I got this in an email. Forgive me if it has been posted elsewhere. I think it is generally true, but like every email I get, I always have doubts about the complete accuracy of the numbers quoted. The title is a reference to an old George Wallace quote.
Perhaps we are asking the wrong questions during election years. Our Senators and Congress men & women do not pay into Social Security and, of course, they do not collect from it.
Social Security benefits were not suitable for persons of their rare elevation in society. They felt they should have a special plan for themselves. So, many years ago they voted in their own benefit plan.
In more recent years, no congressperson has felt the need to change it. After all, it is a great plan.
Their plan works something like this: When they retire, they continue to draw the same pay until they die, except it may increase from time to time for cost of living adjustments. For example, former Senator Byrd and Congressman White and their wives may expect to draw $7,800,000.00 (that's Seven Million, Eight-Hundred Thousand Dollars), with their wives drawing $275,000.00 during the last years of their lives. This is calculated on an average life span for each.
Their cost for this excellent plan is nothing. This little perk they voted for themselves is free to them. You and I pick up the tab for this plan. It comes directly from the General Funds - your tax dollars at work!
From our own Social Security Plan, which you and I pay (or have paid) into-every payday until we retire (which amount is matched by our employer) --we can expect to get an average $1,000 per month after retirement. Or, in other words, we would have to collect our average of $1,000. monthly benefits for 68 years and one (1) month to equal Senator Bill Bradley's benefits!
Social Security could be very good if only one small change were made. That change would be to jerk the Golden Fleece Retirement Plan from under the Senators and Congressmen. Put them into the Social Security plan with the rest of us ... then watch how fast they would fix it.
