Many people are under the impression – or pretend to believe – that they have a Social Security “account” and that they have been “contributing” to it for many years. That they have money saved up, in other words.
Of course, they don’t have a cent saved up.
What they get – when they are “eligible” to receive it – is a monthly dole, the amount determined by the dole master. That being the federal government. You are “owed” exactly nothing because you own nothing. The courts have said so, explicitly. Social Security is exactly the same as any other welfare program with the exception of one difference. You are not forced to “contribute” to other welfare payments.
You are simply forced to pay taxes to fund them.
One of the clearest proofs that you have nothing saved up in your Social Security “account” is what happens to your “savings” when you die. Your spouse, children/family do not inherit a cent. The dole just ends the moment your life does.
Contrast this with the inheritance your spouse, children/family would get after your death if you’d had a savings account or some kind of annuity into which you’d paid (voluntarily) over the years. The balance remaining would be owed to whomever you designated as your heirs.
But every cent you have been forced to “contribute” to Social Security has already been spent – one someone else. Or something else (the government now spends the “contributions” people are forced to make on various other things the government has decided merit spending the money on). Another way to say this is that what was once your money is long gone and that is why there is none left to pass on to your heirs after your death.
There is also very little to live on before your death. The typical dole is about $1,900 per month, according to the dole master. That comes to $22,800 per year (taxable “income,” by the way). A sum comparable to what a McDonald’s fry cook earns.
If you start receiving your maximum dole at age 70 (if you start receiving it sooner than that, you get a lesser dole) and continue to receive it for ten years, you will have received about $230k in dole payments. If you want to get really depressed, fo back and figure out how much you “paid in” to get that back.
Socialist Security is funded by your “contributions” while working to the tune of about 15 percent of your income. Some people who work for an employer and draw a paycheck do not understand that the employer is not “contributing” half of this contribution and they the other half. They just see the half that is directly “withheld” – that is, confiscated – from each paycheck. But the self-employed know exactly who pays the entirety of the “contribution” since they must write the check for the full amount every quarter or annually.
Anyhow, 15 percent annually is what everyone who works “contributes.” If you worked to earn say $60,000 annually you would be “contributing” about $9,000 annually. If you work for say 40 years, your “contribution” at this rate would amount to about $360,000 – and that assumes you stop working years before you reach 70. The total “contributed” would be higher if you worked more than 40 years, which most people do.
If instead of being forced to “contribute” that $360k you had been allowed to keep and invest it, the probability is you’d have a lot more to live on in retirement than a $1,900 per month federal dole that you have no right to.
The word is italicized to make an important point. More finely, to address the degradation of being reduced to an alms-dependent supplicant whose basic life needs are contingent upon the dole master. It is not your money. And so it is no longer your life. You are in precisely the same position as a child that depends for its food and the roof over its head on its parent – with the difference being most parents love their children and willingly provide these things. And with the understanding that children are meant to grow up and provide these things for themselves.
Imagine the feeling of having hundreds of thousands of dollars – maybe even more than a million dollars – saved up on the day you decide to stop working. Imagine knowing you are not dependent on the government to keep from starving. Imagine how nice it would be to know that when you pass, your wife will not be dependent on the dole – and that when she passes in her turn, your kids will get a nice little inheritance to help them build their lives.
We have lost all of that on account of being forced to “contribute.”
But we could have it back. By gradually retiring Socialist Insecurity. Those just entering the work force would not be forced to “contribute” – but also made to understand the importance of saving for their own retirement. That it is their responsibility and no one else’s enforceable obligation.
Those who have already been forced to contribute for many years could be offered the option to stop being made to “contribute” – in return for a lump sum payment equivalent to what they’d been forced to “contribute” so far – on the understanding that there will be no dole for them upon retirement.
Those already on the dole who were forced to “contribute” all their working lives and who are now too old to work would continue to receive the dole, out of common decency. But the funds would not be extracted from the “contributions” of those still working. They would be diverted from such obscenities as “aid” to foreign countries – such as Keeeeeeeeeevvvvv and Israel – and from the equally obscene “defense” budget, which could easily be cut in half without in any way threatening the security of this country.
The way out is there.
The question is – do enough of us want out?
. . .
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One of the purposes of the covid vaccine was to kill off the elderly and infirm who were taking benefits from social security and medicare because they did not want their “Ponzi”* scheme to blow up. I think they were quite successful at this. You might ask why they were giving it to the kids though since they were not using the system for the most part. The reason is simple: to shorten their life spans so that they don’t even make it to age 65.
