In 1935 FDR signed into law the largest social welfare program in the United States. Many consider Social Security to be a pyramid scheme due to less people contributing and more people collecting it. Social Security offers the incentive for Americans not to save any money for retirement since the government is going to take care of them. However, the U.S. Supreme Court has already ruled that U.S. citizens have no right to their Social Security contributions. Furthermore, according to an Associated Press Article, people retiring today are the first generation of workers who will have paid more into Social Security than they will ever receive. More and more people are now starting to realize that they are indeed a victim of The Social Security Pyramid Scheme.
According to the Federal Trade Commission (FTC) Pyramid Schemes "are quite seductive because they may be able to deliver a high rate of return to a few early investors for a short period of time. Yet, both pyramid and Ponzi schemes are illegal because they inevitably must fall apart. No program can recruit new members forever. Every pyramid or Ponzi scheme collapses because it cannot expand beyond the size of the earth's population. When the scheme collapses, most investors find themselves at the bottom, unable to recoup their losses." Sounds familiar right!? This is exactly what is happening with Social Security which means that the collapse of Social Security is inevitable.
I want you to look at your paycheck and calculate how much Social Security Tax & Payroll Tax is taken out. That amount is the amount you could be putting towards your private retirement account which you would have control over. Shouldn't you have the freedom to use the money you make as you wish? Social Security is essentially like having your retired neighbor knock on your door and ask for a check from you so they are able to retire. However, it is not your responsibility to pay for your neighbor! This Social Security Administration (SSA) is now bigger than ever. The SSA is so big it is now hiring for positions such as "Counterintelligence Operations" with job duties including "working with members of law enforcement" and "resolving counterintelligence" that presents a "credible threat" to the SSA according to a recent posting on USAjobs.com. This latest example sounds like the biggest welfare program should now belong in a spy novel! Who would have thought that the socialist retirement program would need someone to " prevent hostile or enemy intelligence organizations from successfully gathering and collecting intelligence" which happens to be the definition of 'Counterintelligence'.
The resolution is simple. We need to begin phasing out this failing program. What I want to hear from our President would be the following.
"Every American born beginning today will not receive Social Security and will not be forced against their will to contribute to it. Instead, when they wish they can have additional money taken out of their paychecks and put towards mutual funds that they actually own. Any other Americans who wish to back out of the program can do so without penalty. These Americans will not receive any check in the future but will also no longer be forced to contribute. Once this decision is made it cannot be changed. All Americans who wish to continue to contribute can do so and will receive their Social Security benefits when the time comes."
This resolution will allow Americans the freedom they deserve in deciding how they want to allocate their money for their own retirement. The best part about the proposed resolution is that everyone wins. The citizens who wish to take the risk of not owning their own money can let the government handle it and the American citizens who wish to make a profit on their investment can do so without the government putting their filthy hands all over it.