RE: SS and our government
- Date: Tue, 20 Apr 1999 13:45:27 -0400 (EDT)
- From: Andre Dermant <adseale@aol.com>
- Subject: RE: SS and our government
You have to understand that by law the Social Security Trust Fund
must buy either Special Obligations or regular Government bonds
from the Treasury with any surplus of FICA (Social Security ) taxes
over benefits. The money is used ANYWHERE in the Federal Budget.
Workers do not make "contributions". Workers pay taxes. The difference
is that as confirmed by the Supreme Court the workers have no
"right" to their Social Security benefits. The proof of it is that
Congress has been increasing FICA taxes regularly and reduced
benefits by increasing the retirement age. "Contributions" implies
a system where the money is earmarked for the worker, this is not
the case with Social Security. For more details, see my web site
at
http://members.aol.com/adseale/socsec.html