G. Max Bloodworth: The Social Security scheme

November 8, 2013 

I’m sick and tired of hearing Social Security referred to as “government benefits.” Most people have forgotten that since Franklin Roosevelt established Social Security in the 1930s as an involuntary government “insurance plan,” a sizable deduction has been made from every working person’s salary to contribute to a trust fund, into which the premiums were deposited, thereby earning interest to meet future obligations.

This worked well until the 1960s when Lyndon Johnson looted the Social Security trust to establish his so-called “Great Society” anti-poverty program. The looted trust fund then required congressional funding from taxes every year to meet its obligations and is rapidly going broke. In spite of this, the U.S. poverty level is greater than ever.

To add insult to injury, Social Security recipients are being taxed on up to 85 percent of their total payments, just to receive money back that was forcibly taken from their earnings. This is the most perfect “Ponzi” scheme ever perpetrated! If an individual or corporation had pulled off a scam of this magnitude, they would be keeping Bernard Madoff company in a federal prison!

G. Max Bloodworth

Archer Lodge

News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service