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Author: Goofyhoofy Big funky green star, 20000 posts Top Favorite Fools Top Recommended Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 63127  
Subject: Re: Early retirements strain Social Security sys Date: 9/30/2009 11:08 AM
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No one was "promised" a dime.

Of course they were. The enabling legislation set aside this program separate and distinct from the rest of the budget - and government - with the sole purpose of taxing current workers and to pay a stipend to retired workers. No other use was to be permitted for these monies.

The enabling legislation sets out, it quite specific terms, how the states are to distribute the monies granted for "state" old age assistance, and separately for federal old age assistance, that "obligations" should be matched as closely as possible with "revenues", and so on.

Here is one portion of the text of the legislation:

SEC. 202. (a) Every qualified individual (as defined in section 210) shall be entitled to receive, with respect to the period beginning on the date he attains the age of sixty-five, or on January 1, 1942, whichever is the later, and ending on the date of his death, an old-age benefit (payable as nearly as practicable in equal monthly installments) as follows:
(1) If the total wages (as defined in section 210) determined by the Board to have been paid to him, with respect to employment (as defined in section 210) after December 31, 1936, and before he attained the age of sixty- five, were not more than $3,000, the old-age benefit shall be at a monthly rate of one-half of 1 per centum of such total wages;
(2) If such total wages were more than $3,000, the old-age benefit shall be at a monthly rate equal to the sum of the following:
(A) One-half of 1 per centum of $3,000; plus
(B) One-twelfth of 1 per centum of the amount by which such total wages exceeded $3,000 and did not exceed $45,000; plus
(C) One-twenty-fourth of 1 per centum of the amount by which such total wages exceeded $45,000.

http://www.ssa.gov/history/35actii.html

If that isn't a "promise" I don't know what qualifies. But then you are of the persuasion that what the legislation says doesn't matter because it conflicts with your personal political views, so I hardly think that actual text from actual law will make much difference to you.
 
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