There are several misconceptions about Social Security. It was never meant to be the sole income of retired workers. It was intended as a supplement to workers’ savings.
In most cases, Social Security benefits come not from what the worker paid into the system. Everything they paid in Social Security taxes was given back within 10-15 years of their retirement. After that, your children, grandchildren and even great-grandchildren are giving you your check.
Social Security was always a Ponzi scheme. The Republicans recognized this in the 1930s. The Supreme Court threw out a version of the Social Security system until President Franklin D. Roosevelt threatened to pack the Supreme Court.
In 1965, Congress passed Medicare. That is a Ponzi scheme, too — a legal government Ponzi scheme. It operates the same way as Social Security, though seniors pay some of it.
Both Social Security and Medicare are going broke. Sen. Mitch McConnell did not urge cuts in Social Security, Medicaid and Medicare in 2018. Every budget year, funding for those three programs is raised by a certain percentage. What the senator suggested was that the percentage of increase should be cut slightly. The press and Democrats told a half-truth.
Both my husband and I receive Social Security. As in any Ponzi scheme, the last ones in will lose. I hope my daughter can get Social Security when she retires. Blame FDR and the federal government for this mess.
Kathleen Bollinger
Fawn