Friday, August 13, 2010

SSA Birth Day

Let's all not celebrate at once Folks!! Today in 1935 the President signed into law the Social Security Act enabling Congress to spend yours and my hard earned money on items that they deem more important than "Old-Age Benefits". Today, that SSA pays out more money than it takes in every year by $41 Billion dollars, there is no real trust fund and those who retire in the near future must pray there are enough works making payment for them to draw monetary benefits.

Yeah, I am bitter. The Government was never meant to handle my retirement and in a perfect world I would have an option to join the sheepale and put my money at the disposal of the Congress of the USA or take my money and be responsible for my own "Old-Age Benefits". Just recently the Board of Trustees for Social Security and Medicare presented the public with their actuarial report for 2010 which predicts a rosy picture for SSA. What a pack of lies, when you look at who the Trustees who put together the report you have to laugh but it makes you understand why they paint such a nice picture for SSA's future. They are all political appointee's of the Obama administration and the Managing Trustee is none other than Timothy "Turbo Tax" Geithner! Yep, the Sectary of Tax Dodger Treasury himself. Its no wonder that the American Academy of Actuaries put out their own report highlighting the assumptions used by the Trustees to project the financial condition of SSA. Look at that here, but it ain't pretty. They put people in jail for running ponzi schemes (can you say Bernard Madoff) but not the Sectary of the Treasury.

This fund will soon be broke, penniless and not able to provide even modest payouts. They are already talking about raising the employee and employer participation rate, increasing the retirement age by 7 to 8 years and doing means testing (allowing benefits payouts to only those that have nothing instead of those who only ask for their money back).

But, 75 years ago today the Do-Gooders struck once again removing a little bit of what made Americans different then other peoples of the world, self reliance and personal responsibility. This trend has continued to this day with more and more people just waiting for the Federal Government to wipe their Ass.

BT: Jimmy T sends.

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