What exactly is Social Security?

Question

What does Social Security actually do? Is someone's Social Security number related to Social Security payments from the government...? What is the reason for a Social Security number and how is it supposed to relate to someones life?

Answer 1

Social Security is a TAX on employment wages.

That's what it is, a "special use" or "specific use" tax.

The tax is supposed to be sequestered and then used for a WELFARE PROGRAM, the "old age and surviivor and disability insurance" program (called OASDI, which is what the tax is called on your pay stub and annual W2 form).

The net unfunded debt (that's the money we can calculate must be paid less the assets owned) by this program exceeds 11 trillion dollars. It's broke. We have to sunset it. If you are young, you'll never see any of it anyway.

The purpose of Social Security was to elect Franklin Roosevelt to a third term (an unheard of possibility at the time) in 1940.

The purpose was successfully accomplished.

It's a TAX and a WELFARE PROGRAM engineered by an ambitious politician who died 61 years ago.

It's a whorehouse, but there are bigger ones (like Medicare, which has only been around half as long but has a net unfunded debt of $66 trillion dollars... that's a dollar bill every 4,000 feet all the way to Alpha Centauri and back).

The newest whorehouse is the retiree's "prescription drug benefit program" which is only A YEAR OLD and has a net unfunded debt of $7.9 trillion. It was enacted to re-electe "W" and it did so. And you'll pay for it past your death.

Answer 2

Social security provides retirement and disability benefits based on your earnings from the five years of your highest contrbutions out of the previous ten years before the onset of a disability or retirement age. Your social security number identifies you in the system and is a way to track your earnings. Your number was originaly used for only social security matters and wasn't supposed to be used for identification as it states on my original card. its use has expanded now through banking, IRS, credit reporting and practically every aspect of our modern economic life. By the way there is no recourse if the government wants to stop the program.

Answer 3

It's a forced retirement plan, mandated by federal law.

Anyone who works is required to pay into the Social Security fund, as a special form of tax. When (or if) they retire, the fund pays them a retirement pension (fairly small, nowadays) for the rest of their life.

The SSN (Social Security Number) was originally intended only for tracking those payments, then was expanded to cover all income- related government transactions, then eventually morphed into a national personal identification number.

Answer 4

its an-insurance company you have topay into whether you want to or not because the goverment does'nt want to have to support you in your old age. you can retire when you are 62 but won't get alot og money each month. at 66 you get alot more. Hardly enough to live on but you can. Your number tells FICA how much you are putting in so they know how much you can draw out when you retire or can't work anymore for some other reason. also used for ID in most goverment agencies. especially military. these days its best to keep your number a secret as much as possible because of idenity fraud. dependents can also draw if you die and they are too young to work.