By TomL
Information from the net!
Social Security is financed through a dedicated Payroll Tax.
Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $160,200 (in 2023), while the self-employed pay 12.4 percent. The payroll tax rates are set by law, and for OASI and DI, apply to earnings up to a certain amount.
In listening to the financial news a comment was made about “ China is our largest debtor”. Not true the largest debtor is our own Social Security Fund! Politicians can’t stand the fact the Social Security Fund had money in it. So they have been using the money for things other than the aging. Actually they are budgeting in advance for other things not related to the elderly before they have it in hand.
Social insurance, as conceived by President Roosevelt, he would address the permanent problem of economic security for the elderly by creating a work-related, contributory system in which workers would provide for their own future economic security through taxes paid while employed. Thus it was an alternative both to reliance on welfare and to radical changes in our capitalist system. In the context of its time, it can be seen as a moderately conservative, yet activist, response to the challenges of the Depression.
One of the first American books on social insurance was by a Columbia University economics professor named Henry Seager. he explained the principle of old-age security based on social insurance in his 1910 book, “Social Insurance, A Program of Social Reform”. But they are not using it all for the aging. Today and last years they are sending checks to people who now don’t want to work. If they don’t work they don’t pay into Social Security and that is a drag on the fund. ”As changing economic conditions are rendering the dependence of old people on their descendants for support increasingly precarious, new obstacles are arising to providing for old age through voluntary saving. . . The proper method of safeguarding old age is clearly through some plan of insurance. . . for every wage earner to attempt to save enough by himself to provide for his old age is needlessly costly. The intelligent course is for him to combine with other wage earners to accumulate a common fund out of which old-age annuities may be paid to those who live long enough to need it.” I ask you??? In other words they are using the money to support the Illegals. If you die before retirement age the Government consumes it, but they owe it to you! I say all these people that died of COVID were elderly. Where is all that money going that they don’t have to pay any more?
How Much Money Has Congress taken from Social Security? Feb 4, 2019 · Because of Congress’ borrowing they had to allow Social Security to collect $85.1 billion in interest income for 2017, and it’s expected to provide $804 billion in aggregate interest income.
Congress, is the keepers of our financial retirement fund, have been using Social Security taxes to fund other parts of the government because, well the money is there, or it will be.
Technically the government owes the Social Security fund an estimated $2.9 trillion, money that has been used and not repaid to the fund. So when you see that debt analyzer that is clicking off interest on TV, thats Social Security interest also, our money.
Actually, the Social Security program has become much like a State Lottery it depends on people playing.
