Why Social Security Isn’t a Ponzi Scheme
Republican Presidential Candidate Rick Perry has done all hardworking Americans a disservice by calling Social Security a “Ponzi Scheme”. Obviously, Rick Perry doesn’t understand how Social Security Disability benefits are funded. Social Security Disability are deducted from payroll taxes and the United States Congress has adjusted it to put the program back on solid ground. What Rick Perry doesn’t understand is that Social Security Disability is an insurance plan to help the disabled and their families stay out of poverty.
Look at your paycheck, you will see withholdings that are called FICA withholdings. Those withholdings fund your entitlement to Social Security Disability benefits and you have work twenty out of the last forty quarters to be insured.
Look, we all know that the Social Security system has problems, but the Social Security Disability program is really on solid ground. It does need regular adjustments to keep the tax and benefit formulas in line. Congress has responded to those changes by increasing the Social Security tax rates 20 times and the maximum amount of wages subjected to tax 43 times between 1937 and 2009. Obviously Congress has put the Social Security Disability system on sound financial footing. We only wish that Rick Perry was on sound footing before he shoots off his mouth about the Social Security Disability system. It is clear that he simply doesn’t understand what Social Security is and how it is funded.
If your doctor has told you that you are unable to work, you may be entitled to Social Security Disability benefits if you are insured.
You can learn more about the Social Security Disability claim’s process and your right to lost wage payments as a result of disability by ordering Cavey and Barrett’s Your Rights to Social Security Disability Benefits.