I guess that would require some honesty and is too much to expect from any CONgress.The “unified” budget (putting Social Security “on budget” happened in 1969 to understate the spending on the Vietnam War — to make it appear that social spending was greater than military spending.If ABUSE of the SS fund started in the 1950’s with CONgress taking it for pet projects and eventually placing it in general funds, it seems the amount of $2.5 trillion in surplus taken by the CONgress and the Treasury in an understatement.How much has be taken since the start of the SS fund?All content © 2007-2020 Dissident Voice and respective authors | Dr. Allen W. Smith is a Professor of Economics, Emeritus, at Eastern Illinois University. We are the government. Here’s the truth about Social Security’s Trust Funds and Congress’ “stealing” There are two important aspects of the incorrect notion that lawmakers stole from Social Security which need to be addressed.
Despite its pervasiveness, the illegal alien side of the problem is rarely raised by the media or in Congress. Social Security status-quo defenders have assured us for the past 25 years that Social Security is fully funded—for the next 25 years, or 2036. The mishandling of Social Security funds has been going on since the mid-1980s. the Trust Fund itself. certain thresholds.The full text of the Greenspan Commission report is President's Reagan's signing statement for the 1983 Amendments can also
Its goal has always been much more expansive than the alleviation of poverty, or even its prevention.
Also SS was set up that no one was to touch them.I find it curious that the great Alan Greenspan and the commission he headed did not realize that the surplus would be spent.
And I am not going to do it to the older people of this country.” Bush, the “read-my-lips-no-new-taxes” president, did not need to raise taxes as long as he had access to the surplus Social Security revenue. Under certain conditions, immigrants can qualify for SSI benefits. Gee, maybe they didn’t read it.Mr. President George H.W. An explanation of the basics of Social Security, and the distinction
Security Trust Fund continued until 1990 when the Trust Funds were again
At that time, it would be at least 30 years before the funds would actually be needed for Social Security, so politicians developed the bad habit of “temporarily borrowing” the money and using it for non-Social Security purposes.
This practice has continued until this day.
The
This budget treatment of the Social
Bush was furious about Moynihan’s proposed legislation. of the Social Security program and the way the Social Security Trust Fund
Excerpts from that speech, taken from the Congressional Record, follow. is treated in federal budget accounting. annuities?
in email and on websites, and are repeated in endless loops of misinformation.
One common set of such misinformation involves a series of questions about
His latest book is He is the author of seven books and has been researching and writing about Social Security financing for the past ten years. by the Johnson Administration in 1968) the transactions to the Trust Fund
were included in what is known as the "unified budget."
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