Reagan first raided social security to double the military spending in
the 1980s - that's why I worked as little as possible since I knew the
"payroll taxes" were way worse then at face value. Now we are learning
the hard way. 3 people have as much wealth as 170,000,000 in the U.S. so
of course there are not enough people "paying into social security"
since it's a regressive tax based on an income limit of $176K a year.
drew
The payroll tax hike of 1983 generated a total of $2.7 trillion in surplus Social Security revenue. This surplus revenue was supposed to be saved and invested in marketable U.S. Treasury bonds that would be held in the trust fund until the baby boomers began to retire in about 2010. But not one dime of that money went to Social Security. ...
Reagan spent every dime of the surplus Social Security revenue, which came in during his presidency, on general government operations. His successor, George H.W. Bush, used the surplus money as a giant slush fund, and both Bill Clinton and George W. Bush looted and spent all of the Social Security surplus revenue that flowed in during their presidencies.
The $2.7 trillion, which is alleged to be in the trust fund, was all spent for wars, tax cuts for the rich, and other government programs. If the money is repaid at some point in the future, we could say is was just “borrowed.” But no arrangements have been made to repay the money, and nobody in government is suggesting that the money should be repaid.
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