If you, your children, your parents or your grandparents receive the benefits of Social Security, you are a Socialist.
On August 14,1945, President Franklin Delano Roosevelt signed the Social Security Act passed by Congress. It was a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement. It also covers disability and survivors insurance.
It is an earned benefit. It was an insurance program where workers, through and with their employers, paid a premium to cover their expenses after retirement. It was intended to be like modern day car, home, or health insurance.
Unfortunately Congress treats the fund as its own personal “petty cash”.
What is more unfortunate, bordering on criminal is that the cap on employer and the individuals contribution is $128,400. That’s correct; if your income is $1,000,000 you will not be required to contribute to Social Security on $871,600 of your income.
And lastly is the fact that the security systems for our elderly, disabled and survivors exist no longer. Children cannot or will not take care of their parents. The state and churches are no longer taking full responsibility. It is highly unlikely that they can or will be able to step up.