From around the web
An entitlement is defined by Websters as:
- the state or condition of being entitled, a right to benefits specified especially by law or contract
- a government program providing benefits to members of a specified group; also, funds supporting or distributed by such a program
- belief that one is deserving of or entitled to certain privileges
But, does this definition apply to social security? For your whole work life you are required to pay in 6.2% of your gross income into social security. Your employer is required to match that amount. So 12.2% of your gross income is put away for your retirement (kind of).
Getting your own money back does not seem like an entitlement program to me by Websters definition. Also, aside from federal employees we are all required to pay into the system, making the “specified group” quite large indeed.
Lately there isn’t a month that goes by without hearing something bad about Social Security. We’ve all heard the bad news… “It’s going bankrupt”…It’s going to bankrupt the country”…”It should be privatized” …and the worst of all…It’s an entitlement program”. Well, it’s high time to set the record straight on one count anyway!