Saturday, October 19, 2013

Just what is (or was) the Social Security Fund?

The Social Security Fund, I thought was like money in a Government Bank.  Not in a lock box but a fund managed and invested in safe securities drawing interest for us (you & me).

Of course you and I contributed to Social Security but hey, your employer did, too. It totaled 15% of your income before taxes. 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 insure you and I 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 actually enjoy the return on our investment.

What about the folks who contributed all their lives and died at age 40-60?  their money when where?

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 safely in a fund drawing interest,  not part of the general fund.

Entitlement my foot, you paid cash for your social security insurance!

Just because they "borrowed the money for other government spending" (raided the Social Security fund), doesn't make our benefits some kind of charity or handout!!

The SS Administration oversees the largest part of the National Budget, 37%.  65,000 workers administer this program for US.

Wow, so 65000 folks are paid to take care of us. Along the way, some folks drew from SS that did not pay into it. Of course decided by OUR representatives (for votes, in my opinion).

Sherry and I are fortunate, we would live without SS, not as well, but we could make it. many seniors cannot, they depend on SS, they paid into it, and should benefit.

I said earlier,when I hear the SS will be out of money in 2025 (or some year in the future) I wonder then about foreign aid, will it ever run out of money.  What has Egypt, Spain or India done for us? Funny (not haha) that many countries we GIVE money to actually dislike the USA.

But Hey, let’s keep the money flowing that direction, and politically scare the old folk concerning SS.

Just thinking out loud with my fingers again. Thanks for coming by the log.

Nite Shipslog


Of course our representatives will find some money to keep the SS going, I have no doubt, but at what cost to our kids again. Will we eventually REALLY default?

(Sorry, this was supposed to be positive!)


I thought I would put a new car on!(smile)

1982 ChryslerFifthAvenue

1982 Chrysler Fifth Avenue


jack69 said...

I know Foreign aid does not come up to SS payments, but it is still a huge amount.

Paula said...

You are able to put these important subjects into words very well. I still vote for you for President. I like Sherry as a first lady too.

shirl72 said...

I don't get what I paid in for my
retirement and what did they do with
the interest. It is pitiful what
they pay..after we worked until age
62 to have a good retirement. They need to take the money away from
the free-loaders that never worked.
We are the Baby Boomers that kept
our Country going.

Jackie said...

I'm like YOU, Jack.
My employer put in the money. I put in the money.... Why in the HECK are we being "threatened" with it running out!
I wish that you would run for office.!!!

I'm mostly known as 'MA' said...

I worked for that money like many others and it was very scary to think that if the government were to default I wouldn't be getting my monthly check. I am one that depends on it to live. Thanks to my DDH it is larger than what I would have had on my own, but his earnings were higher than mine and as a widow I get his benefits. Even if I lost it, I'd survive because I do have family, but being on my own and not depending on them is something I hope to continue the rest of my life. No one likes to burden others. I still don't understand it all. We put the money in and should be entitled no matter.
It is a chilly and dismal day here so I need to change these thoughts to something more positive...Hope you all have a super Saturday!

Woody said...

It is a shame the way our elected officials tell us we are getting an entitlement, but, then again our elected officials most of them, but not all were born with a silver spoon in their mouth, never got their hands dirty, great education and were groomed to be politicians, It is too bad public apathy on some peoples part allows these idiot's to get re-elected !!

Rose said...

I totally agree with you.

You should send this in writing to Congress! I'm serious.

Congress needs to know how angry we all are.

I wrote to Congress and blasted them for shutting down the government.

Social Security should have nothing to do with the government. I didn't read anywhere that they borrowed money from Soc. Sec.?

Hugs to my favorite couple.


I agree it's not an entitlement. Without a job my husband and I would have no other income except social security.

Anonymous said...

Social Security is actually the biggest Ponzi scheme of all time. The money you are putting in is to pay someone who is already drawing it out. Then someone younger has to come along and put in money for you to draw out. When there aren't enough younger workers coming along... big trouble.

bonnie k.

Chatty Crone said...

I have a question - when the government borrows our money and they don't pay it back - can we sue them???? Lol. NOT RIGHT!


Glenda said...

Jack Darnell for President!!! Sherry will be an awesome First Lady, just say the word, and I'll be your Campaign Manager, we will kick some butt!!!

betty said...

I'm hoping SS will be still around when I'm eligible for it in 11 years. of course that would have only been 10 years, but they changed how old you had to be to apply for it; used to be 65 when I started working, now 66 years old. Because we didn't plan wisely, that is going to be a big chunk of our retirement, (if we can ever retire, LOL) so I hope it is still around. It is sad though that they government did borrow against it and now want to say it is an entitlement. Sad state of affair our government is in these days.


Louis la Vache said...

Have you noticed that while we are running out of Social Security money, we never seem to run out of welfare money? The 'rats have got to keep one of their key voting blocks bought off, dontcha know...