First and foremost Social Security is not a entitlement... it was established in 1937 as a working mans retirement (insurance) pension... same as any other private retirement plan...From 1937-2009 FICA taxes collected amount to 13.8 T...
Social Security has paid out 11.3T in retirement benefits 1937-2009 this would leave a positive balance of 4.5T to date...however, obviously, Congress has borrowed this money to use in other programs it was not intended for!
Another myth that this is a entitlement can be clarified in that the Social Security funds collected must be invested[by law] in long as well as short form bonds(Like any other private retirement plan)...which to date averages a return of some 6.9% [55.5B per year]
So when Congressional representatives as well as pundits claim the plan is going broke (a myth)..unless they intend on stealing the balance to be used in more pork barrel bills...which has been the case since conception 1937 forward!
addendum: SS,Medicare are not entitlements they are Retirement and Medical insurance plans!Pre paid!
Entitlements fall into the category of Welfare and grants..Va benefits are entitlements however are paid with blood ,sweat and tears [pre paid!]
Social Security has paid out 11.3T in retirement benefits 1937-2009 this would leave a positive balance of 4.5T to date...however, obviously, Congress has borrowed this money to use in other programs it was not intended for!
Another myth that this is a entitlement can be clarified in that the Social Security funds collected must be invested[by law] in long as well as short form bonds(Like any other private retirement plan)...which to date averages a return of some 6.9% [55.5B per year]
So when Congressional representatives as well as pundits claim the plan is going broke (a myth)..unless they intend on stealing the balance to be used in more pork barrel bills...which has been the case since conception 1937 forward!
addendum: SS,Medicare are not entitlements they are Retirement and Medical insurance plans!Pre paid!
Entitlements fall into the category of Welfare and grants..Va benefits are entitlements however are paid with blood ,sweat and tears [pre paid!]
Much thanks for posting this. got any references for the figures. am sharing wherever I can. Facebook,etc.
ReplyDeleteWho can we charge with the theft?