REAL NEWS
HOW TO SAVE SOCIAL SECURITY
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(Common sense, politically incorrect newsletter to 14,823 subscribers)
HOW TO SAVE SOCIAL SECURITY
Now that Congress is tormented with home mortgages after bailing out and
practically owning Freddie Mac, Fanny Mae, AIG and numerous mortgage banks,
perhaps Congress now is ready to consider my plan to invest Social Security
funds in interest-bearing home mortgages, such as FHA or VA approved mortgages
that the government has already investigated and guarantees.
This could cut some of the red tape for deserving home buyers
involved in getting FHA approval and then having to borrow elsewhere from a
private lending company.
While I previously compared this plan to Blue Cross handling
Medicare, it now seems that Freddie Mac or Fanny Mae or AIG could be the
logical agencies to administer it.
I have been hounding Congress with this plan for eight years.
Congress had refused to acknowledge this plan because they wanted to
steal the Social Security money for their own pork projects. Some
Congressmen claim that Social Security funds are invested in government
interest-bearing CD's.
That would be like taking the funds out of one pocket and putting
them in another pocket. All Social Security money goes into the Federal
General Fund along with other taxes.
Congress is to blame for the present financial fiasco because they
forced lenders to make more mortgages to low-income people, then accepted
bribes not to audit these financial agencies that had been covering up huge
losses and huge bonus commissions paid for bad loans.
--REAL NEWS Editor [email protected]
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SOCIAL SECURITY FUNDS COULD BE INVESTED IN FHA/VA-TYPE HOME MORTGAGES LIKE BLUE
CROSS MANAGED MEDICARE
July 15, 2008 was the fourth time this was sent to REAL NEWS subscribers
Our Social Security taxes paid over a lifetime would be worth a small
fortune if the government invested these funds safely in some kind of
interest-bearing home mortgages, such as FHA or VA approved mortgages that the
government has already investigated and guarantees. This could cut some of the
red tape for deserving buyers involved in getting FHA approval and then having
to borrow elsewhere from a private lending company. Municipal bonds also could
be considered.
Social Security mortgages could be managed by a private Financial
Agency similar to the way Blue Cross managed Medicare. The Federal
Reserve Banking System could also be considered to manage this.
The government investing Social Security funds in the stock market
is not a good idea because of the great risks. Good stocks can rapidly
go bad. Also, temptations would be too great to influence or fool the
bureau's stock buyers.
If taxpayers would be allowed to keep part of their own Social
Security tax money to invest themselves, many might find at retirement
age that they had accumulated little or nothing because their investment
choices had fizzled, so their scaled-down Social Security pension would
be their main income. The Government FHA type of investments is the
safest way to go.
Money invested at just 6% compound interest would double every 12
years. A worker's Social Security accumulation would be worth several
million dollars at age 67 retirement time. The government would soon be able
to cut Social Security tax rates because the FHA type loans would provide more
than enough retirement money.
A 17-year-old person earning $15,000 this year will pay $1,147.50
Social Security tax this year and the employer will be taxed a matching
$1,147.50, making a total Social Security tax payment for just this one
year of $2,295, not counting any following year tax payments on earnings.
Using 6% compound interest, at age 29 that single year's payment
would double to $4,590, at age 41 it would double again to $9,180, at age 53 it
would double again to $18,360, and finally at age 65 this single
year's payment would double again to $36,720, which is 16 times the
amount of the original one-year tax payment.
Over the next 49 working years, each yearly tax payment would
multiply similarly, except the yearly earnings should greatly increase
through inflation and added job experience.
The employee's tax rate of 7.65% plus the employer's 7.65% matching tax
rate totals 15.3% of a worker's pre-tax wages. Does anyone deny that saving
15.3% should be much more than enough to provide a good retirement pension if
this money is invested at compound interest.
The Budget Surplus that Congress had been bragging about came from the
money Congress was borrowing from the unused Social Security and Retirement
Funds. The National Debt was still rising each year, according to the
Department of Treasury Bureau of Public Debt.
Anyone responsible for collecting employee payroll deductions and
paying these funds to the federal government can tell you that they make out
only one check to cover all Income Tax, Social Security Tax, and Medicare Tax.
So this money all goes into the Federal General Fund, and there is no separate
Social Security Trust Fund.
Tell your Congressman that if money is going to be available for
future Social Security benefits, Congress must stop misappropriating
these funds and safely invest this money at compound interest.
Your REAL NEWS editor has blanketed the internet and flooded the
members of Congress many times with this save Social Security message over the
past six years. So far, no member of Congress has indicated that they have
read or understood this message, although I got many replies from Congress
members suggesting I should only contact my own senators or representatives.
Some acknowledged that they knew it was about Social Security and bragged about
what they wanted to do for Social Security -- which didn't seem to accomplish
anything as far as Congressis concerned.
--REAL NEWS Editor [email protected]
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