Social Security Check is now called “Federal Benefit Payment”
The government is now referring to our Social Security checks as a “Federal “Benefit” Payment.” This isn’t a benefit. It is our money paid out of our earned income! Not only did we all contribute to Social Security but our employers did too. It totaled 15% of our income before taxes.
If you calculate the future value of your monthly investment in social security ($375/month, including both you and your employers contributions) at a meager 1% interest rate compounded monthly, after 40 years of working you’d have more than $1.3+ million dollars saved!
This is your personal investment. Upon retirement, if you took out only 3% per year, you’d receive $39,318 per year, or $3,277 per month. Are you getting that???
Instead, the folks in Washington pulled off a bigger “Ponzi scheme” than Bernie Madoff ever did. They took our money and used it elsewhere. They forgot (oh yes, they knew) that it was OUR money they were taking. They didn’t have a referendum to ask us if we wanted to lend the money to them. And they didn’t pay interest on the debt they assumed. And recently they’ve told us that the money won’t support us for very much longer.
VLA Comment: Ask your representative to deal with this!!! The renaming of this as a “benefit” is a slight of linguistic hand…It is not a “benefit” that the Government can issue or withdraw…IT IS OUR MONEY WE SAVED, be held by the government… that we and our employer put in the the hopper to support our senior years.
A global criminal phenomenon is my guess.
That fund was known in Australia as the Welfare Fund, paid into on form IR12 (the NZ form ID) at a rate of 1/6 per pound (3.5%) from GROSS INCOME, the remainder of which was subject to income tax.
This was administered under the Social Services Act (1946), and government was expressly forbidden to even touch it. The Welfare Fund belonged to the workers. The Social Services Act and the fund therein was mandated by national referendum in 1945, because it required an amendment of the Constitution to install.
In the 1980s, PM Paul Keating. illegally applied a means test to the age pension, preventing the aged from working to earn a supplementary income to a pension that had declined in value by 30%.
US insiders say the original momentum for the mRNA jab and Remdesivir was to eliminate the aged and thus hide the theft of age pensions.
No doubt, our Oz politicians were advised likewise.
Ellen Brown of the US Public banking Institute knows this history too, including how the Welfare Fund paid for the Snowy River Scheme, with no repayment ever being made or interest paid.
The war goes on…
PS I have launched my return war.
This was stolen by PM Robert Menzies in 1954. The identical NZ fund was stolen by PM Robert Muldoon in the early 1970s.
This might give you some historical background because I think the eUS system was copied from the south Pacific versions.
Problem is, in Massachusetts, we have Warren and Markey, who are worse than useless.
We’ll have to hope for others with some leverage.
Thanks for your work, E
I have Schumer! Yep Markey and Warren are pretty bad!