ON THE EVE OF THE BOOMERS TURNING 65 AND RETIRING……A STARTLING WARNING & REALITY CHECK BY TWO EXPERTS!
If you know what your SOCIAL SECURITY DEDUCTIONS really are, where they go, you will understand why it is that WHEN BOOMERS RETIRE, the cash will not be there! When you have money deducted from your paycheck, you’re not “paying into Social Security.” There is nothing to “pay in to.” There is no “trust fund” and there never has been.
Would you believe it if Judge Sibley for the Fifth Circuit (federal court) told you the true facts?: “They [social security taxes] enter the Treasury as free funds set apart to no special use and are subject to be applied to any congressional appropriation.... The appropriations are not of the proceeds of this tax or of any particular fund, but are general appropriations from the Treasury. No appropriation corresponds in amount with or is offset by this tax so as to justify a court in regarding the two as vitally joined in spite of the seperability section of the act.”
Not clear enough for ya? Here’s Justice Cardoza (Supreme Court) in 302 US 548: “The proceeds of the excise when collected are paid into the Treasury at Washington, and thereafter are subject to appropriation like public moneys generally.”
More? Justice Cardoza again in 302 US 619: “.... The proceeds of both taxes [employee and employer “contributions”] are to be paid into the Treasury like internal revenue taxes generally, and are not ear‑marked in any way...”
And if that’s enought for ya, get a load of this: May 27, 1976 W. Allen Wallis, Chairman of the 1975 Advisory Council on Social Security Testimony before the Joint Economic Committee of Congress Page 87 of hearings (94th Cong., 2nd Session, 1977) “Many people think that the social security taxes taken out of their wages and sent to Washington each month provide for their old‑age pensions and other social security benefits. This simply is not the case.... When you pay social security taxes you are in no way making provision for your own retirement. You are paying the pensions of those already retired.”
[note; this is a half‑truth as the “payments” to those already retired come from the general fund, the very same “fund” from which all other government expenses are “paid” for.They (congress) do make an attempt to balance the books, so to speak, by projecting social security expenditures and then rasing taxes to cover it.]
“Once you understand this, you see that whether you will get the benefits (sic) you are counting on when you retire depends on whether the Congress will levy enough taxes, borrow enough, or print enough money, and whether it will authorize the level of benefits (sic) you are counting on. “This situation is in no way analogous to putting money each month into a private insurance company...”
The explanation for this is easy enough... The preamble to the US Constitution states that one of the purposes of the us gov is to “promote the general welfare”. If the us gov taxed “a” in order to give it to “b”, that would be specific welfare. No can do. So they get around this by taxing “a”, commingling the funds, then redistributing to “b”. “B” has no concern whether or not “a” ever gets his because as we all know, “b” “paid into it.” So each generation enslaves the next, each unwilling to quit sucking at government’s teat. Each unwilling to realize that “government” can only redistribute that which it steals from those who actually produce. The old eat the young.
In short, “social security” taxes are just plain old ordinary taxes by another name. (If you call a dog’s tail a leg, how many legs does the dog have? Answer below) They entitle you to nothing, The payment thereof goes into the general fund and is indistinguishable from any other form of taxes that wind up in same. In short, it’s just one more in an endless number of scams “government” has foisted on a sleeping, compliant, slavish population that’s too damn childish to grow up and take responsibility for itself. But when you can convince a whole people that debt is money, everything else is easy. (Another story for another rant.)
In conclusion.... There is no way to “fix” a ponzi scheme. The only way to “fix” social security is to end it... stop collecting it and stop paying it. It’s a swindle, always has been, and always will be until it’s either stopped or it collapses.