*Out of respect for Charles Ponzi, I think SS/Medicare should not be called a Ponzi scheme since unlike the former, Ponzi never forced anyone to take part in the latter.
I have always looked at SS as the theft it is. We have to be realistic about the goings-on in the world. A thief is stealing my money every time I get paid. Mr. Thief promises to give some of it back some day in the future. I, not being a complete moron, realize I will never get my money back from the thief. I therefore take steps to insure I have money when I can’t work any more.
Also, do not feel any moral guilt about reclaiming what was taken from me by any means necessary at every opportunity. Mr. Thief must be made to pay.
Scottish-American philosopher, Alasdair MacIntyre
“The modern nation-state, in whatever guise, is a dangerous and unmanageable institution, presenting itself on the one hand as a bureaucratic supplier of goods and services, which is always about to, but never actually does, give its clients value for money — and on the other as a repository of sacred values, which from time to time invites one to lay down one’s life on its behalf. . . . it is like being asked to die for the telephone company.”
My first lesson in finance was when I deposited eight silver dollars my father gave me after he returned from Montana after working on the rails for a week or more.
Those eight silver dollars were deposited into a savings account at a local bank, I never saw the eight silver dollars again.
Bankers are thieves, your silver coin is gone from circulation and you never see it again. Back about 1960 or so when I made the deposit.
All gold and silver US minted coins have been gone for a long time, you have been robbed blind.
There it was, gone.
That is why there are 36 trillion Shekels of debt.
More beer is the answer.
Keep in mind that every “new American” automatically gets SS, Medicaid/Medicare, EBT and Section 8 along with preferred highering, protected status, educational grants and opportunities that we couldn’t even dare dream of. I watched for 35 years now how Chuck Schumer helped “his” people, they wear mink coats and driver Mercedes Benz (the poor ones, the others have Rolls Royces, Bentleys) as they pay with EBT cards for filet mignon and caviar – and no, THIS IS NOT AN EXAGGERATION.
The federal government hates us and wants us dead – it’s why they were so trigger happy at Ruby Ridge, Waco and the Lavoy Finnicum episodes.
Your only chance to survive is going all in at the casino and hoping. Remember, as fast as things go up, they come down much faster.
Zerohedge constantly headlines how a really large chunk of Americans haven’t a $1000 saved for emergencies. I suspect it is because most good paying yobs are few. Most MacD’s and Wally Worlds pay is pretty low on any scale. Heck,,, Mexicans earn more if you compare what the dollar will purchase verses the Peso. Americans are so rich they owe over 2 1/2 trillion Trump bucks to the banks. Paying back is next to impossible considering the 20 – 30% interest most banks are charging.
Then after paying half a million or more into the system those receiving SS payments are considered as bad or worse than those receiving welfare including illegal aliens that receive ‘free’ housing, cash, credit cards, food, American jobs, free education, and free transportation!
So many Americans hate other Americans that those poor bastards in North Carolina are freezing in tents while the “new comers” are in the money. And if you complain you are a racist. Billions to Israel to wipe Palestinians off the map. Billions to Ukraine for weapons to kill Russians. Billions to the likes of Musk for CO2 credits in the great climate change scam. Millions to the Bidens and other corpgov leaches for their cut. There are now over 2000 armed IRS agents to ensure you pay your fair share.
I started working in 1967. Today’s dollar equals $0.10 cents of a 1967 dollar. So not only do you have to save to eat,,, you also have to cover for the 90% loss of buying power over fifty years. Yes, if you pick the right stocks you may be a winner but…. most 401k’s choose what you can invest in which usually excludes the really good stuff. My 401k dropped over 90% twice during my working years so you better be careful what you wish for. SS may be your only backstop.
Many Americans cannot afford a $1000 emergency expense. They are broke,,, can’t afford rent or food. Most Christmas presents this year will be on credit cards. These banker rapists charge 25-35% interest. Between the IRS and the banks many haven’t any money left to “save”. How are they to save the million or two for retirement?
As broke as the people and government of America are I am surprised anyone is still buying our debt.
The free ride is going to end soon and when it ends you’re not going to worry about retirement,,, you will be worrying where your next meal is coming from.
I am drawing SS because it is the only way to recover the money I paid into it. I consider that a smart thing. Nor do I compare others drawing SS to that of illegal aliens or welfare queens. They paid for it.
