On January 31, 1940, the very first Social Security check ever delivered went to Ms. Ida May Fuller, a former legal secretary who had recently retired.
Ms. Fuller had spent just three years paying into the system, contributing a total of $24.75 to Social Security.
Yet her first check was for nearly that entire amount. Quite a return on investment.
She went on to live past 100, collecting a total of $22,888.92, over 900 times the amount she contributed to the program. Her story is quite the metaphor.
If you’re not familiar, Social Security is comprised of two primary trust funds: Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI).
Essentially, all of the taxes paid in to Social Security end up in one of these two trust funds.
The trust funds then ‘manage’ the money to generate a rate of return, and then pay out distributions to program recipients.
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10 comments:
Why is it that Congress can always say they are going to have to cut Social Security, but it never says it is going to have to cut welfare programs?
Disingenuous BS. Congress IMMEDIATELY takes the CASH in that fund (to cover their stupid spending) and REPLACE THE CASH WITH IOU's!
Your "guy" is doing it, too.
If you are under 45 years old, you are paying into a system (under threat of prison) that you will never see any benefit.
"We, the people" go to PRISON for that Ponzi scheme crap.
Keep cheering.
I think that all gov. workers should be paying into the trust.
There are no 'trust' funds.
That's only an accounting term
How about all the people that pay into SS but die long before they are able to collect any benefits? Government does not know how to manage money, period, end of story.
Hey Ray, government workers DO pay into SS. Somebody gave you a bit of bad info.
Exactly right. How do you think Reagan broke the bank of Russia. Not to mention good old bill Clinton got credit for reducing welfare rolls. He certainly did. Put them ALL on SS rolls. Yep people who NEVER WORKED a day in their lives are collecting.
Social Security is a pyramid scheme. I is impossible for it to last.
not if you work for the postal system
Why is illegals drawing it or the legal ones are drawing it soon as they come to the US. How about the government giving Foreign aide to US enemies from this fund? Why is Foreign Aide stopped immediately except for Israel and put that money into SSI? These other Countries are destroying the US. We don't need the petroleum, we have enough here, So "Drill Baby Drill". Sell our food at a price of the petroleum if we have to buy theirs. They cut us no break. We give them no break. No More Giveaways.
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