Social Security Legally Is Just a Government Welfare Program

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It all comes down to political risk versus market risk. Social security legally is merely a government welfare program masquerading as a quasi-private funded defined benefit pension plan. Social security bestows no legally protectable property rights on its participants. Hence the constitutional right of Congress to retroactively increase from time to time the Social Security retirement age and to means test. Moreover, the "bonds" in the phantom social security trust fund are bonds in name only. This is confirmed by a careful reading of the Social Security enabling statute, as well as two U.S. Supreme Court cases.

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Published In: Administrative Agency Updates, Business Organization Updates, Constitutional Law Updates, Insurance Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Charles E. Rounds, Jr., Suffolk University Law School | Attorney Advertising

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Charles E. Rounds, Jr.
Suffolk University Law School

Professor of Law, Suffolk University Law School. Tenure granted: 1990. Author: Loring and... View Profile »


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