Social Security, well here goes....even though we are not a nation founded on Christian values but rather enlightenment ones, it is good that we try to follow the ten commandments as a nation. Just as God required of Isreal. For those of you reading along turn with me in your bibles to your New Revised Standard Version of the Bible to Exodus 20:12 The Fifth Commandment -12 Honor your father and your mother, so that your days may be long in the land that the LORD your God is giving you. Social Security as it exists in current law though not perfect, was designed so that Americans can keep this commandement as a nation. Social Security was a response to the poverty that resulted from catastrophic failure of the stock market, which in turn, resulted in the starvation and untimely deaths of many elderly Americans.
First lets begin with how the system works now. For the first 90,000 you make you pay a tax which appears on your pay stub as FICA or Federal Insurance Contributions Act hence the name payroll tax. The money that you pay into the system goes directly into the hands of an elderly contributor (our fathers and mothers) to pay their bills. Since the eighties American taxpayers have been paying more than their fair share of taxes so that we can build up a surplus which will be used to pay for the "baby boomers" who are the demographic bubble created by the more WWII soldiers returning home and well... making up for lost time. The surplus or extra money is sitting in U.S. Treasury Bonds the safest investment money can buy. More to Come