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Social Security Ripoff


Marshall Miller - Lilburn, Georgia

Social Security should at least give you back what you paid in, even minus any interest or growth. Missing from the Social Security program is any growth component. It is a very bad deal.
At first the program carried a guarantee that no person would fail to get back everything he or she paid in. That was in 1935, just to pass the bill into law. Once installed, the guarantee was quietly dropped before ever being used. Government promises should come with expiration dates. By 1940, when checks started going out, there was no guarantee. Male life expectancy in 1935 was 63 years. Social Security paid off beginning at age 65. Does that tell you something ? Don't forget - you're always a heartbeat away from losing it all. A private plan could be left to your heirs.
Just check the obituary page. Look at the ages of the departed. If you do not live to retirement age you get a couple of hundred bucks death benefit and your account vanishes. Thousands of Americans experience this ripoff every day. Any private insurance plan of this type would be shut down by the insurance commission of any of the 50 states. Company officials would likely be jailed for fraud.
Members of Congress tell you this is a fine program but they wisely opted out of it for themselves. Senator Barry Goldwater called it "actuarially unsound" 41 years ago and I voted for him. He should see it now. It's worse than he described. Barry was on the nose with that one. A one-word description of the present system : unsustainable.

Marshall Miller - Lilburn, Georgia

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