In 1935 Franklin Roosevelt introduced the Social Security (FICA) program. In his address to the American people he laid down several facts. The participation this program was voluntary.
Those who chose to join with their donations into SSI began would do so voluntarily. Those volunteers would take part in FICA tax based on a percent of earning. The money the people elected to pay into this program started at 1% of first $1400.00 of their annual income yearly; and the money the participants put into this program (Trust Fund) would only be used to fund Social Security Retirement and not into the general fund.
His statement so stated that these annuities payment to the retirees would never be taxed.
But the law changed when the government decided to make it taxable. The money put into this program was originally a Trust Fund. Millions of dollars were deposited into the SSI and the pot grew and grew.
The government called it a trust Fund. Our Elected Legislators saw this bundle of money in the peoples system and the temptation was too great, and they allowed this money be used to support their causes.
The intent of the Trust Fund money was paid to those people who put into it. The funds of this FICA would be used to fund Social Security Retirement Program and no other program and the annuities of the retired Americans would never be taxed.
Then under Lyndon Johnson and the Democratic House and Senate took money from this Trust Fund and put it into the General Fund of the Government. Now in this new century it has become a terrible dilemma because those funds are gone and money is still owed to those who deposited it.
This deposit was never intended to be a tax for the general fund. Washington has a way of spending money they don’t have and just keep spending. If this account (SSI) had never been pilfered by congress there would be billions of dollars for the public’s retirement.
Remember the annuity of the participants would never be taxed. Al Gore then the Vice President, was the deciding vote to pass this tax on the annuities. This money put away was then taxed on 85% of the money we put into SSI.
In the Jimmy Carter years the Democrats started giving SSI annuity payment to immigrants. Those immigrants receive money even if they had never put any money into this one time Trust Fund. In the last Election the Democrats just keep lying. It was the republicans who did it and they told us the republicans want to take away your income from Social Security.
Too many lies and too much demagoguery is why those who are older struggle with the government’s attitude. The Democrats tell us they are the party for the working man. But they are the ones who have taken away money out of the hands of the little people who have donated into this fund for years. They are constantly warned by THIS PRESIDENT if this or that bill isn’t passed by congress you won’t receive you government check.
Way back many years ago when Barry Goldwater ran for President, he wanted to stop Social Security. Maybe if he was elected people wouldn’t be dependent on a failing government to pay their debts to the Americans who donated it to begin with. He may have also for seen what money does to politicians when they can’t spend it.
Their Trust Funds are no longer in the hands of people seniors can trust. Think young people will grow old and receive their monies from our government?
Immigrants have a better chance of receiving money than those who look forward to retirement. If this President gets his wants we will have 13 to 20 million more immigrants with free passes into our nation and how will they fit into this grand scheme of political fraud, which is an un-trusted and fund-less account?