June 14, 2011
Social Security Sounder than Private Pensions
For the past 75 years social security has been fully funded by Americans who have withdrawn what they put in. The system is so financially sound it operates on only .09% of its revenues and pays out 99 of every dollar collected. Social Security is the most successful and responsible government program ever invented. Hundreds of millions of Americans have received critical funds at a time of the lives when they most needed financial support. Without Social Security the American economy would have lost more than a dozen trillion dollars in consumer spending. Today, SS has a positive balance of almost 3 trillion and is expected to reach toward a 4 trillion surplus within the next decade. Fear Mongerers lie and distort the facts when they say benefits will be funded on the backs of our children. Recipients are guaranteed to get back everything they put in for the next twenty-five years, and with adjustments, our children and grandchildren will collect what they put in far into the next century. SS operates without a deficit, does not borrow money, and has worked for 100% of its participants. SS has been around now for longer than most businesses. There will never be a private retirement plan that can match America’s Social Security.
Richard Dorsey, Hacienda Heights