THE SOCIAL SECURITY MYTH
By Betty Freauf
September 28, 2011
When the question of Social Security’s constitutionality was raised before the Supreme Court in 1937, the Social Security lawyers admitted to the Court that it was not insurance but a Welfare plan, saying: “Moreover, the Act creates no contractual obligation with respect to the payment of benefits. The court has pointed out the difference between insurance, which creates vested interests, and pensions and other gratuities involving no contractual obligations. The Act cannot be said to constitute a plan for compulsory insurance within the accepted meaning of the term ‘insurance.’” Victor Simon, a District of Columbia Consumer Protection official said in a 1981 telephone interview with Gary Allen, author of “What You Should Know About Social Security” said, “Without a doubt and without hyperbole, it is the biggest ripoff in history.” Where was the mainline media?
Further, so-called “trust funds” contain no cash, but only bonds – pieces of paper signed by politicians representing promises to pay in the future. The government has already spent the money taken from millions of people for Social Security. It’s gone. The promise that you will get something out of the program later when you retire relies entirely on the government’s power to tax the next generation to its knees. As Abraham Ellis explained ten years ago (1971) in The Social Security Fraud:
A DOUBLE WHAMMY