The state NEVER gives anything away. They in fact charge a premium, whether by taxation or inflation or outright theft (asset forfeiture).
A good Hollywood analogy for social security was in the movie “Dumb and Dumber”. When the two nitwits finally open the briefcase they’ve been holding, and trying to return to his heart throb gal, they find a load ransom money. The two nitwits decide to be judicious in spending any of the money and will deposit IOU notes for every penny they spend. Off they go on their spending spree staying at presidential suites in Aspen and buying exotic car. When finally caught by the ransomer he opens the briefcase and all he finds is IOU notes. Jim Carrey says; “careful with that one (IOU) that’s a Lamborghini”
That is our Social Security today…IOU’s. Careful with that one, it was your wealth you earned at one time.
When it comes time to retire, you are old enough, 65 years old, I filed for Social Security benefits.
The reason I did at 65 was because I might not make it to 66, still here though and still work.
The gov gets free money from everybody no matter what tax it is, then they fritter it out the window like it’s nobody’s business.
Might as well take the SS benefits, but you have to work, you can’t not work and expect any benefits at all, you won’t qualify.
You have to report your earnings to show you have a visible means of support.
It’s war a-go-go right now, that’s where the money goes and is.
It’s not right, time to stop and think it over. Get Yair to the frontline, that might help it all come to a grinding halt.
Not one red cent to promote peace, just shut up and take the jab.
If you don’t, we’ll kill ya.
Little known historical fact that when FDR proposed Social Security all of the Republicans were against it. Now all republicans are for it. SS is how they hold power, by providing a socialist program of transfer payments, then by the magic of inflation destroying the value of the currency – and savings – the government then has people hooked on their checks.
Social Security is the biggest bond between the people and the state. Most people who get an SSI check are dependent on it, without it they would be in dire straits, maybe even homeless or eating dog food. When you get in your 60’s, 70’s, and up, you can not just run out and get a job to make ends meet.
It was reported this year that Ukraine refugees are getting SSI payments, foreigners who did not pay into it are getting funded – thus weakening the system – which we are told is always near running out of money – yet they always have hundreds of billions for wars – but not a dime for a wall along the border.
Forty years ago I read Ludwig von Mises and Harry Browne Libertarian philosophical books, and what they predicted is now coming to pass – the gov’t would overspend and break their own socialist system – because when you spend you get votes – and you can pass the consequences down to the next generation – so in D.C. (District of HARDENED Criminals) they always kick the can down the road and they always inflate. ALWAYS. Until now Trump and Elon and Swami promise to slash the fat out of DC carcass.
The way gov’t really works is that those who spend, or overspend are popular because they created “prosperity” by adding fresh fuel to the debt stove. With everyone saddled in debt, the system is burning up cash in the system – so the gov’t has to open the furnace doors and shovel in more cash to defense contractors, welfare, works projects.
Anyone who wants to cut spending, raising tariffs, is risking imploding the whole shebang. Currently, a trillion of new money is being injected into the corpse every 90 days. How can you stop deficit spending without crashing the everything bubble? Even Elon Musk has voiced this concern, raising tarrifs to 100% will cause a world wide economic depression.
Which brings us to the Brandon Biggs prophecy, the Oklahoma preacher who predicted last March that Trump would dodge a bullet, get elected, then the economy would crash worse than 1929. That seems like the path we are on.
It took me decades to realize that the Federal Reserve Act of 1913, confiscation of gold, and Social Security Act were all connected and a plan hatched by Jews to control us. I would say it would be very hard to wrap your mind around the real politik of the United States outside of Jewish domination of the state and quest for world dominion. The stole our hard earned money as a plan to dominate us – and socialist insecurity is part of that plan – because you can not bite the hand that feeds you.
The impoverishment of the Amerikan people, which is now openly talked about by Communist WEF slob Klaus and implemented by Biden and his Jewish entourage is nothing new, it has been the plan all along. Eventually the goal is to kill us off. Covid was a first attempt using an injection, but prior to that Jews engineered world wars to kill off the Goyim. This is not some conspiracy exaggeration it is a fact, and historically proven by dedicated revisionists dedicated to truth over power.
The real “holocaust” was the German Holocaust:
“In the German Holocaust of 1914-55, the Zionist powers (US, GB, RU, FR) genocided 37 million Ethnic-German Civilians, but still portrayed themselves as “democratic” “liberators” despite genociding over 30 million of those victims after they took control of Germany and Austria on 8 May 1945, or after WW2 was officially declared “over”.”
