Workers do not automatically qualify for Social Security retire­ment benefits. Instead, they must work and pay a minimum level of Social Security taxes for at least 40 quarters during their working lives. These 40 quarters do not have to be consecutive. Cur­rently, workers earn a credit for each three-month period in which they earn at least $900. Once they have worked and paid Social Security taxes for the required 40 quarters, they are fully quali­fied to receive Social Security retirement benefits. The formula for retirement benefits are based on a worker’s highest 35 years of earnings.

So, no one’s “taking out that have put nothing in”. If you don’t work and you don’t pay into the Social Security fund through your taxes, you don’t collect Social Security.

And as far as “more oversight”, that oversight should be directed at the government’s stealing from the Social Security funds to spend it on…..well, who knows? There’s no oversight!

When my father started receiving social security many years ago, his statement included not only his contributions but the interest earned on his contributions. But now they only send a statement of your direct contribution without any interest shown to make it seem like your FICA earnings was far less than it should be.

Social Security was never meant to be in “Entitlements” and only became a budget item when the government “borrowed” from the fund and “forgot” to pay it back (sort of like Soertoro/Obama’s recent tax evader nominees) It is the same as if companies who included pensions as an employee benefit used those pensions as “company funds.” During the Reagan administration when corporate raiding was rampant, the one fund that the raiders wanted and many got was the employee pension funds that weren’t a part of the company “assets”.

Think of those people who lost both company pensions and retirement savings from the S&Ls during the 1980s and you not only won’t wonder how we got here but you will also see your future if the government changes the Federal Insured Contribution Act, commonly known as Social Security.

Susan’s Sunday Plea: Whatever else you do today — drink too much beer, yell in the streets, wish you hadn’t eaten so many ribs, hook up with someone whose name you can’t remember — send this on to everyone you know!

I’m guessing that advice still stands

It was the baby boomers that paid the most into SS because, so far, they were the largest population increase. Yes, their parents paid in but not in the same numbers.

Now that the boomers are retiring SS is being touted as a privilege not a right. Considering the greed and lack of oversight on Wall Street I don’t trust them with the SS funds anymore than the politicians.