SOCIAL SECURITY, PONZI SCHEME AND PAYING "FAIR SHARE"

http://patriotpost.us/opinion/walter-e-williams/2011/09/21/gov-perrys-right-about-social-security/

The Patriot Post – Walter E. Williams – 9/21/2011

Gov. Perry’s Right About Social Security

Another lie in the Social Security pamphlet is: "Beginning November 24, 1936, the United States government will set up a Social Security account for you. ... The checks will come to you as a right." Therefore, Americans were sold on the belief that Social Security is like a retirement account and money placed in it is our property. The fact of the matter is you have no property right whatsoever to your Social Security "contributions."

In a U.S. Supreme Court case, Helvering v. Davis (1937), the court held that Social Security is not an insurance program, saying, "The proceeds of both (employee and employer) taxes are to be paid into the Treasury like internal revenue taxes generally, and are not earmarked in any way."

In a later Supreme Court case, Flemming v. Nestor (1960), the court said, "To engraft upon the Social Security system a concept of 'accrued property rights' would deprive it of the flexibility and boldness in adjustment to ever-changing conditions which it demands."

The Social Security Administration is trying to clean up its history of deception in its website (http://www.ssa.gov/history/nestor.html)

Three Nobel laureate economists have testified that Social Security is a Ponzi scheme. Dr. Paul Samuelson called it "the greatest Ponzi game ever contrived." Dr. Milton Friedman said it was "the biggest Ponzi scheme on earth." Dr. Paul Krugman predicted that "the Ponzi game will soon be over."

BLOGGER COMMENT: If Social Security is "means tested", that is,wealthy people who pay into the system for years but are denied Social Security payments because of personal wealth, should they be allowed to keep their own money and discontinue payments into Social Security at age 65 if they continue to earn a living.

ALSO, shouldn't wealthy individuals deserve a TAX CREDIT for every penny they paid into Social Security for decades?  They most likely started out NOT wealthy and prospered as they moved up the ladder as responsibilities increased and income grew.  So these individuals paid into Social Security assuming it would be part of their retirement package.  Then, upon retirement, decades of contributions are denied them (hundreds of thousands of dollars) and President Obama insists they continue to "pay their fair share. 

To me, this is GOVERNMENT THEFT. 

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