| In his State of the Union Speech, our | | | | live from social security check to social |
| president said entitlements, including social | | | | security check. If it is privatized, at least |
| security, disability and Medicare need to be | | | | 10 percent of everyone's check will go toward |
| fixed because the fund is depleted. | | | | 'administration fees' of the company |
| | | | receiving the money to invest. Then deduct |
| According to the May 2007 report of the | | | | the broker's fee also. |
| United States Treasury Office of Economic | | | | |
| Policy, Social Security and Disability funds | | | | People receiving Social Security do not need |
| available at the end of 2006 were Seven | | | | a 'middle man' to handle their money and |
| Hundred Forty-Five Billion Dollars. This is | | | | charge a fee for doing so. |
| far from being depleted as the president | | | | |
| warned of. All the dire predictions we hear | | | | Payments into the Social Security, or the |
| are because of Hospitalization costs are | | | | Entitlement Fund, are not to be co-mingled |
| rising exponentially. It is not Social | | | | with taxes collected. These payments are put |
| Security or Disability that is in trouble, as | | | | into a special 'fund'. Therefore, the |
| the president alluded to, but medical costs. | | | | government should not be able to use this |
| | | | money for anything else. A few years ago, the |
| All numbers quoted are directly from | | | | government started taking money out of the |
| government reports, see below. | | | | Entitlement Fund and giving IOU's. |
| | | | |
| One hundred sixty-two million people | | | | Over the next ten years Social Security and |
| contributed to the entitlement fund in 2006, | | | | Disability fund assets are expected to double |
| not one hundred twelve million as the | | | | - after 2017 the treasury will start to pay |
| president said. Perhaps he erroneously | | | | back what the government 'borrowed' from the |
| deducted the 50 million that are receiving | | | | entitlement fund - this should keep the fund |
| benefits. Thirty-four million are retirees | | | | solvent for about twenty-three years or |
| who paid into the fund, seven million are | | | | through the year 2041. My calculator does not |
| minor dependents of people that died, nine | | | | have enough places on it to figure out what |
| million are people on disability who had also | | | | 23 times 745 billion dollars come to, but |
| contributed to the fund. | | | | apparently that is how much the government |
| | | | raided the entitlement fund for. A quick |
| Our president said that Social Security | | | | guess would be almost 20 trillion dollars. |
| should be privatized. This means every | | | | |
| recipient entitled to receiving Social | | | | The warning of the entitlement fund being |
| Security, or Social Security Disability, will | | | | depleted, and the suggestion of privatizing |
| have to give part of their payment to a | | | | reminds me of a public service commercial on |
| broker to invest for them. This is a win win | | | | television. It reminds me of - 'we are the |
| situation for Wall street and the stock | | | | good telemarketers and senior citizens have |
| market, but a Lose Lose situation for Social | | | | had their identity long enough'. Now replace |
| Security recipients as the majority of them | | | | 'identity' with social security checks. |