Fox News Network continues pushing skirting of facts. Recently the Infotainment Washington bureau chief instructed his staff “from a leaked email” drawn up by political strategists referring to renaming Social Security as a “Government Ponzi Scheme”.
How did Fox News cough up Social Security as a fraudulent investment Ponzi scheme? A scheme that deceive investors who have no knowledge of finance or financial terminology. Informing the investors with impressive meaningless terms such as a hedge fund, future trades, high yield investments and offshore untraceable investment that produces and promote victims for a competitive edge which are all lies attempting to yield huge returns on investments.
Calling Social Security a fraudulent scheme? Come on Fox News you can do better than that. Here are the facts.
Franklin D. Roosevelt the 32nd President of the United States initiated the “Social Security Act” organized by the government as a regulated system. The government system was designed to provide full retirement benefits to all Americans that required mandatory donations to the system during all of our employment years.
Social Security taxes are paid into a Trust Fund maintained by the US Treasury Department as the Federal Insurance Contributions Act (FICA) tax imposed by the federal government on both employees and employers to fund Social Security and Medicare programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance. This is the amount that one pays in payroll taxes throughout one’s working career until retirement.
The FICA taxes are imposed on all workers and self-employed persons. Employers are required to report wages for covered employment to Social Security for processing Forms W-2 and W-3.
Everyone of Fox News employees are contributing to Social Security, which is a retirement benefit. So why would they label it as a Ponzi Scheme when the biggest media scheme in reporting is the infotainment network?