Social Security Cards after 1972 have had the words ACCOUNT NUMBER dropped from them as well as the NOT FOR IDENTIFICATION from the bottom right. “From the start of the program in 1936 till 2005, an estimated $8.9 trillion have been paid out as social security benefits. In the same period, the program has received $10.7 trillion in income. Social security numbers are not reassigned after a people die. Here is what socialsecurity.gov says about it: We do not reassign a Social Security number (SSN) after the number holder’s death. Even though we have issued over 420 million SSNs so far, and we assign about 5 and one-half million new numbers a year, the current numbering system will provide us with enough new numbers for several generations into the future with no changes in the numbering system.” buildfreedom/tl/tl17b.shtml “Robbing Social Security to Pay the General Fund? The Clinton Administration continues to parrot the mantra Save Social Security now, yet the President wants more of the very same government programs that in the past have raided money from the Social Security Trust Fund (Advantage, Clinton, News: Analysis & Commentary, Feb. 1). For many decades, the U.S. government has indulged in the habit of taking money out of Social Security funds to bolster its other programs. This off-budget spending of Social Security funds is possibly the biggest threat to elderly Americans retirement plans. Why has Clinton not demanded legislation to end this intra-fund borrowing? If Bill Clinton is not willing to cut off the politicians spigot to off-budget spending, then we simply cannot trust anything else he has to say regarding Social Security, including his plans to invest in the stock market. Richard Fry Austin, Tex. President Clinton proposes shifting $2.7 trillion in general revenues to the Social Security Trust Fund over the next 15 years. Your article does not explain the impact of this process. Since the Social Security Trust Fund exists only in the form of IOUs from the General Fund, the only reason a surplus in the General Fund can be declared is because the money borrowed from the Social Security Trust Fund is entered without recognizing its source. So money borrowed from the Trust Fund, which is declared surplus, is to be paid back to the Trust Fund, where it will be borrowed again for use in the General Fund, since that is the only place it can legally be invested. Why does this save Social Security? Just a year ago, it was predicted that it would take several years before this phony surplus could be generated. This has been typical of the governments ability to project budget estimates. The phony surplus is the result of a hot economy driven by technology, low interest rates, and low inflation. Ralph Strong Glen Burnie, Md. nber.org/feldstein/wj020199.html Clintons Social Security Sham “Arbitrary Transfer To keep Social Security on track through 2055, the president arbitrarily transfers another $2.8 trillion--the remainder of the $4.5 trillion surplus--from the Treasury to the trust fund over the next 15 years. The president described this as equal to 62% of the projected budget surplus but it is not part of the surplus at all. The entire surplus is already spoken for by the new spending, the savings accounts and the automatic additions of Social Security surpluses to the trust fund. This $2.8 trillion is a completely new additional grant of money from the Treasury to the trust fund. The Treasury credits the Social Security account with $2.8 trillion and debits the governments general revenue account $2.8 trillion. This permits the trust fund to acquire $2.8 trillion in additional government bonds. Cashing in these bonds between 2032 and 2055 will pay for the projected benefits in those years. Magic! The issue isnt just transferring money from general revenue to the trust fund. Its double-counting. The trust fund accumulates the $2.7 trillion of regular Social Security surpluses. The same $2.7 trillion is then counted again in the $4.5 trillion the president uses to finance his $2.8 trillion to Social Security. Thus the president raises the Social Security trust fund by $5.5 trillion while spending nearly $2 trillion on other things, all out of a total surplus of $4.5 trillion. This amounts to the biggest and most creative budget sham Ive ever seen. If the government gave $2.8 trillion to private individuals, it would create $2.8 trillion of budget deficits, and the national debt would rise by $2.8 trillion. But since the Social Security trust fund is part of the government, this transfer of money (and the bonds that are bought with it) does not count as deficit or add to the national debt.” nber.org/feldstein/wj021098.html Lets Really Save Social Security “In the State of the Union address; the president said: If we balance the budget for next year, it is projected that we will have a sizable surplus in the years immediately afterward.. I propose that we reserve 100% of the surplus--thats every penny of any surplus--until we have taken all the measures necessary to strengthen the Social Security system for the 21st century What does that mean? Mr. Clinton often chooses his words very carefully, so we must read those words with equal care. Lets begin with the surplus itself. The Congressional Budget Office now projects that the overall federal budget will be essentially in balance for the next two years (annual budget deficits of $2 billion and $3 billion) and will then shift to a decade of surpluses that by 2006 will exceed $100 billion a year, equal to more than 1% of projected gross domestic product. Contrary to the impression of his language, Mr. Clinton does not propose to devote these projected surpluses to Social Security. He only suggests that any surplus that remains after whatever new spending and tax cutting occurs should be reserved. In short, he makes no commitment to do anything for Social Security. Despite his rhetoric, all that Social Security gets is whats left after other spending and tax cuts chew up the projected budget surpluses. In reality, saving Social Security comes last.” pbs.org/newshour/bb/government_programs/jan-june01/socsec_05-02.html