W. Allen Wallis, Chairman of the Advisory Council on Social Security, in testimony to the CONgressional joint economic committee, says
Many people think that the Social Security taxes taken out of their wages and sent to Washington each month provide for their old-age pensions and other Social Security benefits. This simply is not the case. Those taxes are levied on workers in order to pay benefits to people who have already retired and are drawing their Social Security pensions. … When you pay Social Security taxes you are in no way making provision for your own retirement. You are paying the pensions of those who already are retired.
[added 8/2/2025]
Subsequent Events:
References:
Alan Stang, Tax Scam: How the IRS Swindles You and What You Can Do About It!, (Alta Loma, California: Mt. Sinai Press, 1988), 179-80.
Current U.s. National Debt:
