More Social Security Deceit

By Walter E. Williams

"A fortnight ago, I explained some of the congressional deceit that has become part and parcel of Social Security. One was the 1936 promise of maximum wages subject to Social Security tax of three percent -- $3,000 -- which, controlling for inflation, comes to roughly $22,000 in 2005. The promise would have meant that $700 would be today's maximum so-called employee Social Security tax.

Another lie was that there was a Social Security account with your money in it to which you had rights. There's no such account, plus, according to two U.S. Supreme Court cases -- Helvering v. Davis (1937) and Fleming v. Nestor (1960) -- you have no legal right, in the sense of a contract, to Social Security payments."

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