[quote]DoubleDuce wrote:
[quote]pittbulll wrote:
When I started paying my taxes and insurance policies , it was called Social Security INSURANCE. Back in the JOHNSON ADMIN. they started borrowing money from it . After the point came where it was not feasible to pay it back they started calling it a tax .
It will probably be one of the largest thefts in American history , if they pull it off .
[/quote]
The average person puts in something like 150K and takes out 320K. It would go bankrupt without any of the borrowing. They take from 2 people to give to one previous one. Also known as a pyramid scheme. If a company did the same thing, the people who ran it would end up en jail.[/quote]
Hilarious, because you are both correct.
The funds were (are still I believe) kept in the general fund, as I understand it. So therefore the government has been “borrowing” on it since the beginning.
However, even if they didn’t borrow it, the babyboomers were going to break it.
The money isn’t invested, and not held in a personal account for you, you are paid back more than you put in (which is called a return) because the people today are paying in more than you did. DD is 100% correct that if you started a private firm and did this you would be in a cell next to Madoff.
It is still technically “SSI” social security insurance. However it is part of your “payroll tax” and referred to as a tax very often.