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<>To some extent calling SS a National Pension takes the wind out of the sails of those who call it a ponzi scheme. <>
Social Security originally was a National Pension because it was un-funded. As contributions mounted up it became a pension. When Congress saw all that money sitting there they became greedy and siphoned off funds to pay for their schemes.
Now the fund does not have enough money to pay its future debt, so it must be funded from current contributions of new members who are paying for the withdrawals of people who are previous members of the fund. Bernie Madoff is very upset that he went to jail because Congress is a much bigger thief that he was and Congress has apologists working to preserve the system.
US Social Security is the biggest Ponzi scheme in history. Quit the quackery and stop pretending to fund it on its own. "If it walks like a duck, and quacks like a duck, and poops like a duck, guess what?"
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^^^ The above seems to be similar to American Social Security which comes across as a combo of the above 2
I grew up very poor. When my dad died my mom got Social Security for me and my sister. It certainly wasn't a pension for us at 14 and 10 lol
You were very lucky. When a couple of relatives of mine were growing up with a widowed mom, SS didn't exist yet. A mom cleaning houses couldn't adequately support 2 growing boys. Food was scarce. That's what SS & widow's benefits were designed for. Enabling people to get 3 meals/day.
The names are confusing: Supplemental Security Income (SSI) is a United States government program that provides stipends to low-income people who are either aged 65 or older, blind, or disabled. Although administered by the Social Security Administration, SSI is funded from the U.S. Treasury general funds, not the Social Security trust fund.
Well, were it not for SS and Medicare, lots of businesses would close their doors. Most on SS spend every dime. I view it as organized wealth transfer. It works.
Social Security originally was a National Pension because it was un-funded. As contributions mounted up it became a pension. When Congress saw all that money sitting there they became greedy and siphoned off funds to pay for their schemes.
Now the fund does not have enough money to pay its future debt, so it must be funded from current contributions of new members who are paying for the withdrawals of people who are previous members of the fund. Bernie Madoff is very upset that he went to jail because Congress is a much bigger thief that he was and Congress has apologists working to preserve the system.
US Social Security is the biggest Ponzi scheme in history. Quit the quackery and stop pretending to fund it on its own.
"If it walks like a duck, and quacks like a duck, and poops like a duck, guess what?"
Except they never siphoned anything from the trust fund. Ridiculous claim without any basis in reality.
Well, were it not for SS and Medicare, lots of businesses would close their doors. Most on SS spend every dime. I view it as organized wealth transfer. It works.
That's true . There's another thread around here that complains the rich don't spend enough.
The names are confusing: Supplemental Security Income (SSI) is a United States government program that provides stipends to low-income people who are either aged 65 or older, blind, or disabled. Although administered by the Social Security Administration, SSI is funded from the U.S. Treasury general funds, not the Social Security trust fund.
Exactly!
SSI came about in whole or part to deal with those who were not yet able to get Social Security and or couldn't for various reasons, but still were in need of aid.
Since SS is funded via payroll deductions from employers and employees, money couldn't be diverted to those who never worked. So the idea was hatched to create another government scheme (SSI) that would cover the disabled, blind, and elderly who never worked and or reached even the minimum quarters to qualify for Social Security.
Certain elderly immigrants (mostly refugees and or asylum cases) receive SSI because they never will be able to get Social Security.
It's not a pension. It was never intended to be a pension. It's a pretty pathetic one, if that's the way you want to characterize it. It was originally conceived as minimal assistance so people wouldn't go hungry. At least they could buy food. It was a reaction to the conditions of the Depression.
Social Security was meant to be part of a "three legged stool" (pension, SS benefits, and savings/investments) that would form a part of wage earners (and or their spouses/minor children) income after reaching a certain age.
The main demographic targeted were women and children (widows, etc..), who were often left in very bad fiscal shape in old age. If you examine how Social Security works women who marry (and marry well) do better on average historically than spinsters. This was largely a product of fact women earned far less money historically than men. Things begun to change after the 1970's and still into today as women earn more of their own money thanks in part to passage of various anti-discrimination laws/regulations that opened up entire professions and other careers to women.
Fast forward to modern times and for many that "three legged stool" is gone. Pensions are vanishing and fewer Americans save anywhere near the sums needed to survive in complete retirement (ceasing all paid work). So for many Social Security has become the de facto sole income; that is not good my friends.
Other fly in ointment is that thanks to better healthcare seniors and elderly are living longer. So even those who did manage to save a bit of something now must make that money last one, two, three or more decades after retiring. Without a pension that means savings/investments and SS are the only two things left.
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