Thursday, July 24, 2008

John McCain gets Social security benefits!

When McCain began receiving Social Security retirement benefits at age 65, 4 of his children were also eligible for benefits. Children under age 18 are eligible for benefits on a retired beneficiary's record. Four of his children were 17,15,13 and 10 when he began resceiving Social Security benefits. One child, Bridget, is still under 18 and presumably still receiving benefits (half her dad's benefit rate or $965/month in 2007). With the 2.3% cost of living increase in January, 2008, McCain's current benefit probably exceeds $1974/month. His 2007 high earnings probably increased his benefits to an even higher benefit rate in his computation. His daughter gets 1/2 or $987 plus a month. His wife is also eligible for spouse's benefits for having an underage daughter in her care. His wife probably earns too much to collect that benefit though. However, if all her income is from investments and she has no wages or self employment earnings, she could draw another $987/month.

Isn't it wonderful that Senator McCain is criticizing a program that his family benefits from to the tune of $36,000 to $48,000 this year? This is after having collected over $200,000 in family benefits in the previous 6 years.

The pay as you go system which he criticizes has always been the basis of Social Security. Current wage earners pay for current beneficiaries. This system has succeeded in virtually eliminating poverty for senior citizens in the United States. This is the system that has helped enrich McCain and his family. This is the system that has allowed the McCain family to collect far more in benefits than he paid in taxes.

It doesn't stop there. In his first marriage, Senator McCain's wife became disabled and, assuming she had worked sufficiently under Social Security, drew Social Security disability benefits. Since the McCain's had 3 young children, they would have been eligible for benefits as children under age 18 of a disabled beneficiary. In fact, at the time of her disability, children were eligible for benefits up to age 22 if they were full time students. So McCain family #1 may very well have had an opportunity to have Social Security defray a large portion of his children's college expenses. SSA benefits also lessened the burden on Mr. McCain's obligations to support his children from his 1st marriage after his divorce.

The level of benefits that the McCains have received from Social Security is astounding. And he wants to dismantle the program that provided his family such substantial benefits?

What a hypocrite!!

He is going to be the USA President on Jan 20th, 2009. I wish that he repeals, this Social Security Law, taxing youngsters ( I have also paid more than 30K USD ) to pay elders, who can really afford, with their net worth and spousal income.

No comments: