Jg-some say pyramid scheme

www.americaretoday.com www.americaretoday.com 1935 Social Security Act signed into law by President Franklin Delano Roosevelt 1937 Social Security begins getting 2% of gross wages up to $3,000 annually or a maximum of $60 Annually 1939 - Social Security expanded to cover dependents and survivors 1950– Social Security was expanded to jobs outside of commerce and industry, and benefit levels were increased 1956 - Disability Insurance was created. Early retirement at age 62 for women was enacted 1961 - Early retirement at age 62 for men was legislated 1972 - Cost-of-living-adjustments (COLAs) to Social Security checks was legislated 1977 - Social Security trustees pronounce that SS is actuarially sound 1983– Reform - increases SS Tax; benefits taxed; Social Security goes from a pay as you go taxing struc-ture to a pay in advance taxing scheme 1986– Social Security retirees cost of living adjustments increased 1993– Taxes on upper income retiree benefits increased to 85% 1997– SS will begin running out of money in 2012 – SS taxes will have to be increased 50% and benefits reduced by 30% 2001– Presidential advisory committee all agree that some or all of Social Security should be invested in the private sector 2005 - Trustees' Report Long term unfunded liability increased $752 billion – Now totals more than $19 trillion 2010– 78 million Baby Boomers will NOT be accepting Special Obligation Bonds or IOUs in place of their SS Checks The Building Blocks Of Social Security There’s No More Room At The Top IOUs $25 Billion IOUs $2.5 Trillion IOUs $1.2 Trillion IOUs $1.8 Trillion IOUs $56 Billion IOUs $378 Billion IOUs $656 Billion Copyright © 2009 AmeriCareToday SOURCE: http://www.ssa.gov/OACT/ProgData/tsOps.html GOING BANKRUPT