rate was raised to 4.0% (2.0% for the employer, 2.0% for the employee) and disability benefits were added.
Also in 1956, women were allowed to retire at 62 with benefits reduced by 25%. Widows of covered workers were allowed to retire at 62 without the reduction in benefits. So now we have the second or the smaller fund the “Disability Insurance (DI) Trust Fund,” which holds in trust those funds that the federal government intends to use to pay benefits to those who are judged by the federal government to be disabled and incapable of productive work, as well as to their spouses and dependents.
So, now have you noticed how our fearless leaders have expanded Social Security just in a very short few years through various amendments? And, it’s not that they give a “rat’s poop” about you or me, it’s assuring that their votes increase during their re-elections. Because, now they can boast by saying “look at what I have done for you;” it’s that, “it’s all about ME attitude.”
Okay, here comes the real meat and potatoes, the Social Security Act of 1965 and the implementation of Medicare. Oh and here’s one more thing. You remember those two private trusts, OASI and DI? Well, our liberal Congress with the backing of President Johnson decided to move those trusts to the General Fund. As quoted in the original Act of 1965, “for additional congressional revenue!”
Talk about leaving the lid off the cookie jar! Woe Nelly! Congress could invest these trust funds into any political agenda item they wanted or to use the funds to help with their current national budgets not even related to our Social Security system! We are talking about more votes for the Progressives here folks.
The more they fund “Pork” projects keeping their constituents on the hook the more votes they get down the election road! And, to pay for these alleged entitlements they increased the payroll tax to 6%! Also, during the Carter Administration they allowed immigrants to receive benefits without even paying into the program; so to accomplish this task he raised the payroll tax to 6.5%! This is where the unfunded liabilities began to leap towards the $43 trillion mark.
I’m getting a bit long winded here so I’ll cut it short for now. However, I am making an attempt to write a book with one of the chapters discussing Social Security in great detail.
A few attempts to rescue Social Security have been made since the 1980’s, including the Reagan Administration and the Clinton Administration. The Clinton Administration ultimately adjusted the tax free retirement annuities Social Security paid out to be taxed at a rate of 85%. Vice President Al Gore the sitting President of the Senate casted the tie breaker vote for the increase.
So, my entire point here is that our infamous leaders, mostly Democrats, have been bleeding Social Security for over 75 years, not the “Baby Boomers.” And, quite frankly the only way to fix it is to allow American’s to take the funds that they paid into the program and allow us to invest the funds into our own private investment accounts like, IRA’s Roth IRA’s, 401(k)’s; etc., keeping these thieving thugs’ hands out of the cookie jar.
That’s my opinion and I’m entitled to it!
Hana Five O