The fake 6 million holocaust was written up after WW2 as Zionist propaganda – where the crimes of the allied powers were projected onto the Germans to transfer guilt from us to them. Only 284,000 Jews died in the German work camps, from typhoid and starvation NOT from gas chambers – which never even existed. Look it up if you don’t believe me.
https://rumble.com/v1gu06r-hellstorm-the-real-genocide-of-nazi-germany.html
ZOGmerika is an empire built on lies. WW2 is part of a national mythos that gets us to believe we were the good guys. But we are not good, our nation is in bed with the Zionist demons, and the current genocide in Gaza and Ukraine is proof. Amerika is and evil nation because it is controlld by Jews and Trump is their guy – which is why Trump is going to betray us because he is owned by billionaire jews. I am sorry if you believe otherwise, you are wrong. The only way to save Amerika is to oust Jews from control.
When SS/Medicare finally implodes the government will have no money to bail out the people who contributed to this massive Ponzi scheme. There won’t be enough money in the Defense budget or any other federal program because it’s all borrowed money and when SS/Medicare collapses so will Washington’s ability to borrow money.
Landmark pension legislation called the ERISA Act was passed in 1974. It requires pension funds to maintain adequate reserves to meet their future obligations, and provides for making up shortfalls over a period of years.
You won’t be surprised to learn that Social Security — government-administrated and exempt from ERISA — doesn’t meet these prudential guidelines.
Currently, the Social Security Trust Fund holds only about 20% of the reserves it should have — and is projected to reach zero around 2035. Moreover, those reserves are held in a special type of non-marketable Treasury issues which have no market value. They are basically just IOUs obligating fresh federal borrowing when redeemed. In terms of ERISA accounting, Social Security has zero reserves already, except for fedgov promises to borrow more.
In the same manner as $2 trillion annual deficits, Social Security’s slow-motion tragedy testifies to the folly of turning over OPM (Other Peoples Money) to the management of thieving, rum-soaked Congress Clowns. They’ve dug themselves into a hole which they can’t climb out of. Expect an inflationary resolution, in the 2030s, to the monumental mess these 535 duplicitous, coprophagic dwarves made.
You will also not be surprised to know there is a significant niche in the financial services sector dedicated to converting corporate “defined benefit” pension plans to “defined contribution” plans. There is a large format printed and bound soft cover document, about 2 inches thick, and updated annually, which sets out “da rules” for how to do this.
I have seen this document, because a former GF, a principal with a financial services company, had that area of expertise and responsibility. Her full time job was to be the go-between between the company’s attorneys and its actuaries, to make sure neither of them ran afoul of Government regs. IOW, she was a compliance specialist.
Obviously, with a “defined contribution” plan, the securities market can f* over the pensioners at will, while their former employer is off the hook.
Surely a coincidence that since the 70s pension plans have pretty much disappeared. They’re a great deal for the corps if you can rob the piggy bank, once that ability went away the retirement plans became IRA and 401K.
It is a gigantic con, I retired ten years ago at 67 to get my “full benefit”, which used to be at age 65 since they keep moving the goalposts. So my benefits barely cover my outrageous property taxes; fortunately I have an actual pension from my former employer along with personal savings and an IRA. I will give a hat tip to Orange Man if he follows up on his promise to stop taxing SS benefits, since that is double taxation, one more finger in your eye from Govco.
Well, yeah, those of us who do, or have, worked for ourselves know there is no Santa Claus, and most definitely TANSTAAFL.
The system is *designed* to keep employees ignorant of how much is being silently stolen from their paychecks for government programs and so-called “health insurance,” and to regard these thefts as a Good Thing, if they give it any thought.
But those of us who work for ourselves know. We know, for example that if we pay Guido the “insurance” agent, and request that Guido pay our “doctor” for her services, Guido takes his cut off the top. Guido does not work for free. He is in business to make profit, like any other business.
They don’t even call this “insurance” anymore, because it is not insurance. Instead, it is called “coverage,” and it is nothing but a *legal* protection racket. “Health coverage” is to the protection racketeers as Nevada is to gambling (excuse me, “gaming”) interests. It is a way of bilking the rubes, and it is all perfectly legal.
