Franklin Roosevelt (D) introduced the Social Security (FICA) Program. He promised:
1. That participation in the Program would be voluntary.
No longer Voluntary
2. That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the program.
Now 7.65% on the first $90,000
3. That the money the participants elected to put into the program would be tax deductible.
No longer tax deductible after the Clinton administration, with Al Gore casting the 'tie-breaking' deciding vote as President of the Senate.
4. That the money would go to an independent 'Trust Fund' rather than into the general operating fund, and therefore, would only be used to fund the Social Security Retirement Program.
Under Johnson (D) and a party-monopoly of both chambers the money was moved to the general fund and spent.
5. That the annuity payments to the retirees would never be taxed as income.
Under Clinton & Gore now 85% of your Social Security is subject to taxes.
6. Only those who contributed would be eligle to benefit.
Under Jimmy Carter (D), elderly immigrants who never paid into the system are now eligible for annuity payments.
Government has a terrible track record with our money and managing our entitlements, yet we keep naively thinking this time will be different. We can't control future congresses, so is't it better to close (and never open) pandoras box of taxes. Yes, some people will mismanage their futures and their money, but that they do unto themselves... why institutionalize mismanagement so that it applies to everyone?
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This should start a nice discussion Part Duex
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