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URL:  https://boards.fool.com/ajaxoftelamon-ltltltsocial-security-isnt-32160787.aspx

Subject:  Re: Attitude Question - SS Date:  3/15/2016  4:28 PM
Author:  JAFO31 Number:  79361 of 97373

AjaxofTelamon:

<<<Social Security isn't insurance. It doesn't function like insurance. It's not even close. It is a welfare benefit for the elderly and disabled funded by a tax on earned income.>>>

"Nonsense - social security is insurance - and a very viable insurance. Thus far, the social security trust fund received $2.7 Trillion (with a T) more than it has paid out.

And most important it is inappropriate to call social security a welfare benefit."


I disagree, and concur with peter (IIRC).

Social security is a welfare benefit. And it is a tax.

The USSC has been very clear, since 1960 and Flemming v. Nestor (Flemming V. Nestor 363 U.S. 603 (1960)) that SS is not an "accrued [vested] property right". "We think that the District Court erred in holding that . . . deprived appellee of an 'accrued property right.'"

"The program is financed through a payroll tax levied on employees in covered employment, and on their employers."

and Helvering v. Davis, 301 U.S. 619 (1937) held SS Constitutional long before then.

It is a tax and it is a welfare benefit because it is transfer from those currently working to those currently collecting.

Regards, JAFO
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