Posted by
Always To The Right on Sunday, August 16, 2009 10:29:43 PM
. . . there's
no Social Security account containing your money, but more importantly, the
U.S. Supreme Court has ruled on two occasions that Americans have no legal right
to Social Security payments.
In Helvering v. Davis (1937), the court held that Social Security was not an
insurance program, saying, "The proceeds of both (employee and employer)
taxes are to be paid into the Treasury like internal-revenue taxes generally,
and are not earmarked in any way."
In a later decision, Flemming v. Nestor (1960), the court said, "To engraft
upon Social Security system a concept of ‘accrued property rights' would
deprive it of the flexibility and boldness in adjustment to ever-changing conditions
which it demands ..." That flexibility and boldness mean Congress can constitutionally
cut benefits, raise retirement age, raise Social Security taxes and do anything
it wishes, including eliminating payments.
If a private retirement company reneged on its promises, we could take it to
court. If Congress reneges on its promises, there's no judicial course of action
whatsoever.
Vital to any Ponzi scheme, like Social Security, is the ability to recruit as
many suckers as possible.