It’s our Social Security, not the goverment’s
Ever consider those who died before they collected Social Security? This is certainly something to think about. The only thing wrong with the government’s calculation of available Social Security is they forgot to figure in the people who died before they collected a single Social Security check. Where did that money go?
Remember, not only did you and I contribute to Social Security, but your employer did, too. It totaled 15 percent of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500. Read that again. Did you see where the government paid in one single penny? We are talking about the money you and your employer put in a government bank to ensure you and me that we would have a retirement check from the money we put in, not the government.
Now they are calling the money we put in an entitlement when we reach the age to take it back. If you calculate the future invested value of $4,500 per year (yours & your employer's contribution) at a simple 5 percent interest (less than what the government pays on the money that it borrows), after 49 years of working you'd have $892,919.98. If you took out only 3 percent per year, you'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) and that's with no interest paid on that final amount on deposit.
If you bought an annuity and it paid 4 percent per year, you'd have a lifetime income of $2,976.40 per month. Entitlement my foot; I paid cash for my Social Security insurance. Just because they borrowed the money for other government spending, that doesn't make my benefits some kind of charity or handout.
Remember Congressional benefits? Free health care, outrageous retirement packages, 67 paid holidays, three weeks of paid vacation, unlimited paid sick days. Now that's welfare, and they have the nerve to call my Social Security retirement payments entitlements? They call Social Security and Medicare an entitlement even though most of us have been paying for it all our working lives, and now, when it's time for us to collect, the government is running out of money.
Why did the government borrow from it in the first place? It was supposed to be in a locked box, not part of the general fund.
The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madoff ever did.
Larry Westbrook Newnan