Why do you think the GIW is hostile to small business? It’s because we know too much. We know how the system works, and we know it is not set up for our benefit.
I like the plan that would end SS for the future but keep it for all the people who had the taxes stolen for most of their working life.
Everyone else would get a tax credit in the amount contributed to date.
This always was a welfare scam to get old people to vote for more govt.
>This always was a welfare scam to get old people to vote for more govt.
No, it was a political scam to get people to vote for Franklin Roosevelt.
If “Social Security” had been set up according to sound financial principles (invest the principal, draw the interest) it would have taken 20 years or so before any contributors could start drawing significant “benefits,” by which time Franklin Roosevelt would have been, and was in fact, deceased.
The election was “next year,” or the year after. Twenty years is far too long a time line to be of any political benefit to Roosevelt. But if people can start drawing “benefits” immediately…..
Can it be “fixed,” after the fact?
I dunno. It is not my area of expertise.
But *someone* knows…
A ponzi scheme cannot be fixed. And once you break up the family, destroy enough men, the birth rate falls and the ponzi gets real obvious.
One of the biggest problems with .gov programs are that no matter how noble the intention was when they are first implemented it does not take long before .gov treats them like their personal piggy bank.
A recent example of this is FEMA spending a good chunk of their budget on illegal aliens and then crying poverty when tropical storm Helene did so much damage.
Perhaps it would be best to give illegal aliens nothing followed by quick deportation and have FEMA use their funds as originally intended.
Note that many government employees are exempted from paying into “the system.” That tells you a lot right there.
state and local government employers may continue to exclude some employees from Social Security coverage, but only if these employees are enrolled in a retirement plan that meets federal regulations requiring sufficiently generous benefits.
https://www.ssa.gov/policy/docs/ssb/v80n3/v80n3p1.html
And the railroads who had the power to say NO.
Governments have stolen so much money from me, it’s obscene. I knew since I was 20 years old that this entire thing is a farce. Freedom? Free to do what they say. I knew that forever — my parents were strict and taught me the facts of life.
I then started to understand what people meant by “wage slave”. But when younger, stupid me, thought that was just for people making jack shit nothing like I was at the time. You know, check to check, eating McDonald’s, sort of living.
I finally got a decent job, just about 17 years ago now. Now I know better. It’s not “wage slave” anymore than hating whites is “reverse racism”, i.e., we’re just slaves and it’s just racism.
I’m going to retire within 10 years, if I live that long. If I could just get the stolen social security “contribution” back, I could retire right now. Today.
Now I know the reality of the situation. It’s just robbery. There is no such thing as a “social contract”. We are slaves. They do operate on the idea that they literally own us.
And they don’t give a fuck what we tell ourselves or want to believe about it. Just pay the money or get in the cage. Take the needle. Go kill foreigners.
The people in charge of this crime syndicate are fucking insane.
Indeed, XM –
If I got back all I’ve “contributed” since the ’90s I’d be able to buy a rental and have passive income (plus the value of the rental) sufficient to pay most if not all of my bills for the rest of my life. Instead, like most, I will probably work for the rest of my life because of bills that require me to work to pay them.
One bit of advice, based on my own experience.
DO NOT put your hard earned money in publicly traded stocks, or in mutual funds which invest in these stocks.
My experience is as follows:
In 1984, I opened an IRA with a reputable and well known brokerage.
All funds were invested in well known mutual funds (not all in one fund) which had historically done well in the market.
After five years of watching my “nest egg” grow steadily, due to the magic of compound interest, I watched all the gains of five years get wiped out *OVERNIGHT* when the market crashed. All the gains which took five years to accrue were wiped out, and I was left with my original contributions, except in dollars devalued by inflation. So much for a “nest egg.” It took the Wall Street criminals exactly *one* *day* to clean my clock, and that of everyone else foolish enough to believe the hype of “sound financial advice.” [snicker]
I believe it was Will Rogers who said, “Buy land. They are not making any more of it.”
I agree with you, Adi.
I play the stock market here and there, but it is for fun. My father and paternal grandfather never trusted stocks so they always purchased land. Sometimes they flipped it, others were for LT investment. I have always been a fan in assets that I can see and touch. Even if a piece of property is deemed “worthless” as long as you can put a home or trailer on it, it still has value.
Yes, this is a problem that needs to be discussed much more widely than it is. Eric’s criticisms of Social Security are valid, but insufficient. Practically speaking, it’s not being funded by taxes, it’s being funded by debt. We’re now $35 trillion in debt, this year’s deficit alone is $2 trillion.
