Title: YOUR ENTITLEMENTS? Social Security, Medicare and Pensions...I Don’t Think So! Source:
[None] URL Source:https://www.youtube.com/watch?v=hrUCJ9tWpT0 Published:Mar 16, 2018 Author:ITM Trading Post Date:2018-03-19 07:21:16 by BTP Holdings Keywords:None Views:77 Comments:6
By ITM Trading's Lynette Zang
In 2007 many global private pension funds were fully funded. The baby boomer retirement was still in the future. Governments were hopeful that the leverage and deregulation fueled rally would continue and pull government pensions out of the fire too. Then 2008 hit.
Who Owns the Wealth and Who Owns the Risk?
According to Willis Towers Watson Global Pension Asset Study 2018, DC are 49% of retirement plans and as this study points out “DC becomes the dominant global model. Individuals own the risk but have little control.”
The Current State of SS, Medicare, Public Pensions & Private Pensions
Medicare ran its first cash deficit in 2007, Social Security did the same in 2017. States unfunded pension liabilities now exceed $6 Trillion. Corporations would rather boost share buybacks than fund their pensions, but the PBGC is an option.
VENEZUELA OFFICIALLY RESETS THE PRICE OF GOLD
The Venezuelan government prepared for the death of their currency and in 2011 Venezuela confiscated and repatriated monetary gold. They wanted to hide the hyperinflation that ensued, so they “managed” the spot gold price. Bankers and corporations knew better, and markets reflected that, but not the official price, that remained flat. Until February 9th. On that day, gold in terms of bolivars, jumped 2,488.162 times! And that my friends, is how it is done.
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If you pay into a system (Social Security, Medicare, pension) you are entitled to receive that money back at the right time alloted. If no the people have broken the contract. I worked for the fed for 35 years, I have talked to elected people who talk about cutting my pension, I tell them, "If you do that, I know where you live"
The Supreme Court disagreed, saying “To engraft upon the Social Security system a concept of ‘accrued property rights’ would deprive it of the flexibility and boldness in adjustment to ever changing conditions which it demands.” The Court went on to say, “It is apparent that the non-contractual interest of an employee covered by the [Social Security] Act cannot be soundly analogized to that of the holder of an annuity, whose right to benefits is bottomed on his contractual premium payments.”
The Court’s decision was not surprising. In an earlier case, Helvering v. Davis (1937), the Court had ruled that Social Security was not a contributory insurance program, saying, “The proceeds of both the employee and employer taxes are to be paid into the Treasury like any other internal revenue generally, and are not earmarked in any way.”
In other words, Social Security is not an insurance program at all. It is simply a payroll tax on one side and a welfare program on the other.