The Great Social Security Theft
WTSP Channel 10 News -- Tampa Bay
by Mike Deeson -- Jun 3, 2011
http://www.wtsp.com/...
Partial Transcript follows ...
Partial Transcript (aka. the good parts):
Up until 1983 each generation paid for the benefits of the previous generation, but the baby boomers were required to pay an additional amount to cover their own retirement.
[...]
However, as Oklahoma Senator Tom Coburn explained on the floor of the Senate, there is a dirty little secret most Americans are not aware of.
Coburn says under Democrat and Republican Presidencies and Democrat and Republican Congresses, they have all stolen money from the social security Trust Fund and spent it. The Oklahoma Republican says the money is gone and has been spent for another purpose.
Smith says it was supposed to be spent exclusively for Social Security, but the money from the social security tax hike went into the General Fund. He says that money went into the pockets of rich people who got income tax cuts.
[...]
He says while the official Social Security Web site says the money is not needed for current benefits is Invested in Government Securities. It is a lie? It's an absolute lie. Smith adds if all this gets out he believe this will be a national scandal that will actually make Watergate pale by comparison.
[...]
However, Congress can fix the problem with one major change to the law. Currently social security taxes are only collected on the first $106,800 people earn. That means a multi-millionaire pays the same as someone earning $106,000. Smith and Castor says the cap needs to be lifted so that people who are millionaires are paying more on their social security.
Smith says, "If that change was made social security would be fixed for eternity and there would be enough revenue for decades and decades down the road."
Social Security Trust Fund in bad shape due to government stealing the funds
WTSP Channel 10 News -- Tampa Bay
by Mike Deeson -- Jun 3, 2011
Economics Professor Allen W. Smith, sounding the alert in that video, is speaking up in WSJ Blog too:
The Wall Street Journal -- Journal Community
How should Social Security benefits be cut?
() Rise in retirement age
() Lower benefits for wealthy
() Both
() Something else
() No cuts at all
Hmmm? Where is the () Raise the Ceiling option?
Allen Smith wrote on that Blog: 6 days ago
THE $2.6 Trillion SOCIAL SECURITY THEFT!
The Social Security Amendments of 1983 (the Greenspan plan ) "fixed" the Social Security solvency problem until at least 2036. That is a quarter century away. If the surplus revenue generated by the 1983 payroll tax hike had been saved and invested in marketable U.S. Treasury bonds as was the intent of the law, Social Security would not even be in the news today.
Social Security is in crisis today because the government has stolen, and spent for other purposes, every dollar of the $2.6 trillion in surplus revenue! This big dark, dirty secret, which all members of Congress, and the President, know about, has been kept suppressed and is still being kept from the public.
It is the reason for the urgency of doing something about Social Security.
I have been researching and writing about Social Security funding for more than a decade, and I have published four books on the subject. During that entire period I have been on a relentless campaign, trying to expose the great Social Security theft. The AARP has fought my efforts all the way, even though they have known about the theft for years. It appears to me that the AARP has cut a deal with politicians which involves selling out the interests of its 37 million members!
Allen W. Smith, Ph.D.
www.thebiglie.net
Talk about Paul Revere, riding out to warn the public ...
Question is will the public heed the warning?
Without Revenue increases, without the General Fund being willing to Pay Back to the Trust Fund the Trillions it has borrowed,
Our Pockets are about to be Picked -- Royally!