Social Security is a entitlement, no it’s not, yes it is.

Let’s make a few points about Social Security and you can decide:

  1. You did not pay for your benefits.
  2. Because payroll taxes are used as primary funding, it may appear these are different from other taxes and thus related to you and your benefits. That is not the case.
  3. You are entitled to Social Security benefits as long as you are eligible based on current provisions of the law.
  4. The Social Security law can be changed at any time by Congress, changing the terms of eligibility and any other aspects of the program.
  5. There is no relationship between the taxes you pay and the benefits received. For example, spouses and ex-spouses can receive benefits without one related penny in taxes paid toward their benefit.
  6. Social Security is funded through payroll taxes, income taxes paid on up to 50% of the SS benefit received and the interest on the Trust Fund Treasury Bonds.
  7. Most people receive in benefits all the taxes they and their employer paid within 7-8 years of starting to collect.
  8. The excess of payroll taxes over benefits paid ceased in 2010 and thus purchase of new Treasury Bonds stopped.
  9. The only reason full benefits can be paid today is because of the interest being earned on the Bonds. About $80,000,000,000 per year.
  10. . The OASI Trust Fund reserves are projected to become depleted in 2034, at which time OASI income would be sufficient to pay 77 percent of OASI scheduled benefits.

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