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Looking at Social Security

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This article presents some interesting facts about Social Security, including:

Similarly, Congress has repeatedly altered benefits. From 1950 to 1972, it increased them nine times, including a doubling in the early 1950s. In 1972, it indexed benefits to inflation. People didn't complain when benefits rose, but possible cuts now trigger howls that a "contract" is being broken. Not so. In a 1960 decision (Flemming v. Nestor), the Supreme Court expressly rejected the argument that people have a contractual right to Social Security. It cited the 1935 Social Security Act: "The right to alter, amend, or repeal any provision of this Act is hereby reserved to Congress." Congress can change the program whenever it wants.


Automatic cross-posted from the ThruthBlog

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People support Social Security (national insurance in the UK) because they believe that it is a contract and far too many still think that the money they are paying is actually going into a specific pot with their name on it to be drawn down later in life. This impression is deliberately cultivated by the Left, the unions and government. In reality, it is nothing more than a super-massive Ponzi scheme the likes of which would land a private citizen in jail for many years.

Edited by rebelconservative
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I'm surprised that younger people don't recognize the generational scam that is Social Security. Due to demographic trends, the program here in the US is becoming little more than a massive transfer of wealth from the young to the elderly.

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