Massive fraud on the part of our nation’s leaders, who have plundered every cent of the Social Security Trust Fund and the surplus that was specifically earmarked 1983 by President Regan for the retirement of the baby boomers.”future Presidents knew and took the money regardless.
Public-issue, marketable U.S. Treasury bonds are default-proof, and that is the kind of bonds that the Social Security surplus revenue was supposed to be invested in. If this had been done, Social Security would be in fine shape today.
* But, instead of using the surplus Social Security revenue to buy such bonds in the open market, the government chose to spend the money and issue IOUs to replace the spent money.*** These IOUs are non-marketable and could not be sold to anyone, even for a penny on the dollar. The government has the legal authority to declare these IOUs null and void.
Q:Hasn’t Social Security been receiving surplus revenue ever since the 1983 payroll tax hike? Isn’t there supposed to be approximately $2.5 trillion in the Social Security trust fund?
The answer to both questions is yes. But there is a problem. Every dollar of that surplus Social Security revenue has already been spent by the government.
In a 1960 ruling by the United States Supreme Court, the court ruled that nobody has a “contractual earned right” to Social Security benefits
Some did not take the language seriously because they thought it was probably unconstitutional. However, in 1960, in the case of Fleming v. Nestor, the Supreme Court upheld the denial of benefits to Nestor, even though he had contributed to the program for 19 years and was already receiving benefits In its ruling, the Supreme Court established the principle that entitlement to Social Security benefits “is not a contractual right.”
Obama has proved he has no use for the elderly and Hillary has been heard to say some deeply offensive comments on America’s elderly. Obama Care was never about us, it is about power for the progressive Democrats as they speed to their Global Government.
**The ruling class Progressive Democrat elites have promised everything and delivered nothing but failure and economic slavery to the U.S. Government.
–Best Answer – Chosen by Asker
Lyndon Johnson was the first President to use social security funds to balance the budget.
The next President to use social security funds to balance the budget was Bill Clinton
Technically, social security has been “off budget” since 1990, but *Clinton included it in his budgets to reduce the deficit, to actually show a surplus in his last two years in office. *The surplus wasn’t real since the government ran a deficit without including the social security surplus. (That is why the national debt increased in those years, despite the fact that the budget was supposedly in surplus)
Government has chosen to use the SS payroll tax revenue as general revenue and has issued IOUs in the same amount as the amount of money spent. The IOUs are not real bonds. They are printed on a laser printer in an office of the Bureau of the Public Debt located in Parkersburg, WV. Once printed, the IOU documents are carried across the room and place in a fireproof filing cabinet. That filing cabinet is the closest thing to the “Social Security trust fund” that exists.
Oklahoma Sen. Tom Coburn warns. “We have stolen $2.6 trillion from it. We put paper money in there. The problem is, we spent the money – we didn’t just take it, we took it and spent it,”
“There’s no question that there’s an IOU in there,” Coburn said. “But our country’s borrowing $4 billion a day.