Thread: The Real Truth about SS and our Politicians

The further away from the past we get the more the past becomes blurred. Today far too many people do not understand the purpose of Social Security nor do they understand how our Congressional Leaders have abused it.

As the baby boomers start retiring and drawing SS you are going to hear again the need to increase taxes to fund the requirements and you are going to hear blame being placed on just about everyone other than the real culprits. Now for the real story about SS and our Political leaders. Wonder how many people here really know the truth?

SOCIAL SECURITY:

Franklin Roosevelt, a Democrat, introduced the Social Security (FICA) Program. He promised:

1.) That participation in the Program would be completely voluntary,

2.) That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program,

3.) That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year,

4.) That the money the participants put into the independent "Trust Fund" rather than into the General operating fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other Government program, and,

5.) That the annuity payments to the retirees would never be taxed as income.

Since many of us have paid into FICA for years and are now receiving a Social Security check every month -- and then finding that we are getting taxed on 85% of the money we paid to the Federal government to "put away," you may be interested in the following:

Q: Which Political Party took Social Security from the independent "Trust" fund and put it into the General fund so that Congress could spend it?

A: It was Lyndon Johnson and the Democratically-controlled House and Senate.

Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding?

A: The Democratic Party.

Q: Which Political Party started taxing Social Security annuities?

A: The Democratic Party, with Al Gore casting the "tie-breaking" deciding vote as President of the Senate, while he was Vice President of the U.S.

Q: Which Political Party decided to start giving annuity payments to immigrants?

A: That's right! Jimmy Carter and the Democratic Party. Immigrants moved into this country, and at age 65, began to receive SSI Social Security payments! The Democratic Party gave these payments to them, even though they never paid a dime into it!

Then, after doing all this lying and thieving and violation of the original contract (FICA), the Democrats turn around and tell you that the Republicans want to take your Social Security away!

And the worst part about it is, uninformed citizens believe it!


Now as for our political leaders

Our Senators and Congresswomen do not pay into Social Security and, of course, they do not collect from it.

You see, Social Security benefits were not suitable for persons of their rare elevation in society. They felt they should have a special plan for themselves. So, many years ago they voted in their own benefit plan.

In more recent years, no congressperson has felt the need to change it. After all, it is a great plan.

For all practical purposes their plan works like this:

When they retire, they continue to draw the same pay until they die.

Except it may increase from time to time for cost of living adjustments..

For example, Senator Byrd and Congressman White and their wives may expect to draw $7,800,000.00 (that's Seven Million, Eight-Hundred Thousand Dollars), with their wives drawing $275, 000.00 during the last years of their lives.

This is calculated on an average life span for each of those two Dignitaries.

Younger Dignitaries who retire at an early age, will receive much more during the rest of their lives.

Their cost for this excellent plan is $0.00. NADA..! ZILCH...

This little perk they voted for themselves is free to them. You and I pick up the tab for this plan. The funds for this fine retirement plan come directly from the General Funds;

"OUR TAX DOLLARS AT WORK "!

From our own Social Security Plan, which you and I pay (or have paid) into, every payday until we retire (which amount is matched by our employer). We can expect to get an average of $1,000 per month after retirement.

Or, in other words, we would have to collect our average of $1,000 monthly benefits for 68 years and one (1) month to equal Senator Bill Brad ley's benefits!

Social Security could be very good if only one small change were made.

That change would be to:

Jerk the Golden Fleece Retirement Plan from under the Senators a nd Congressmen. Put them into the Social Security plan with the rest of us

Then sit back.....

And see how fast they would fix it.

What's wrong with immigrants, as long as they are legal?

Originally Posted by Zarathustra

What's wrong with immigrants, as long as they are legal?

Absolutely nothing as long as they are legal and paid into the program. Interesting that in all that was posted this is what you picked up on.

Not the fact of the intent of SS, the deductibility of SS, the putting of SS into the General Fund, the growth of SS reliance, but no, you picked up on SS going or not going to legal immigrants.

Originally Posted by Mr Conservative

...Our Senators and Congresswomen do not pay into Social Security and, of course, they do not collect from it.
.....
Jerk the Golden Fleece Retirement Plan from under the Senators a nd Congressmen. Put them into the Social Security plan with the rest of us

Do Members of Congress Pay Social Security Taxes?

Lawmakers do pay 8 percent of their salaries into their pension system, although this only compensates for about 1/5 of the typical lifetime benefit. We cover the rest as taxpayers.

Member of Congress began to pay into Social Security in 1983, as part of a government-wide pension overhaul.

In addition, Members of Congress DO NOT draw the “same pension” as their pay in the last year of office as suggested in a rumor circulating on the Internet; only federal judges do that under the term “retirement pay.” Still, the formula is quite generous, and, with 20-25 years, a Member of Congress could retire with up to 80 percent of his or her salary replaced. Of course, the only cap on how fast their benefits rise is the rate of increase in CPI. For this reason, Congressional pensions can and frequently do exceed a Member’s final salary, but only after a few years in retirement, when COLAS begin to kick in.

In the final analysis, Congressional pension benefits are 2-3 times more generous than what a similarly-salaried executive could expect to receive upon retiring from the private sector. That ought to be enough to concern any taxpayer.

Additional information concerning pay and perks is available in NTUF Policy Paper 131.

Click Here for Additional FAQs on Congressional Pay, Pensions, and Perks

Do Members of Congress Pay Social Security Taxes?
Urban Legends Reference Pages: Congressional Pensions

Originally Posted by Vortex

Click Here for Additional FAQs on Congressional Pay, Pensions, and Perks

Do Members of Congress Pay Social Security Taxes?
Urban Legends Reference Pages: Congressional Pensions

thanks for the correction, you are right this changed in 1984 but we have a lot of Congressional leaders still in Congress from prior to 1984. What is shocking is the fact that when people actually see how much they will get at retirement and find out they generated about a 2% return compared to what Congressional leaders will get, I wonder if there will be any outrage.

I would have given anything to put the amount I put into SS into a simple savings account for the past 34 years. No Administrative costs and I would be a multi millionaire today.