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  • Broke
  • Last year the Social Security Administration sent $127.7 billion to those determined disabled but took in only $104 billion in Social Security Disability Insurance (SSDI). Deficits began draining the trust fund in 2005 and are expected to be exhausted by 2017

  • Account Overdrawn
  • Just as when individuals spend beyond their means to repay, so too, do states and nations. "Washington's public debt is nearly $8.5 trillion, which comes to about 58% of the U.S. economy, compared with ratios exceeding 100% in places like Greece.

  • The End of Healthcare
  • Make no mistake about it: socialized medicine is medical treatment at the point of a gun. Under a single payer government plan, medical decisions will be taken out of doctors' hands and relinquished to the arbitrary whims of government.

  • Vet Falsely Accused
  • An atmosphere of suspicion and distrust was created even before Bill arrived at the meeting with Social Security's consulting psychiatrist, Dr. F. Bill called him from the road to tell him he was on Key Bridge and would be a few minutes late.

  • Our Deceptive SSA
  • An audit of the Social Security Administration by the Office of the Inspector General (OIG) two years ago uncovered some very disturbing and damning facts. Among them are: Hundreds of pieces of unopened mail;

  • The Good, Bad, & Ugly
  • Over many years I have seen a lot of representatives ask questions about the numbers of jobs vocational experts (VEs) testify to under a set of limitations the ALJ accepts. However, the latest dialogue among representatives has confirmed for me

  • Do The Math
  • For the purpose of constructing a model which excludes the fact that the number of workers (who pay the bill) is less than the number of retirees (who collect via SSA from the workers), consider the following: Start with an eighteen-year old

  • Backlog Crisis
  • The latest processing times for Social Security disability cases have hit new all-time highs. The average lengths of time up to May of 2008 for Social Security disability claimants to get a hearing after a hearing is requested, has been received from the Social Security Administration through

    • Safety Net Knot
  • CHEWELAH, WA. David Michaelis felt the symptoms of a rare neuromuscular disease in October of '02.The condition causes involuntary movements of the head and neck, which destroys the ability to coordinate eye-hand movements.

Book: How To Win

Do The Math

8/9/2005 | Author Admin | Edit

For the purpose of constructing a model which excludes the fact that the number of workers (who pay the bill) is less than the number of retirees (who collect via SSA from the workers), consider the following:

Start with an eighteen-year old entering the workforce today earning a $10,712 annual minimum wage until retirement at age sixty-seven. 10.6% of his wages would be paid into payroll taxes for the retirement portion of Social Security ($1,135/year). If 100% of his previously forced payments were instead paid into a private account at a 6% constant-dollar rate of return (which is below the historical norm) then this yields a $359,406 retirement fund.

If we apply the government's Thrift Savings Plan calculator http://www.tsp.gov.with its historically low 4.25% annuity interest rate, the fund can buy a lifetime annuity paying $2,073/month, with COLA, which is more than twice what the worker earned while working.

On the other hand, Social Security promises about $590/month, 72% less than the private example. This individual would only get $413 per month - 20% of the private annuity.

So, Social Security is actually detrimental to the very people it purports to help. The Social Security Act was made a law on the basis that it would provide a safety net to those who are too old or too sick to work. But, as demonstrated above, the opposite is true; it cripples the very people it is supposed to help.

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