Tax imposed on employers and employees to fund the Social Security system

Web Sites

Project on Social Security Choice
"[Launched on] August 14, 1995 [by] the Cato Institute ... The objective of the project is to formulate a viable blueprint allowing individuals the opportunity of owning their own retirement account."

Articles

Don't Privatize Plunder, by Anthony Gregory, 22 Sep 2004
"That's three fourths of every typical worker's Monday, spent working for a fraudulent system inherited from Otto von Bismarck. ... Social Security is 'regressive,' in that the poor pay proportionately more, or, at least, more than the super rich, whose payroll taxes are capped at a certain amount. ..."
Ending Social Security: Part 1, by Michael S. Rozeff, 10 Aug 2006
"Uncle Sam is a terrible and fraudulent investment advisor who has done the American public a huge disservice by forcing them into this poor investment, making them believe that money was invested in assets, and counseling and assuring them that Social Security would always be there for them. Uncle Sam can't keep this promise except by continual theft from new workers."
Ending Social Security: Part 2, by Michael S. Rozeff, 11 Aug 2006
"Two types of termination are discussed below. One is an end to the program in which it stops taxing payers and also stops paying benefits. As impolitic and extreme as this may seem, thinking about it is useful because it shows us that even this course is feasible and we see what is involved in a less radical phasing out."
George W. Bush's Nixonomics, by Gregory Bresiger, Mises Daily, 22 May 2006
"... controls went along with another series of measures that included the expansion of Social Security — in time for the increased payment notices to go out to recipients just before the election — without any projection of what it would cost ... along with a left-liberal Congress, Nixon greatly increased Social Security benefits."
How We Privatized Social Security in Chile, by José Piñera, The Freeman, Jul 1997
Explains how the Chilean private pension system works and how the previous government-controlled system was transformed into the current one (the author was the Secretary of Labor and Social Security under Pinochet and designed the new system)
"First, we continued paying the elderly who had become dependent on the government-run system. ... Second, we offered every worker the freedom to stay in the government-run system at his own risk. ... Third, we required new entrants to the labor force to join the pension savings account system, because we believed it was irresponsible to go on burdening our children and grandchildren with an unfunded debt."
Interview with Gary Becker, by Gary S. Becker, The Region, Jun 2002
Federal Reserve Bank of Minneapolis Banking and Policy Issues Magazine
"The present Social Security system is a mixture of an annuity and redistribution system. The redistribution system discourages many people from working at older ages when they are healthy enough and would want to continue working. Social Security gives them an incentive not to work because they are taxed so heavily on their earnings."
Lies and Leviathan, by James Bovard, Future of Freedom, Aug 2006
Describes the deceit used to institute and expand the U.S. Social Security program, as well as various other government programs and officials
"Social Security is the single largest government aid program and the big lie of domestic politics. From the start, the Roosevelt administration deceived Americans about the nature of the program. People were endlessly told that it was an insurance program that would give them vested rights akin to a private contract."
Related Topic: Government
Morality and Social Security, by Rev. Robert A. Sirico, Future of Freedom, Dec 1999
"Just as parents care for their young now, it was once well understood that the middle-aged have a moral responsibility to care for their aging parents. ... Social Security has gone a long way toward severing those ties ... Social Security has also contributed to the crowding out of private charity ..."
Reform Social Security ... or Repeal It?, by Jacob G. Hornberger, Future of Freedom, Jul 2000
"What would happen if Social Security were repealed? Many retired people would get along fine because they don't need the money. ... For the first 150 years ... the American people rejected Social Security ... believing that individuals should be free to make their own choices in life and having faith that most people care about others."
Social Security Has to Go, by Sheldon Richman, Future of Freedom, Jan 1998
Examines the U.S. Social Security system, including the employee and employer "contributions", the "trust fund" and how it may fare in the future
"Each pay period, workers are forced make what are called 'contributions,' and when they retire, they are to receive benefits. The system is riddled with dishonesty. First of all, when the government forces a citizen to make a contribution, it's a tax and nothing else. Second, the money is not put away or invested in order to earn interest and yield benefits for retirement later on. From the beginning, the money was used to pay benefits to current retirees."
Taxation Is Robbery, by Frank Chodorov, Out of Step, 1962
Chapter XXII; starting with the historical origins of taxation, proceeds to examine its indirect and direct forms and the rationales behind it
"Social security taxation is nothing but a tax on wages, in its entirety, and was deliberately and maliciously misnamed. Even the part which is 'contributed' by the employer is ultimately paid by the worker ... The revenue from social security taxes is not set aside for the payment of social 'benefits,' but is thrown into the general tax fund, subject to any appropriation, and when an old-age pit­tance is ultimately allowed it is paid out of the then cur­rent tax collections."
The Coming Financial Collapse of Social Security, by Peter J. Ferrara, The Freeman, Nov 1993
"Social Security ... fundamentally operates on a pay-as-you-go basis. The tax payments of current taxpayers are not saved and invested to finance their own future benefits. Rather, most current tax payments are immediately paid out to finance the benefits for current retirees."
The Immorality of Social Security, by John Attarian, The Freeman, Jan 1995
"Understanding Social Security doesn't tell them about Flemming v. Nestor, the 1960 Supreme Court decision by which the wife of a deported Communist lost her benefits, even though her husband had paid Social Security taxes. ... it will be vital that the public realize just how morally flawed Social Security really is."
The Repeal of Social Security, by Jacob G. Hornberger, Future of Freedom, Nov 1995
"... the proponents of control, central planning, and socialism ... can never overcome one basic moral principle: Stealing is stealing, regardless of the label placed upon it. ... the advocate of liberty must not assist the advocate of socialism with "free-market proposals" to save socialism."
The Social Security Fraud, by Sheldon Richman, Future of Freedom, Sep 2001
Discusses comments made by Treasury Secretary Paul O'Neill indicating that the Social Security Trust Fund has no tangible assets
"O'Neill is right. The Trust Fund is a figment of our collective imagination. ... Every cent that the American people pay in FICA payroll taxes is immediately spent. Anything left over after the current retirees are paid off goes into the general treasury where it is used, first, to make up any operating shortfall, and then to pay the government's creditors. The Social Security Trust Fund is credited for that money in the form of nonnegotiable bonds that purportedly earn interest."
Track Work, by Jacob Sullum, Reason, 19 Jun 2001
"Social Security, which forces relatively poor workers to subsidize relatively affluent retirees, is not a fair system, and any attempt to fix it--or, better yet, dismantle it--will not be entirely fair either. Yet we need to start talking about how the suffering should be distributed."
Uncle Sam's Retirement Scam, by Doug Bandow, The Freeman, Jan 2002
Examines proposals to move Social Security to a private system
"Social Security ... worked only because of demographics: when first created, dozens of workers supported each worker. Taxes were low, benefits secure. But Ponzi schemes succeed for only a limited time. When Franklin Roosevelt was posing as the savior of the elderly, almost half the people died before collecting their first check. No longer, however. Most people receive not just the first check, but many more."

Cartoons and Comic Strips

All right, Madoff! Where did you get the idea ..., by Gary Varvel, The Indianapolis Star, 18 Dec 2008
... and I also believe that with a few little adjustments, Social Security will ..., by Chuck Asay, 18 Aug 2005
Two for One, by Chip Bok, 22 Feb 2005