This is not a handout or Federal Welfare to the American worker but one that finds its birth in reaction by FDR to counter the fact that at lest 40% of aging workers did not have a retirement plan or pension.
Please support the "Keeping Our Social Security Promises Act." One of the most significant change will affect the top personal income earners that will erase the $106,800 cap on Social Security contributions. Should this rather simple action is enacted, the additional revenue generated by the top 6% of wage earners will give additional solidity of the current system. Sen Bernie Sanders cites in his email message sent puts forth the truth ignored by Republican Presidential candidates. From his email I quote the following from Sen. Sanders.
"The truth is that, today, according to the Social Security Administration, Social Security has a $2.7 trillion surplus and can pay out every benefit owed to every eligible American for the next 25 years.
Further, because it is funded by the payroll tax and not the U.S. Treasury, Social Security has not contributed one nickel to our deficit."
How much evidence will the lowest to the middle income tax payer for their attention, obtain support for passage of "Keeping Our Social Security Promises Act?" Republican proposals to "revamp" or "fix" the system is the true "Ponzie Scheme!"
To learn about Senator Bernie Sanders legislation by following the link:
The Republican Party Ignores the History of Social Security, the Aged and Gains of Organized Labor
The 401-K program and other IRA was not in place and even today are subject to ups and downs of the market place where they find left behind by all of the Instiutional Investors holding a vast majority of stocks, bonds and futures have regularly ignored Wall Street Advisors and Financial advice given to the broad small stock investor.
During the crisis of 9/11 President Bush that evening for American investors to hold stocks, not panic in a patriotic call to avoid a spectacular demise in market prices when the three-day suspension of trading resumed.
We all know what occurred, all of the Wall Street markets were driven down during the opening day of trading at times in excess of a 500 point drop in DOW. Who sold off their holdings? It was the large Institutional investors who even through "media" explained how the "massive slef-off is attributed by "computer contolled trigger to automatically sell massive holdings if their stocks fell to a fixed or arbitrary price.
Every small investor should know or experienced if they had access to the same "trigger" their holdings took a back seat to the huge Institutions and Hedge Funds. At best, the trigger to protect the low end and small investor found their holdings sell off considerably lower than the "profit protection" of the large investors!
These are the same financial experts, Insurances companies and the Banking system who failed to "follow their own advice" to the small investor instructing them to "not panic" and "ride out the storm!" The President all but linked a "rush to sell American stocks" to avoid a devastating drop in prices as one way to exert their Patriotism. Obviously, Wall Street investors in 2001 initiated a "rap sheet" of actions from that point on that destroyed the Housing Industry with a snowball affect on the entire economy. I believe that the irresponsible and illegal actions of Wall Street is not only the cause of the U.S. economic collapse, the "smoking gun" exists and the evidence is there to send man of the CEO and other top management to criminal prosecution for the billions stolen from America. The U.S. Justice Department is seeking a civil suit to "collect repayment" but less than one-third of the total amount lost in dollars and an incalculable number of families decimated by the recession orchestrated by the greed of the few. One more fact, the Justice Department will not seek one single criminal charge to the "biggest swindlers" in American History.