Some misconceptions about Social Security

[mystery-ak]

May 18, 2023
Some misconceptions about Social Security
By Dann E. Kroeger

Social Security (S.S.) is not an entitlement.

Why can't anyone, including the Wall Street Journal, get it right?  Entitlement programs are paid for by U.S. taxpayers.  Those persons receiving benefits do not pay for the benefits.

Social Security is a funded program paid for by workers.  Upon retirement, they receive benefits from the program, not taxpayers.

All workers pay into Social Security (matched dollar for dollar by the employer).  Self-employed persons pay double that of an employee. 

In 2023, an employer must withhold from each employees' earnings:

    6.2% Social Security tax on the first $160,200 of employee wages up to $9,932.40
    1.45% Medicare tax on the first $200,000 of employee wages up to $2,900
    2.35% Medicare tax on all employee wages more than $200,000

As an example, for a person earning $75,000, 7.65%, or $5,375.50, would be withheld by the employer as FICA.  This amount is matched by his employer and $11,475 forwarded to S.S.

Since the beginning of S.S., most years have produced higher income than outgo.  This has built a surplus in the S.S. Trust Fund currently equal to about 2.8 trillion dollars.  Currently, annual amounts paid into and out of the SS Trust Fund  shown below are about equal.

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https://www.americanthinker.com/blog/2023/05/some_misconceptions_about_social_security.html

[Kamaji]

Total bullshit.  Social security is an entitlement program that is funded with tax revenues.  Period.  The so-called social security taxes are nothing more than an additional income tax - a tax imposed on an employee's income - coupled with an excise tax imposed on the employer.

It is not some sort of private annuity or retirement program into which employer and employee make contributions, and in which the employee ends up with a vested right to benefits.

It is an entitlement, pure and simple.

[DefiantMassRINO]

That F.I.C.A takes a good chunk out of my paycheck every payday.  F.I.C.A. contributions are compulsory, unlike 401-K contributions.

If it's a compulsory Government garnishment of wages, it's a tax.

F.I.C.A is not applied to Captial Gains nor wages above a certain arbitrary limit.

F.I.C.A. is a regressive tax upon wage earners and employers, and that make's Social Security is an entitlement.

[DB]

And many people collect it that didn't pay into it. Ranging from non-citizens to permanent disability and is big business for lawyers these days.

[cato potatoe]

Note how these conservative publications are embracing big government now that Trump is running the party.  Donald says Social Security is a great program, and therefore, it must be defended.  The author glosses over changes needed to make the program solvent, as if they won't either diminish the standard of living for most people or result in a massive tax increase on high earners.

[DefiantMassRINO]

Giving away other people's money is always popular with those on the receiving end.

[DB]

Note how these conservative publications are embracing big government now that Trump is running the party.  Donald says Social Security is a great program, and therefore, it must be defended.  The author glosses over changes needed to make the program solvent, as if they won't either diminish the standard of living for most people or result in a massive tax increase on high earners.

And claims there is a "trust fund" which there is not. The money collected flows into the general fund as does what is paid out.

[DB]

Giving away other people's money is always popular with those on the receiving end.

It is a pyramid scheme that if any other entity operated would be put in prison for investment fraud. It works only if the base is constantly expanding flowing more money in than is being taken out by the smaller groups above them.

[libertybele]

I was mandated to pay into SS with the expectation that a check would be given to me on a monthly basis once retired. 

As for ILLEGAL participation, the stats are not clear.  Disability? I don't know how difficult it is for others, but I was never approved and I even went through an attorney.

[GtHawk]

I was mandated to pay into SS with the expectation that a check would be given to me on a monthly basis once retired. 

As for ILLEGAL participation, the stats are not clear.  Disability? I don't know how difficult it is for others, but I was never approved and I even went through an attorney.

Back when I couldn't get hired by anyone I decided to file for disability(had worked for years in severe pain and would have continued if I could) at first i called one of the major disability law firms but after I spoke to their rep I decided I would file on my own. Surprisingly I had no problems since I was pretty darn broken( bone on bone knee, (90% deaf one side 65% other, severe lumbar injury and four cervical disks collapsed) and it just happened that they called me for my phone interview the same day I got home from major back surgery and when I informed them of that it seemed to seal the deal I have known others with severe disabilities who either had to hire attorneys, like my former boss or were denied for no real reason. I guess