Social Security, setting the record straight. Last night, I heard yet another speaker refer to Social Security as an unfunded entitlement. This is a prevalent, but false representation. It is far past time to set the record straight. Social Security is a savings program, or so we were told. As one of the tens of millions of hard-working Americans that paid into this system for a lifetime, with absolutely no benefit, I can attest to the fact it has been funded. Another mischaracterization is the way the Social Security "problem" is described. Let's be clear. The "problem" is not old people; the problem is embezzlement by a Congress and federal government that cannot keep its hands off our money. It took our savings, spent it, left behind lots of IOUs, and extended benefits to millions that did not pay into the system. Who has to pay those IOUs? We the People, of course. By a sleight-of-hand, our labors were turned into more debts. I am no fan of socialist programs, but if anyone wants to speak honestly on the topic, he or she should draw a sharp distinction between Social Security, which has been funded by its beneficiaries, and Medicaid, for example, which actually is an unfunded "entitlement" program.
Funded but embezzled. Nicely said.
Hat Tip Kirk