Now, I wish to address the issue of Social Security. As most middle class working people are concerned, Social Security is an entity that was a welcome addition to the New Deal program instituted by Franklin Roosevelt during the Great Depression. It has been a cornerstone of retirement for working class Americans. As of late, Social Security’s survival has become a very real concern for working class Americans. For the record I want to state that working class Americans and most corporations have contributed to the funding of this program. All working class American have contributed fifteen percent of our income to the program before taxes. For example, if a person averaged $30,000 dollars a year for fifty years of his or her working life, then the average money contributed results in $220,500. If you calculate the future value of $4,500 per year at a simple five percent, then after working for fifty years a person would have $892,919.98. If an individual only took out three percent per year, a person would receive $26,787.60 per year. The money would last for over thirty years and that figure is without any interest being paid on the initial deposit.
If an individual bout an annuity and it paid four percent per year, an individual would have a lifetime income of $2,976.40 per month. The politicians in Washington have pulled off a bigger Ponzi scheme that Bernie Madoff. I have to say that I am not at all happy with the thought of being “ripped off” by the federal government. The politicians have free healthcare, outrageous benefits package, 67 paid holidays, three weeks paid vacation and unlimited paid sick days. If you ask me, that’s welfare! The only question is who is benefitting? Is it the American people? I think not. It is government entitlement.
The politicians have the nerve to call Social Security and Medicare entitlement programs. As far as I can tell, most people in America have been working all of their lives without the benefit of privilege. Now that most Americans are at that age when they are hoping to collect the money that should be available to them, it appears that the federal government is running out of money due to negligence.