Where oh where has our Social Security gone? The Net Balance in the Fund is $2,699,365,000,000. Total collections for FY 2023 were $2,735,301,000,000 on disbursements of $1,433,349,000,000. Why is this notable? Because the SS Administration does not recognize payments into Social Security as a loan or debt earning interest and payable to Taxpayers – The Big Lie.
Our Government is claiming that Social Security is in fact – a Tax and accounting for it on that basis. Technically, they should be stewards of money on loan and instead they are making a profit – $1,301,952,000,000. ALL Taxpayer Funds (less Operating Administrative costs) are invested in nonmarketable Treasuries. The interest on Federal Treasuries rivals that of a CD at 3.5%.
According to a Footnote to the Financials: “Accounts receivable from the public consists of monies due to the SSA and to beneficiaries in excess of their entitlement, as well as amounts due from the states to cover underpayments to the recipients”. In addition upward of $500 billion of CoVid loans that were cancelled – were written off against Social Security. Of that, the Small Business Administration (SBA) estimates that $200 billion in forgiven PPP loans were given ‘fraudulently’ – 40%. How lovely….
IF you had invested $100 in the S&P in 1980 (as savings) it would be worth $12,097.47 with an average annual return of 11.61%. Essentially giving the government the difference in value of 8.11% (11.61% – 3.5%). Play money for them – debt for you. And this doesn’t even touch the COST for the government to administer your annual loss. In the real world – this mismanagement of funds would be a lawsuit.
Last year, the Social Security Administration determined that inflation was 3%, therefore your benefit payment rose by just 3%. This is the data released to support the current rate of 3.8%: Food up 5.5%, shelter up 5.7%, vehicle insurance up 20.6%, medical up 1.4%, recreation up 2.1%, electricity up 3.6%, utility cost down 8.2%, gasoline down 3.9%, fuel oil down 5.4%, and personal care up 4.2% = net up 22.3% Common Core Math.
Funky numbers and faulty algorithms are costing Social Security recipients billions annually! We are being cheated in one of the largest Ponzi scams in history. And our esteemed Congress wants to raise the age of retirement for benefits while maintaining federal pensions: Under FERS, an employee who meets one of the following age and service requirements is entitled to an immediate retirement benefit: age 62 with five years of service, 60 with 20, minimum retirement age. The federal government does not just pay pensions for federal employees – it also pays for civilian employees – as in every single NGO.
Congress is asking for an 8.7% pay raise. Federal salaries have risen at double the pace of private employees since 2000. Their inflation/cost of living increases have been as much as 80% greater than Social Security – yet the age of retirement can be as low as 50 with partial benefits and 60 with full benefits. There is no discussion of aligning this with Social Security beneficiaries, or matching cost of living increases.
Not to mention ‘insider trading’ access.
It is illegal for a private person to act on insider knowledge – however, Congress is immune from this law. Any revisions to pay, pay increases, cost of living increases, trade restrictions is off the table. While these same people tell the peasants to tighten their buckle. And penalize the Martha Stewarts of the US to set an example after she cashed in and made a whopping $15,000 profit.
The first means for making insider trading legal is a quirk – “if the information is no material”. The second means is the very definition: “The Company’s officers, directors, certain employees, certain consultants and certain stockholders (and their family members) are considered Insiders.”
Despite politicians having access to full scale insider information, they are not considered insiders.
Nancy Pelosi entered politics in 1987. At the time her net worth was $33.5 million. Today that net worth has ballooned to $250 million – on insider trading. In 2018 when AOC entered politics, her net worth was $-8,500. Today, her net worth is estimated to be between $13 million and $29 million.
On Insider Trading.
In 1995 the NET cost of Illegal immigrants was considered to be roughly $12 billion. Today, housing alone for illegals is expected to reach $450 billion. Other costs including incarceration, food stamps, education, medical care, etc… can add another $200 – $300 billion – annually.