The government needs interest rates as low as possible to maintain this debt, they were effectively zero for a decade. Low interest rates encourage people to in vest in equities, artificially inflating equity prices and causing a massive bubble — a Ponzi scheme, really. It is way over-ripe for a crash. (And if it doesn’t crash soon, don’t forget you need to pay taxes on those 401(k) distributions…)
If you keep your money in cash or in the bank, it is devalued by money-printing and inflation, and you suffer low interest rates.
So, basically.. you’re screwed six ways to Sunday, unless you join the government and become a government criminal and get a fat guaranteed government pension.
become a government criminal and get a fat guaranteed government pension.
Which most of them start drawing in their early 50s, while the rest of us work to age 70 or beyond, to pay the cost.
What is wrong with this picture?
>I agree with you, Adi.
I thought you would, RG. 🙂
Yes, anything with “intrinsic” value can always be used for its primary, utilitarian purpose. A chain saw is a better “investment” than a share or several in an industrial corporation, at least IMO.
I like cheap small town real estate myself, except for the unending vig the state steals. Other real items with less or no paper trail are also worth accumulating. Tools and machines are always good. Things needing some repair are great for building “sweat equity”. Stocks are a game for people who can afford to lose.
There is an observation about bubbles published in Prechter’s Elliott Wave book – all bubbles end lower than where they started. The classic example is the South Sea bubble, which ended lower than it started – wiping out Isaac Newton’s wealth:
https://res.cloudinary.com/thebizdom-in/image/upload/v1626290991/Newton_uxtq1t.png
Bitcoin, real estate, stocks are in a huger bubble right now. Inflation and financial bubbles are scams to fleece the public – like when the Fed was created in 1913, it immediately provided credit, which caused the 1920’s bubble, topped in 1929, crashed, and in 1932? FDR confiscated all of our gold.
That was done on purpose by (((them))).
I’m in the same boat. Hope to retire within 10 years. Honestly in all my chats with the investment counselors over the decades, I just told then to assume ss will be bankrupt by the time I can retire & not to factor it in.
Hi Mike,
I do not and will not count on Social Security or Medicare when I retire. I would happily sign over what I have paid to date, which is more than 30 years worth, if they would stop collecting it from me. I am one of those that pay the 15.3% on my salary (the joys of business ownership). I could easily outdo a government ROI if they would allow me to keep the next 20 years of FICA and Medicare. And even better…my family would actually receive the inheritance if there was money left over.
Full disclosure:
I am a seventy five year old “welfare loafer,” according to Eric’s definition. I started paying into the “benefitz” plan @ age 16, while still in high school, and continued paying in until I shut down my business and retired, at age 72 (3 years ago).
For the final 26 years of my working life, I owned my own one man consulting business (i.e. self employed), so paid full price, like every other self employed “victim.”
I started drawing SS “benefitz” @ age 68, so for 7 years I got to pay taxes on those “contributions,” while drawing “benefitz,” because I continued to earn money. But the “contributions” are just taxes, so you pay taxes on your taxes.
Such a deal the government is making us…
Should have said, “taxes on the benefitz.” But the “benefitz” exist because of your own “contributions,” (“eligibility,” not earned income) so it comes to the same thing.
Hi Adi,
I didn’t say you or anyone else who was forced to “contribute” is a “welfare loafer” (your term, not mine). I said the program is welfare – and that’s a fact. An ugly one, because people are led to believe it is some kind of annuity; that the money they were forced to “contribute” is “there” – in an account – and so when they get a benefit check they are getting their money back. They aren’t. SS makes beggars of us all – as well as leeches on one another.
No worries, Eric,
As you know by now, my *sarcasm* switch is (nearly) always set to “on”. 🙂
>I said the program is welfare
Well, I would use the term “transfer payments,” because, as you said, and as everyone here realizes, it is a system of transferring assets from one set of pockets to another set of pockets, not an “investment.”
But, the system of payments is “contribution tested,” not “means tested,” the latter of which is what I associate with the term “welfare.” IOW, to me, “welfare” implies “benefitz” without the requirement of having made any contribution in the past, nor an obligation to make one in the future. It is strictly “free shit,” which SS is not. Too much quibbling over terminology? Your call.
[FWIW, whenever I am required to provide my “SS nummer” on a form, I always write “SS” as sig runes. 🙂 Don’t even get me started on the misuse of the “SS nummer” as a Human Serial Number.]
