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Since many of us have paid into FICA for years and are now receiving a Social Security check every month -- and then finding that we are getting taxed on 85% of the money we paid to the federal government to "put away," you may be interested in the following:
Q: Which party took Social Security from an independent fund and put it in the general fund so that Congress could spend it?
A: It was Lyndon Johnson and the Democratic-controlled House and Senate.
Q: Which party put a tax on Social Security?
A: The Democratic party.
Q: Which party increased the tax on Social Security?
A: The Democratic Party with Al Gore casting the deciding vote.
Q: Which party decided to give money to immigrants?
A: That's right, immigrants moved into this country and at 65 got SSI Social Security. The Democratic Party gave that to them although they never paid a dime into it.
Then, after doing all this, the Democrats turn around and tell you the Republicans want to take your Social Security.
And the worst part about it is, people believe it!
SOCIAL SECURITY:
(This is worth the read. It's short and to the point.)
Perhaps we are asking the wrong questions during election years. Our Senators and Congress men & women do not pay into Social Security and, of course, they do not collect from it.
You see, Social Security benefits were not suitable for persons of their rare elevation in society. They felt they should have a special plan for themselves. So, many years ago they voted in their own benefit plan.
In more recent years, no congressperson has felt the need to change it. After all, it is a great plan.
For all practical purposes their plan works like this: When they retire, they continue to draw the same pay until they die, except it may increase from time to time for cost of living adjustments.
For example, former Senator Byrd and Congressman White and their wives may expect to draw $7,800,000.00 (that's Seven Million, Eight-Hundred Thousand Dollars), with their wives drawing $275,000.00 during the last years of their lives. This is calculated on an average life span for each.
Their cost for this excellent plan is $00.00. Nada. Zilch.
This little perk they voted for themselves is free to them. You and I pick up the tab for this plan. The funds for this fine retirement plan come directly from the General Funds-our tax dollars at work!
From our own Social Security Plan, which you and I pay (or have paid) into-every payday until we retire (which amount is matched by our employer) --we can expect to get an average $1,000 per month after retirement. Or, in other words, we would have to collect our average of $1,000. monthly benefits for 68 years and one (1) month to equal
Senator Bill Bradley's benefits!
Social Security could be very good if only one small change were made.
That change would be to jerk the Golden Fleece Retirement Plan from under the Senators and Congressmen. Put them into the Social Security plan with the rest of us ... then sit back and watch how fast they would fix it.
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:mad: :mad: burningm :mad: :mad:
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Now isn't that about par for the course. :mad:
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Let me add a few tidbits to your facts about Social Security.
Q.How much money is left in the social security trust fund?
A.NONE.Congress raids the trust fund every year to pay down the deficit,replacing the money with governmental"I.O.U.'s".This way they can claim to have"balanced"the budget.
Q.How much of a return do I get on the money I pay into social security over 50-75 years?
A.At best,somewhere between .75% and 1%
Q.How many people does it take paying in to support one person collecting.
A.for every one person that collects it takes 16 people paying in concurrently.Right now there are 5 people paying for every 1 collecting,and when the baby boomers hit it will go down to 3-1.Social security is nothing but a pyramid scheme under a different name and will be bankrupt by 2017 at this rate.Luckily,the same people who gave us this f$%ked up system have promised to fix it by levying massive tax increases upon us and throwing a bunch of cash at the problem!!!
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I`m not that educated on the system but I do know that it can`t be borrowed against any longer. There was legislation passed that made it impossible to do so.
Catboy! Gives us some intake on this from another point of view. wink
