Social Security is in the news with several "new" ideas to make it work.
If we think through it, Social Security is a bad idea.
Doesn't the whole concept of Social Security sound weird to you? Congress and the President just decide the people of America aren't smart enough to save money for old age.
Under penalty of prison we, and our employers, are each forced to give 6.2% of our salary to the Social Security "Trust Fund". Hence, if you earn $35,000 per year, the government takes a total of $4,340 associated with your salary and supposedly deposits it in your social security account. Then it is decided for us when we can start using our money and how much we can have. Further, when we die, the surviving spouse gets a smaller share of the money and when that spouse dies, the rest is absconded by government and not given to the heirs.
There is no law protecting Social Security for the future. In the beginning many people paid for the few thus, when it was started there was a lot of money collected; however, the Congress called what wasn't yet paid out "surplus" and spent it on other things. They did not even have to tell us they were spending it for things other than Social Security benefits. Every time a bill comes up for a vote, to stop the pilfering, it always fails. Congress refuses to stop stealing our money. If a corporation took the money from its pension fund, we would see many people sent off to prison, but it is perfectly ok for Congress to do it.
Now that their plundering has been found out, they want to "fix" the problem that "some how" happened. We have yet to hear an apology of why this continues to happen or why it even happened in the first place.
The President is proposing raising the age to 70 before we can get our money back in the hopes we will die first; and the payments won't have to be paid out at all. It is also proposed that the income ceiling be raised, so those of us who probably won't get our money in the future will pay even more than before. The amount of income we must earn to stop paying Social Security is now $97,500 per year. That means most Americans never stop paying the payroll tax.
Social Security stifles growth by making the 12.4% tax a burden to would-be entrepreneurs. It blocks business expansions and decreases the number of new jobs. I have talked to many business owners and they want to hire more workers, but just can't afford to. The tax hurts families because the tax is so high it makes it necessary to have two incomes, forcing many children into day care centers or becoming "latch key" kids.
The lawmakers on the "Hill" are saying they may "let" us put our own money in personal accounts. LET us have our own money? Do I understand correctly? That doesn't sound like America to me, Russia maybe but not America.
We are a strong country and we do not need government involved in our retirement. Give us the 12.4% tax back and just watch what we can do.
The idea that we can fix Social Security is unworkable. It is like and old car I used to have that I lovingly called "The Beast". It was an old car when we got it, a big, blue station wagon akin to a tank. The Beast was a gas-guzzler that always had something wrong with it. Nothing catastrophic at first, just nickeled and dimed us - you know, fuel pump, radiator, starter, fan belt. The engine ran rough and it didn't like the cold. Finally the transmission went out we decided to stop trying to fix it and just send it to the scrap yard.
Social Security, like that old car, just needs to be scrapped. It is a mixture of Socialism, Fascism and Communism and we can see the many governments that employ these "isms" are not as prosperous as our free market capitalist country.
The Social Security program creates poverty. Who are we talking about when we talk of the poor on a fixed income eating cat food? It is the elderly.
Could an elderly person have made a better life for himself without Social Security? There are many things that could have helped him have a good retirement. Perhaps he could have purchased a nicer home, gotten a better education to get higher salary, bought a dependable car to get to work, sent his kids to college, started a business, gotten more money from his employer, just to name a few. However, the money needed for these things went to Social Security instead where Congress pilfered the money to buy our votes with pork barrel appropriations.
It is my decision whether or not I save for old age. If I don't save for retirement and then I have to live in a box on the street, then so be it. My choices are my own responsibility.
The Bible says to leave an inheritance to our children and our children's children. It was the unspoken motto of the American people until 1936 when the wisdom of the government decided it should go to the State instead. It is time to scrap Social Security and lock away the bottomless cookie jar from Congress so we can make our own decisions about how we live in old age.
We should all stop paying Social Security now. Those age forty and below will probably get very little, if any money back. That is the situation now anyway so the savings from not paying into the system should work out. Those over forty will get the amount promised for the work they have done so far. The retirees already on Social Security will continue to get what was promised them. The Congress and the president must no longer take any money out of Social Security except to pay for the designated benefits.
We need to speak up and let our representatives know that we will not vote for them again if they continue to steal from the American citizens in this way. Then we must be courageous and actually vote them out if they continue to do so.
Americans are not stupid and we know how to care for ourselves without government interference.