Americans Cannot Depend on Social Security Retirement Benefits

Americans cannot depend on Social Security retirement benefits

Rita Ludeman

University Composition and Communication II/156

November 7, 2010

Stephanie Loomis Pappas

Even though the government proposes “Privatization” to relieve the Social Security financial crisis, Americans cannot depend on Social Security benefits to cover their retirement needs because of the Social Security crisis and because the “Social Security Trust Fund” has no money in it, only IOUs from other Federal government programs. These benefits are heavily depended on as a means of income upon retirement, although; individuals have no guarantees of receiving any retirement benefits because they have no contractual agreement with the government guaranteeing their benefits. For Americans to depend on Social Security benefits to cover their retirement needs, they are trusting the government (politicians) to keep their word that they will continue to pay these benefits. This is the same government that has promised more jobs, lower unemployment rates, better health care packages, and lower government spending. Do you really want to trust your retirement to them?

Americans cannot depend on Social Security retirement benefits to cover their needs when they retire. For a decent standard of living 80% of pre-retirement income is considered substantial. Retirees are not receiving that amount today and benefits are expected to be decreased again. Congress and the President can at any time change, reduce, or eliminate benefits. In fact, Congress has voted to reduce benefits in the past, and in 1983 Congress raised the age of retirement. In two cases, Fleming versus Nestor and Helvering versus Davis, the Supreme Court ruled that Social Security benefits are simply a government spending program.

References to “The Social Security Trust Fund” (SSTF) have added to the myth that Social Security benefits are well-funded and can be counted on to be there when called upon to pay...