MAMEWorld Forums - The Loony Bin - Re: This should start a nice discussion Part Duex

> 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?

Also:

7. Under Dwight Eisenhower (R), the tax rate was raised to 4.0% (2.0% for the employer, 2.0% for the employee) and disability benefits were added.

8. Under Richard Nixon (R), there was a 20% increase in benefits for 27.8 million Americans.

9. President George W. Bush (R), pushed for a partial privatization of the Social Security system so contributors could invest their contributions in the stock market. No specific mention was made of any changes that would allow everyone to just buy silver with all of their contributions.

When Social Security was started, the average life expectancy was 64 years old and benefits would start paying at 65 years old. Now, life expectancy is nearly 79 years old. Perhaps if we eliminate Medicare, the whole thing will sort of just sort itself out. Otherwise, I think any changes we make should apply to those who had not yet reached the age of 35 in 2011.

Oh for Pete's sake.
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