SOCIAL SECURITY SINCE CARTER CONSTITUTES FEDERAL GOVERNMENT THEFT OF SOCIAL SECURITY PAYROLL TAXES
The Social Security trust fund, for which the feds are allegedly its trustee, was turned into a pyramid club by Carter. He transferred the contents of the fund to the general fund to be spent as the feds wanted, and thereafter deposited all payroll deductions into the general fund and had the treasury department write IOUs to the Social Security Trust fund for all such transfers. Had Carter not made these transfers, he would have had to cut federal spending and/or raise taxes which were then already 70% on taxable income for the highest tax bracket.
About a third of many people's retirement income comes from their checks from social security. Had they the opportunity over the 45 years until retirement to put all their employer's and their payroll deductions into US Treasury Bonds at 3% interest-- admittedly not the best investment available--their retirement income from that investment would now be almost what it is now from Social Security.
At 3% interest per year from Treasury Bonds, and annual social security payments of $10,000 for (65 " 20) = 45 years, the principal when 65 would be equal to $927,198.61.
At 3% interest per year from Treasury Bonds, If one lived to 100 or 35 more years until the principal was zero, one's annual income would be $15,335.21 per year.
But, at 6 % interest per year from AAA corporate bonds, the principal at 65 would be $2,127,435.14. If one lived to 100 or 35 more years until that principal was zero, one's annual income would be $19,091.30 per year.
Of course, the feds expect Americans will on the average die between 78 and 79 years old, so if you think you'll die about then, the actual payments should be much larger at both 3% and 6% interest..
Who stole and who is currently stealing from whom?
…….VALUE WHEN 65……..PAYMENT PER YEAR……..ANNUAL INTEREST RATE
…………………………….…………65 to 100 years old
$450,000.00 $12,857.14 0%
$564,810.75 $13,557.54 1%
$718,927.10 $14,380.13 2%
$927,198.61 $15,335.21 3%
$1,210,293.92 $16,432.55 4%
$1,597,001.56 $17,681.53 5%
$2,127,435.14 $19,091.30 6%
$2,857,493.11 $20,670.99 7%