Social Security Is the Payout for Years of Investment

By EGP News

Usually when people talk about entitlements, they are referring to what they consider un-earned government payouts.

Social Security is not one of those entitlements.

Workers pay into the Social Security Trust Fund most of their working lives and their employers match their contributions.

For the non-government working class, Social Security is often their only retirement fund.

You can’t blame Social Security retirees for trying to protect their retirement nest eggs from being cut, especially while other entitlements, such as government subsidies to agri-business, oil producers, cattle farmers and others, most of them unearned, remain untouched by cost cutting efforts in the Congress.

For too long, the Social Security Trust Fund has been used as a bargaining chip to balance the federal budget. It is blamed for doing exactly what it was set up to do: pay benefits to those who contributed their hard-earned wages through withholdings from their paychecks.

Social Security recipients are unfairly penalized for the often meager wages they earn while receiving social security benefits that are above the federal limit, but the same cannot be said for retirees with Roth IRAs or other pension plans that continue to earn an income.

We believe the Social Security program is one of the best managed funds in government today and that it is high time members of Congress stop feeling “entitled” to hold up workers hard earned Social Security contributions as a way to balance the budget.

As for cutting Medicare benefits, which workers also make contributions to, due to so-called shortages in the fund, is once again blaming the wrong people.

Medicare recipients should not be blamed for the skyrocketing costs of drugs, hospital costs, or other related expenses that drain Medicare. Congress, the medical and health care industries, and insurance companies are to blame for failing to reign in costs and for failing to bargain for better prices from the drug industry, the largest cost to the fund.

So let’s be clear, Social Security is an entitlement earned through investment.

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December 13, 2012  Copyright © 2012 Eastern Group Publications, Inc.

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