Last night I was watching a clip from one of Barack Obama’s campaign stops as he tries to pull the democrats’ chestnuts out of the fire, wherein he told the adoring crowd that if elected, republicans would take away their Social Security. But what the chosen one failed to mention was…
- When the Social Security FICA program was introduced, taxpayers were promised that participation in the program would be completely voluntary – it is no longer voluntary.
- Taxpayers were promised that the money put into the program would be deductible from their income for tax purposes each year – today that money is no longer deductible.
- Taxpayers were told FICA contributions would be put into the independent trust fund rather than into the General Operating fund and would only be used to fund the Social Security retirement program and no other government program. However, that money was moved to the General Fund and is spent every year.
- Taxpayers were told the annuity payments to the retirees would never be taxed as income but today, up to 85% of your Social Security can be taxed. —I think this is called double taxation.
Each of the changes to Social Security occurred under democrat administrations, which means it’s the democrats who have broken every promise made about the program, yet Obama turns around and tell us that the Republicans want to take our Social Security away, but the worst part about all this is that the uninformed actually believe it.