Entitlement--My Foot

#1
Somebody sent this to me (not copyrighted) as I am a senior citizen drawing SS benefits and I totally agree with the writer's comments although I am confused how the person arrived at the calculations but if correct it proves as I have felt all along Social Security is anything but an entitlement program. Here is what the writer says:

"Remember, not only did you contribute to Social Security but your employer did too.

"It totaled 15% of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500. If you calculate the future value of $4,500 per year (yours & your employer's contribution) at a simple 5% (less than what the govt. pays on the money that it borrows), after 49 years of working (that was me) you'd have $892,919.98. If you took out only 3% per year, you'd receive $26,787.60 per year and it would last better than 30 years (until
you're 95 if you retire at age 65) and that's with no interest paid on that
final amount on deposit!

"If you bought an annuity and it paid 4% per year, you'd have a lifetime income of $2,976.40 per month. The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had.

"Entitlement my foot, I paid cash for my social security insurance! Just because they borrowed the money, doesn't make my benefits some kind of charity or handout!
"Congressional benefits, aka free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days, now that's welfare, and they have the nerve to call my social security retirement entitlements?

"We're "broke" and can't help our own Seniors, Veterans, Orphans, Homeless, etc.!

"In the last months we have provided aid to Haiti , Chile , and Turkey . And now Pakistan ... home of bin Laden. Literally, BILLIONS of DOLLARS!

"Our retired seniors living on a 'fixed income' receive no aid nor do they get any breaks while our government and religious organizations pour Hundreds of Billions of $$$'s and Tons of Food to Foreign Countries!

"They call Social Security and Medicare an entitlement even though most of us have been
paying for it all our working lives and now when it's time for us to collect, the government is running out of money. Why did the government borrow (steal) from it in the
first place?

"Imagine if the *GOVERNMENT* gave 'US' the same support they give to other countries.

"Sad isn't it?"

Social Security is not an "entitlement program" and I wish those who say it is would learn the truth and stop putting us senior citizens down.
 
Jan 2009
5,841
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#2
The reason why it is referred to as an entitlement program and perhaps justly so, is because after you qualify you are entitled to benefits until you die, regardless of how much you paid in. That means, that even if you paid less than you take out, you get the payments still.

It is an entitlement to some government assistance. You can play the semantics as you like, but that isn't necessary a bad word and not meant to be.

There are some big problems with the program and it doesn't matter if you paid in- heck, at least you are going to get benefits. I suspect that my generation (I am still in my early 20s) will have to pay in for years and I fully expect to receive NOTHING in return as do most of my peers. You probably have it better than we will in terms of social security so just live with the semantics and take your money ;)
 

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