[Paracelsus]

(10-25-2016 08:28 AM)Sp5 Wrote:  

I laugh at those who compare SS to a private contract, saying a private contract can't be changed. Most private contracts allow the larger, more powerful party to change essential terms at will. Do you negotiate the interest rate on your credit card? Can't the bank change it to 30% if they wish? Can your boss cut your salary if you're not in a union or special contract? Are you an "employee at will," a "tenant at will?" At least the government is somewhat accountable to the voters. With Chase you get no redress if they hike rates to 30%.

Dude, you've said it's accounted for as a "loan" from the American people. I say it doesn't have anywhere near that level of legal effect or legitimacy, any more than a show trial does to an actual trial.

And staying with the metaphor for a moment: at least with a bank you have the capacity to change providers, even if it costs you a penalty to pay out and some holding costs otherwise. Try changing countries and taking your paid-in taxes with you.

And while most private contracts do allow the more powerful party to change essential terms at will, they do not force -- at the point of law -- the party to enter into the transaction. Fail to make payments on your home loan (non-recourse, as most US housing loans are) and you likely just lose the house. Fail to make payments on your taxes and you can be thrown into prison, even if the amount you fail by is infinitesimal.