I remember reading if I remember correctly about 20 years ago or so ago of Brazil getting rid of their state run system and returning the funds back to the contributors, the condition being that it had to be invested towards retirement. I don’t know if they still do this though.
The biggest problem I see with this approach is a total lack of financial literacy in this country combined with the fear of shady or incompetent investment advisors who would rip off or mismanage the funds while they themselves benefit.
Whatever happens I think that courses on financial literacy should be taught by people that actually understand investing in school. Whether that would help is another matter though.
In public (government) schools, there are absolutely no courses offered in even basic financial literacy. Years of instruction are spent on all kinds of worthless crap that is quickly forgotten, because it has no relevance to the actual lives of students. Imagine if, instead of being taught government distorted history, critical race theory, and gender queer theory, students were taught about the principles of good investing and the workings of compounded interest, if they were taught how, by conservatively investing a percentage of their income over their working lives, they could retire as millionaires. Governments are not interested in fostering a nation of working class millionaires who are not dependent on government when they retire.
Hear, hear, Martin.
I tried offering a seminar on this very subject close to two decades ago through the local community college. I was laughed out of the room since I didn’t have an MBA. Apparently, my years of work experience were completely irrelevant. It wasn’t supposed to be a college elective just something I was willing to teach on a quarterly basis with the seminar changing each time (e.g one would be the credit reporting agencies and how they operate, the second would be investments and how they affect taxes, another would be how to setup a small business, etc.). The college dean looked at me like a grew a second head.
Good for you, RG!
I have always enjoyed teaching voluntary seminars in an industrial context.
As in, “You want to learn X? Show up Saturday Morning, and I’ll teach it to you, free of charge.”
Damned shame the public education “administrators” are credential mongers, rather than educators. A good friend of mine taught high school for ten years, then quit, because he was tired of watching his own back. You see, my friend has *ideas*, which makes him dangerous. 🙂
Hear, hear, again here.
Please add my vote to the “aye” column.”
It’s a terrible deal for many of us who have been contributing at the higher rate during our working lifetime. Between my employer and me, I have “contributed” over $400,000. I have no chance of recouping anywhere close to that amount, especially if it were earning interest over the years. My mother, on the other hand, has already received far more than she “contributed”. For many, it’s a welfare program. Also, when I start to collect, I pay taxes on the social security, even though I contributed to social security on an after-tax basis.
Medicare is even worse. Its current expenses are only covered by 15% of Medicare tax receipts. It will blow up before social security.
With the Fourth Turning coming to a climax it all may be a moot point. Once Federal GovCo is kaput and SS goes with it you’ll find out that your 401k, built on “winnings” at the Wall Street Casino and Lounge aren’t worth the paper they’re written on.
With Syria allegedly taken over by “Islamists” backed by Uncle Sam, Uncle Shlomo and Cousin Zelinsky we might be witnessing the opening of the final chapter of the Once Great Western Civilization.
Who knows how it will all shake out.
God help us all.
Haven’t we seen this play out before? Depose one dictator and have him replaced with another (or with warring factions) that’s even worse (Iraq, Libya).
Hi Mark: “Who knows how it will all shake out.”
There’s going to be lots of people fleeing to anywhere but the Middle East and somehow we’ll wind up paying for it.
Migrants they call them.
Migrants, we make them then take them.
“What a country!” Yakov Smirnoff
At least Yakov made me laugh.
Yeah, I saw that unfolding on Telegram over the weekend. So, Obama and his (((handlers))) finally have thrown out the non-fundamentalist Islamists. I don’t know or care about Assad himself, but I feel bad for the people there which have no choice and even less of that no choice now that they’re all fundamentalists. Burka, hijob or whatever the fucken hell.
And that goes to show that Russia can’t play an “away” game. Well, I mean other than blowing up the entire planet, i.e., one they can survive. We’ll see what happens in Ukraine now. There is zero reason for Russia to freeze the conflict or negotiate.
If I were Putin, I would look at Syria… real hard. I would be thinking that, until my guys own every inch of Kiev (spelled the normal way), and all the fags are thrown out, that this doesn’t end. Because it won’t. Not ever and it doesn’t matter which actor is POTUS.
If NATO troops form some “peace keeping mission” and are openly deployed in Ukraine. Get ready for full-on WW3. China is ready to roll too.