nationaljournal/magazine/is-social-security-still-off-limits-20121129 https://youtube/watch?feature=player_embedded&v=6LsALIjKFrs https://youtube/watch?feature=player_embedded&v=qCsWV9Z_FHI https://youtube/watch?feature=player_embedded&v=AZrtGq8AMK8 https://youtube/watch?feature=player_embedded&v=DHmTDhPsqvM https://youtube/watch?feature=player_embedded&v=oD9I3PdZvYY https://youtube/watch?feature=player_embedded&v=HfXYrnjjFlU It has always been somewhat called a Benefit, but was originally designed to be a Supplemental Pension. The Social Security Act (Act of August 14, 1935) [H. R. 7260] Now lets see if I can explain the difference of the word Benefits from 1935 and today. In 1935 when the program was designed, an account number was issued to the individual of the funds and the money from that person and their employer was deposited directly into THEIR account (actually Social Security was just one ACCOUNT and the individual ACCOUNT NUMBER was for tracking purposes only). At age 65 that person would then be able to draw money from THEIR own account slowly over a period of time. The money would be paid to the person DIRECTLY from their OWN account and in the beginning with help from the Government to help supplement the shortages to the state. So the BENEFIT was designed to be from the person back to themself, as when the program would be going as intended, the person and their employer would have the money deposited directly into the persons personal ACCOUNT and then payments would be drawn DIRECTLY from their account back to themself. Now the change; Today, the Federal Government has altered the Social Security to include many others and has borrowed $2.6 TRILLION from the Social Security Trusts, so in essence their is no REAL MONEY in anyones accounts and the money has to be allocated through the budget to pay directly to the recipients each month. So NOW when the Federal Government uses the word BENEFIT it wants you to believe that it is something that has been conjured up by them and paid to you, by the government and not from your own Account. If you look at the photo of the Social Security Card above, that is what mine looks like and I got mine in 1964. The words ACCOUNT NUMBER were removed at around 1972, so people with the newer cards do not feel they are paying into their own accounts and then drawing off of their own account, but instead drawing a BENEFIT directly from the government. What has also changed is ec 203 where as upon your death BEFORE age 65 there shall be paid to his estate an amount equal to 3 ´ per centum of the total wages determined by the Board to have been paid to him, with respect to employment after December 31, 1936. This could be considered the DEATH BENEFIT and could be used to help put the person into the ground or whatever, but 3% of the total a person puts into THEIR account, today, could be a considerable amount, if the interest were considered along with it. Paying in for over 40 years and then having the amount paid in collect a min f 3% interest for that 40 years and figure the person made on average $40,000 for all of those years. Nice final check. It also goes on to state thatr the money must be invested in Interest bearing investments and that all earnings will go back to the ACCOUNT. It doesnt say anywhere where Congress can borrow from the ACCOUNT and transfer the money to pay off Federal Debts or to spend at will. What the Feds have been doing to cover having to pay back the IOUs when in fact they can not as they are running DEFICITS each and every year, is they raise the age to be able to collect YOUR money and they also raise the amount you are to pay in, even though the amount you paid in has been enough that if invested in interest bearing investments would have earned more than enough for the individual to draw off from for many many years. APPROPRIATION SECTION 1. For the purpose of enabling each State to furnish financial assistance, as far as practicable under the conditions in such State, to aged needy individuals, there is hereby authorized to be appropriated for the fiscal year ended June 30, 1936, the sum of $49,750,000, and there is hereby authorized to be appropriated for each fiscal year thereafter a sum sufficient to carry out the purposes of this title. The sums made available under this section shall be used for making payments to States which have submitted, and had approved by the Social Security Board established by Title VII (hereinafter referred to as the Board ), State plans for old-age assistance. PAYMENT TO STATES SEC. 3. (a) From the sums appropriated therefor, the Secretary of the Treasury shall pay to each State which has an approved plan for old-age assistance, for each quarter, beginning with the quarter commencing July 1, 1935, (1) an amount, which shall be used exclusively as old-age assistance, equal to one-half of the total of the sums expended during such quarter as old-age assistance under the State plan with respect to each individual who at the time of such expenditure is sixty-five years of age or older and is not an inmate of a public institution, not counting so much of such expenditure with respect to any individual for any month as exceeds $30, and (2) 5 per centum of such amount, which shall be used for paying the costs of administering the State plan or for old-age assistance, or both, and for no other purpose: Provided, That the State plan, in order to be approved by the Board, need not provide for financial participation before July 1, 1937, by the State, in the case of any State which the Board, upon application by the State and after reasonable notice and opportunity for hearing to the State, finds is prevented by its constitution from providing such financial participation. TITLE II-FEDERAL OLD-AGE BENEFITS OLD-AGE RESERVE ACCOUNT Section 201. (a) There is hereby created an account in the Treasury of the United States to be known as the Old-Age Reserve Account hereinafter in this title called the Account. There is hereby authorized to be appropriated to the Account for each fiscal year, beginning with the fiscal