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The Fiscal Bluff
MNIce in Minnesota
Thursday, December 6, 2012 at 2:51 PM
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Unfortunately, there is no legal obligation on the part of the Federal government to give you any Social Security payments. The Supreme Court long ago ruled that FICA taxes are "irretrievably mingled" with other Treasury revenues, and there is no account in your name with money waiting for your retirement. That money was spent the instant it reached Washington. It went to buy the votes of welfare recipients, highway users, university administrators and their constituents, government grantees and contractors, labor unions, etc.
The Supreme Court also observed that continuing Social Security payments is at the discretion of Congress - Congress can change the amount or eliminate payments at any time. Democrat politicians use this fact to scare retired voters into toeing the line and preventing any serious attempts to reform the system - they always claim any attempt to free the people from the shackles of government-controlled retirement will result in present payments being cut off.