Friday, October 16, 2009

Social Security: Dead or Alive

Today brought a shocking announcement that for the first time since 1975, Social Security will not give out payments which account for inflation and further devaluation of the U.S. dollar.

Social Security continues as the worst performance out of any government tax and subsidy plan that exists. The saddest part is that millions of Americans are constantly giving their federal taxes to support themselves in retirement. There remains no question that a devalued dollar and a hyper-inflated economy is poised to completely master the system.

Al Gore promised in 2000 to puts Social Security in a "lock-box." But since then, Social Security has hardly played any role in the political debate. No doubt, it deserves criticism for its evident flaws and dubious practices.

When introduced in 1935, Social Security taxes accounted for only a fraction of a percent of tax on a citizen's hours of labor. Social Security requires each American to have a Social Security issued-number to hold a job, and gives each American a "special number" tied to all financial, health and other transactions they will make in their life.

Besides the point, President Barack Obama showed his disregard for the People's liberty when after laundry-listing America's problems he derided that, "after we deal with all of that, then we'll start to look at Social Security."

It is now common knowledge across America that Social Security is in a crisis and that with the aging of the "Baby-Boomers" generation, current taxpayers (with a decreased workforce of 5 million in the past year) will hardly be able to pay for their parents, much less enjoy any benefits themselves.

It is doubtful Social Security reform will come, rather it'll continue as a broken system with devalued purchasing power and an ever decreasing credibility. When confronted honestly, FDR's promise to America is looking more like a purposely-made mistake.

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