Since the days of President Franklin D. Roosevelt and the advent of his Social Security program in 1935 Americans have been addicted to the false sense of security that the program provides. Social Security has given Americans the false perception that they and their families are insured against the economic woes inherent of things such as old age or disability. They have been duped into the belief that each month they make contributions to a trust that will one day be paid back to them or their families.
The reality of Social Security is far different than the one perceived by many Americans. Social Security was first passed into law in 1935. The federal government began collecting taxes to fund social security in 1937. They also paid out one lump sum payment in the same year. Regular monthly Social Security payments began in January of 1940. There is only a three year gap between the time they began collecting taxes for Social Security and the time that they began making regular monthly payments. This short time period made it impossible for the amount of money being paid out to those collecting Social Security to have been properly backed by the money that the same individuals paid in. As a result, the money that one generation pays in is immediately paid out to the older generation that is collecting Social Security, and on other government expenditures. An interest baring IOU is put into a “fund” in place of the money that the younger generation is paying in. The debt and interest from these IOU’s continually accumulate, and given that most if not all funds paid into social security is immediately spent, the debt and interest is never paid. This debt has ballooned, and like all pyramid schemes it will eventually come crashing down; which will be a disaster for this country. The US federal government has mislead many unwitting American’s into believing that they are putting away their own money for the future; but this is simply not true. If something is not done, the Ponzi scheme that is Social Security will cause another and far more damaging economic meltdown in this country.
The major problem with weaning the country off of Social Security is that no one wants to give up the money that they have paid into the system over the course of their careers. Many Americans have this sentiment: “I’m collecting Social Security when I retire, I’ve been paying into all this time. I want my money back.” This attitude is more than reasonable. Who can blame them? Who would want to give up money they have been saving all of their lives?
So lets try looking at Social Security in a different light. Obviously, any money that you paid into social security was paid out to someone else. So, essentially you have been stolen from all of your life. Also, any money that you draw from social security will be money paid in by someone else. So, essentially you are taking someone else’s money against his will.
Now, maybe drawing social security seems justified to you because you have been stolen from all of your life, and now it is your turn to be paid back. Sounds reasonable doesn’t it? But is it really? Well, imagine that you are a bank owner, and everyday that your bank is open for business masked gunmen come in and rob it. They don’t steal all of your money though. They just take a little bit everyday. One day you decide to get out of the banking business, and you want to get back all of the money that was stolen from you. Is it then justifiable for you to go and rob other banks in order to get your money back?
I would hope that you answered no. In that same vain. It is not justifiable for any man to steal from younger generations even if he has been stolen from by older generations. Theft cannot be justified in any capacity. The time has come for us to accept our duty to preserve liberty and prosperity for future generations. We must not leave debt to be paid by our children and grandchildren. American’s must make the difficult decisions now, so that future generations will have the same opportunities that we did. This is the duty of every generation.
“The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.”
-Thomas Jefferson, 1816
Cross Posted From: libertyandpride.com