When Did We First Start Looting Social Security?

There is money there unless the US government welches on it's debt to it's own citizens?

It is just that there will be less money to spend on other things like porky projects and wars we do not need anyway.

There's only money there in the sense that we can raise the debt ceiling to infinity and sell treasuries to any takers to cover the liability.
 
To some extent Social Security was to be a pay as you go program. Under that plan, some years there would be a SS surplus and that money was to go into the Trust Fund, which the government then would borrow leaving an IOU. There was never an intent that that surplus money be put in a vault until needed.
The confusion is in the SS accounting procedure. For many years Social Security was off-budget meaning it had its own accounting. In 1969 that accounting procedure was changed to on-budget meaning the Social Security money was now added to the regular budget. By using that method it lowered the debt. That system was used by Johson, Nixon, Ford, Carter, Reagan and Bush. During the Clinton presidency, Congress changed the accounting, by law, back to off-budget.
 
There is money there unless the US government welches on it's debt to it's own citizens?

It is just that there will be less money to spend on other things like porky projects and wars we do not need anyway.

There's only money there in the sense that we can raise the debt ceiling to infinity and sell treasuries to any takers to cover the liability.

Since these fools believe that the Trust Fund" contains actual money, why doesn't the government simply print $100 trillion worth of T-bills and stick them in there? Then all our financial problems are solved, right?
 
There is money there unless the US government welches on it's debt to it's own citizens?

It is just that there will be less money to spend on other things like porky projects and wars we do not need anyway.

The only people who can pay the debt are U.S. citizens, so it's a debt U.S. citizens owe to U.S. citizens. In other words, there's no money there.
 

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