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