S.S. just ain’t what it used to be
There has been a lot of dis- cussion again about making changes to Social Security. Let’s take a look at what it was initially, and what it is now. You may find it shocking and understand why it is going broke!
The original Social Security Act was formed in 1935 and dedicated to “Federal Old Age (retirement), Survivor & Disability Insurance”.
The funding for this benefit came from a company employee and company employer contribution, based on a certain percentage of an employee’s pay. These are the factors supporting the Social Security program. (FICA taxes)
In 1965, Social Security was changed to withdraw funds from the “independent trust fund”, and put into the federal general fund for additional congressional revenue. These “trust funds” were in the form of “non-redeemable government bonds,” which are very unlike the dollars we put into Social Security.
This transfer of our Social Security funds to the general fund allowed the federal government to create other amendments to the SS program, such as unemployment benefits, temporary assistance to needy families, health insurance for the aged and disabled, grants for medical assistance programs, Supplemental Security Income and State Children’s Health Insurance Program.
I am not saying that these programs are not necessary, only that they are draining the SS account. The funding of these programs can be provided through, let’s say, stopping the useless wars we are funding billions of dollars for, and foreign aid to countries that can help themselves.
The federal government also uses this money to pay down government debt which is a wide open field. We tax payers need to first look into the history of Social Security and what it was meant to be . Then, contact our government officials to let them know that we older folks demand that our SS program be put back into its original status.
Paul Noble, New Middletown