U.S Social Security, an entitlement?

[Langsuan Man]

The Social Security fund is controlled by the Rothschilds for benefit of only the Familiy

Somebody got a new tinfoil hat for Christmas

[BudRight]

When you pay SS it doesn't need to go into a special box just for you like a piggy bank with your name stenciled on the side. As long as you get it back to you when it's owed then who gives a damn where its been,

[Rhys]

We paid into the system, thus is given back.... not entitlement... this is somewhat like the health care issue.. is this a right of privilege?

SS is only one plan, many people of course and many other back ups.

[JimGant]

SS hasn't been a purely "pay it forward" system since the 1983 reforms of the Greenspan Commission. Those reforms raised the payroll tax more than was required to meet make benefits payments at the time in order to build up the SS Trust Fund in anticipation of the increased demand

Yes, it built up the Trust Fund -- but with what? More IOUs. But not real assets. Had those FICA taxes been used to buy gold, or Euro bonds -- yes, it would have something more than paper promises. But, no, Congress borrowed every surplus FICA tax dollar -- and used it to buy battleships. It's now morally obligated to repay -- and eventually Congress will agree on how that is to be done, being politically necessary vis-a-vis the voters. Anyway, the Forbes article was an excellent summary -- of a naked emperor.

“These balances are available to finance future benefit payments … only in a bookkeeping sense. They do not consist of real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury that, when redeemed, will have to be financed by raising taxes, borrowing from the public, or reducing benefits, or other expenditures.”