year ending June 30, 1937, an amount sufficient as an annual premium to provide for the payments required under this title, such amount to be determined on a reserve basis in accordance with accepted actuarial principles, and based upon such tables of mortality as the Secretary of the Treasury shall from time to time adopt, and upon an interest rate of 3 per centum per annum compounded annually. The Secretary of the Treasury shall submit annually to the Bureau of the Budget an estimate of the appropriations to be made to the Account. (b) It shall be the duty of the Secretary of the Treasury to invest such portion of the amounts credited to the Account as is not, in his judgment, required to meet current withdrawals. Such investment may be made only in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. For such purpose such obligations may be acquired (1) on original issue at par, or (2) by purchase of outstanding obligations at the market price. The purposes for which obligations of the United States may be issued under the Second Liberty Bond Act, as amended, are hereby extended to authorize the issuance at par of special obligations exclusively to the Account. Such special obligations shall bear interest at the rate of 3 per centum per annum. Obligations other than such special obligations may be acquired for the Account only on such terms as to provide an investment yield of not less than 3 per centum per annum. (c) Any obligations acquired by the Account (except special obligations issued exclusively to the Account) may be sold at the market price, and such special obligations may be redeemed at par plus accrued interest. (d) The interest on, and the proceeds from the sale or redemption of, any obligations held in the Account shall be credited to and form a part of the Account. (e) All amounts credited to the Account shall be available for making payments required under this title. (f) The Secretary of the Treasury shall include in his annual report the actuarial status of the Account. OLD-AGE BENEFIT PAYMENTS SEC. 202. (a) Every qualified individual (as defined in section 210) shall be entitled to receive, with respect to the period beginning on the date he attains the age of sixty-five, or on January 1, 1942, whichever is the later, and ending on the date of his death, an old-age benefit (payable as nearly as practicable in equal monthly installments) as follows: (1) If the total wages (as defined in section 210) determined by the Board to have been paid to him, with respect to employment (as defined in section 210) after December 31, 1936, and before he attained the age of sixty- five, were not more than $3,000, the old-age benefit shall be at a monthly rate of one-half of 1 per centum of such total wages; (2) If such total wages were more than $3,000, the old-age benefit shall be at a monthly rate equal to the sum of the following: (A) One-half of 1 per centum of $3,000; plus (B) One-twelfth of 1 per centum of the amount by which such total wages exceeded $3,000 and did not exceed $45,000; plus (C) One-twenty-fourth of 1 per centum of the amount by which such total wages exceeded $45,000. (b) In no case shall the monthly rate computed under subsection (a) exceed $85. (c) If the Board finds at any time that more or less than the correct amount has theretofore been paid to any individual under this section, then, under regulations made by the Board, proper adjustments shall be made in connection with subsequent payments under this section to the same individual. (d) Whenever the Board finds that any qualified individual has received wages with respect to regular employment after he attained the age of sixty-five, the old-age benefit payable to such individual shall be reduced, for each calendar month in any part of which such regular employment occurred, by an amount equal to one month s benefit. Such reduction shall be made, under regulations prescribed by the Board, by deductions from one or more payments of old-age benefit to such individual. PAYMENTS UPON DEATH SEC. 203. (a) If any individual dies before attaining the age of sixty-five, there shall be paid to his estate an amount equal to 3 ´ per centum of the total wages determined by the Board to have been paid to him, with respect to employment after December 31, 1936. (b) If the Board finds that the correct amount of the old-age benefit payable to a qualified individual during his life under section 202 was less than 3 ´ per centum of the total wages by which such old-age benefit was measurable, then there shall be paid to his estate a sum equal to the amount, if any, by which such 3 ´ per centum exceeds the amount (whether more or less than the correct amount) paid to him during his life as old-age benefit. (c) If the Board finds that the total amount paid to a qualified individual under an old-age benefit during his life was less than the correct amount to which he was entitled under section 202, and that the correct amount of such old-age benefit was 3 ´ per centum or more of the total wages by which such old-age benefit was measurable, then there shall be paid to his estate a sum equal to the amount, if any, by which the correct amount of the old- age benefit exceeds the amount which was so paid to him during his life. nationalcenter.org/SocialSecurityAct.html Notice on the image how it says ACCOUNT NUMBER --- -- --- HAS BEEN ESTABLISHED FOR Does that sound like a TAX? It sounds more like YOUR account number and Congress is taking OUR money from OUR accounts, it is that simple, they may want you to think it is a tax and it wont be there for you, but YOU have every right to demand them to leave YOUR money alone and pay it back. nasi.org/learn/socialsecurity/who-pays Here is the exact same article dissected by someone about a year ago. Based on the math above at 1% compounded monthly you would have $4.4 million. I just applied for my SS and well see if I live to 98 to collect all that I put in, I doubt it. datainthenews.blogspot/2012/12/social-security-myths-set-straight.html
Posted on: Fri, 12 Sep 2014 12:08:43 +0000
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