Ukraine was just given $300 million in “grant money”, better known as Monopoly Money, to buy American weapons. This is the same grant/aid exchange that the US uses with Israel to launder funds. Aid funding is on the books at over $200 billion for last year. Welfare now costs the Taxpayers $1.1 trillion – 25% of the Budget.
Social Security isn’t broke – our irresponsible, negligent, corrupt government is –
Not a new idea and it goes back millennia, Tithing, but bring it in today’s parlance.
A three tier tax system
1] Tax on all income, but with no tax avoidance measures to offset tax paid
Everyone who resides in the country simply pays 10% of their gross income [no allowances, or tax offsets to reduce gross income.
2] Tax on what you spend, Be it called sales tax or VAT, simply pay 10% of what you spend
3] Property tax,1% of the value of the property that you own
To simplify what tax Company pay again a three tier system
1] Tax on turnover, based on previous years turnover, set at 10%
2] Tax on the total wage bill of the company, to include CEO’s wages down to the lowest earner plus any pension, or health benefits paid by the company for its employees, set at 10%
3] Total company assets to be taxed at 1%
After all many companies are classed as a person in law.
Lastly 1% of the countries GDP to be allocated to pay the people who run the government. Fixed cake, but the more people in government the smaller the slice.
Keep it Simple and it is clear for all to see who pays what and who benefits from the tax fund.
Finally you mention Nancy Pelosi and others, who vastly increased their fortunes after entering politics. Yet the only person in politics who the MSM want to see for tax paid and assets owned on entering office is POTUS Donald Trump, maybe all Senator’s and ex POTUS’s should have their assets and tax paid scrutinized in the same way.
The BIG LIE is any talk about a SS Trust Fund. Read the SS Act of 1935.
The Preamble tells you exactly what the whole thing is about. The last two phrases spell it out – to raise revenue; and for other purposes.
Can you imagine the focus of ‘and for other purposes’ expanding to include ‘other purposes’?
Section 8 tells you what is done with the revenue
Section 807(a) The taxes imposed by this title shall be collected by the Bureau of Internal Revenue under the direction of the Secretary of the Treasury and shall be paid into the Treasury of the United States as internal- revenue collections.
Trust fund is found nowhere in the act. The act sets for an account to keep track of the deposits.
Twice the US Supreme Court has ruled the SSA has no contractual obligation to pay any retirement funds. Once just after 1960 and once just after 2000.
To lead people to believe in a trust fund is incorrect.
What makes me suspect that it was the same tribe of FAKE JOOS that set up the Federal Reserve and the IRS, and confiscated all our gold to be put in one place and then pilfered out and replaced with gold plated TUNGSTEN bars, not audited since 1953 ???
How can they write off Covid loans against SS . Is that legal?
is anything the government does – legal?
Reagan looted the fund and so did Clinton, Bush, Obama and now Brandon. This is what happens when you have faithless fiduciaries. Not only did they loot the fund, they have thus far, failed to repay, making this out and out theft.
Few people understand that the Social Security Trust Fund is just a pile of non-marketable special interest Treasury bonds which are worthless unless or until they’re redeemed by future tax collections or borrowed money. Since FY1969, Social Security receipts and payments have been included in the so-called unified budget, which has the effect of masking the deficit of the “all other” federal government.
All talk about a trust fund is just distraction and deception.
I agree – but our government continues to allow the fantasy to prevail that Social Security is our money and not a gift… while accounting for it as revenue. Because they know the revolt that would ensue if EVERY American understood.
Ponzi
And Social Security is on the backs of the middle class. After you earn $125000 you pay no more SS tax for the year. So Pelosi, Jamie Diamon, Gates, Lebron James and the Biden Crime Family work about an hour to meet the ceiling. To make SS solvent, the ceiling needs to be raised to include the rich.
I would absolutely agree – and/or impose a cap on the net asset level of someone who is allowed to retrieve their funds – those exceeding that asset level would essentially be donating a wealth tax.