Monday, November 03, 2008

I Didn't Realized the SSA Shared My Point of View

That social security is NOT a part of the "social safety net." People don't consider a life annuity voluntarily purchased from a bank or insurance company part of the social safety net, why would we consider the involuntary life annuity with poor contract terms part of the social safety net? Surprisingly, I discovered that the SSA agrees:
The main source of Social Security income is the taxes that employees, employers, and the self-employed pay. This method of financing Social Security—a payroll tax on workers and their employers—remains the primary method of financing the program. The Social Security program has won widespread public acceptance and support largely because it is directly supported by the people who receive benefits from it. Both benefit amounts and Social Security taxes are based on the worker’s earnings under the program. This aspect of Social Security helps to avoid any implication that the benefits are a form of government assistance or public charity.

2 comments:

Matt E. Ryan said...

"The Social Security program has won widespread public acceptance and support largely because it is directly supported by the people who receive benefits from it."

Wow. Wow all over that sentence.

Anonymous said...

Well I acquiesce in but I think the collection should acquire more info then it has.