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SOCIAL SECURITY IS FINANCIALLY SOUND

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SOCIAL SECURITY IS FINANCIALLY SOUND

In the June edition of the AARP Bulletin, the grandson of Franklin Roosevelt, the president who passed into law the national retirement program called Social Security, writes about what he calls the enduring truths of the program.  He says those who are yelling that the sky is falling concerning the funding of social security are just purveyors of fear who bear close resemblance to the program's early opponents in the 1930's who went so far as to call the program a hoax.  He says, "Social Security costs are funded out of its own dedicated revenue stream. It does not and cannot borrow money to finance its operations. There is no deficit financing...The administrative cost is .09 percent. It returns more than 99 cents to beneficiaries on every dollar collected...By the end of 2010, the Social Security trust fund had a positive balance of $2.6 trillion. As a result of interest earned on the trust fund balances, the fund's surplus will continue to expand to approximately $3.67 trillion at the end of 2022. After that year, it is projected that the balance will begin to decline. Still, reserves will be sufficient to pay full benefits through the year 2036. After that, Social Security would still be able to pay for 77 percent of benefits...This is decidedly not a program that is broke or going broke. In fact, this is quite a remarkable achievement."

So next time you hear someone saying that Social Security is going broke tell them their wrong and ask them where they got their information. Most likely they got it from someone who has a political motive to terminate the most effective and responsible government program there is.

Besides, it's money that you've contributed. It's your money. Demand that you actually get it. Don't let anyone take it away or put it at risk by putting it in the hands of the same Wall Street robber barons who got us into this mess!

 

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A graduate of the State University of New York at Buffalo with an MBA in 1980, John went into the banking business from 1981-1991. John went into the gymnastics business with his wife, with whom he has two children, in 1992 and grew it enough by (more...)
 
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