Ronald Reagan In 1984: ‘Social Security Has Nothing To Do With The Deficit’

[Report1212]

Republicans should listen to their hero...video is at the link

A number of right-wing politicians and corporate CEOs are demanding that Congress and the President agree to cuts to Social Security along with reductions in the corporate tax rate as part of a “Grand Bargain.”

These conservatives who are making this demand should heed the words of their icon, former President Ronald Reagan. In the 1984 presidential debate, Reagan — the most right-wing president in his generation — debunked the lie that Social Security adds to the debt:

REAGAN: Social Security, let’s lay it to rest once in for all…Social Security has nothing to do with the deficit. Social Security is totally funded by the payroll tax levied on employer and employee. If you reduce the outgo of Social Security, that money would not go into the general fund to reduce the deficit. It would go into the Social Security trust fund. So Social Security has nothing to do with balancing the budget or erasing or lowering the deficit.

Read more: http://boldprogressives.org/ronald-reagan-in-1984-social-security-has-nothing-to-do-with-the-deficit/

[cali]

1. Bernie now on Washington Journal saying the same thing.

better.

[Report1212]

3. The political spectrum has gone so far to the right

IT takes the socialist to agree with Reagan!

[boston bean]

2. Isn't it true that Gen Xers and Yers have been paying

for their own SS at the same time they have been covering for the baby boomers?

I ask this because I hear many people say, even here on DU, that you aren't paying for your own benefits.

But I think a look back to Reagan and the deal made with Tip O'neill on SS, many will find that the last two generations have in fact been paying in for their own benefits as well as the Baby Boomers.

[lalalu]

4. That is only half true but misses an important blip.

Yes present workers help to pay for present retirees but boomers generated a surplus.

Boomers were a huge labor force and most of us ,including the younger ones like myself, worked since we were 13 or at least in our teens. This generated a surplus of funds because there were way more workers than retirees. The result is that congress raided the social security fund because boomers generated excess social security money not needed to support retirees at the time.

Much of that money was used to support social programs that many Gen Xers and Yers benefited from. Congress was also suppose to replace that money which they have yet to do. So the social security money from baby boomers actually benefited the nation and we did build a cushion for when many of us would retire. The problem is everyone enjoyed the money they took and don't want to pay it back.

[Report1212]

5. Let's also hope the economy improves in the future

SO more productivity, things look better from there.

[Romulox]

7. Gen X and Gen Y didn't spend the so-called "Social Security Surplus"--that's just a story to make

Boomers feel better about what they're doing to their children and grandchildren.

"Much of that money was used to support social programs that many Gen Xers and Yers benefited from."

The Boomers spent it. On themselves.

[lalalu]

9. I guess your family lived in a bubble.

That is the only way you can explain your nonsense. The surplus from social security has been used to fund the operation of federal programs, to buy bonds, and to even fund entities like the military.

So please show how that only benefited boomers. I guess you want the republican plan of putting social security into the hands of wall street and 401k plans?

[Romulox]

10. We have lived through 30 years of declining wages and the worst inequality since the gilded age.

Gen X and Gen Y haven't had the opportunities your generation had.

The surplus from social security has been used to fund the operation of federal programs, to buy bonds, and to even fund entities like the military.

Now you fought all of those Wars of Choice for us? This is your argument? Really?

[lalalu]

11. Funding federal progams was something we rightly fought for.

I am sure you benefited at some point. A lot of Gen X and GEN Y people either supported Bush and his wars or sat silently by. You brought the whole war on terrorism and the boogeyman was coming for you nonsense. You told boomers who protested that we were just a bunch of hippies reliving Vietnam. Gee, I must have missed your storming congress and facing down armed riot police over these wars..

In the meantime I do believe the white house and congress are still in the same location. If you don't like social security you can always march there and let your voices be heard. Of course it would mean getting off the internet, putting down your gadgets, and actually doing something. BTW, you are posting your grief on a platform developed by boomers and with a lot of federal help.

We may not have always got it right but we did do some things right and we were active. What have you done? If you think privatizing social security is the answer than you really need to educate yourself about what it was like in this country before social security.

[Romulox]

12. Unfortunately, you have created the least generous safety net in the developed world, and the

greatest inequality, poverty and prison populations.

Please, stop and look at the US compared to Western Europe, for example. Stop complimenting yourself a moment to notice how poorly we compare!

You brought the whole war on terrorism and the boogeyman was coming for you nonsense. You told boomers who protested that we were just a bunch of hippies reliving Vietnam. Gee, I must have missed your storming congress and facing down armed riot police over these wars...

Look, you need to consult a calendar, or an almanac, or something. Gen X and Gen Y didn't bring in the war on terrorism. That happened during your watch. You are just mangling history to make yourself feel better at this point.

[lalalu]

13. LMAO, so you want to scrap social security because

it isn't generous enough. I am sure you have some Bernie Madoff deals that will bring in greater returns for retirees.

Go play your wall street scams with someone else.

[Romulox]

18. There's nothing like that in anything I've posted here. You're just making up whatever

"facts" make you feel better at the moment, similar to your bizarre "Gen X and Gen Y caused the war on terror!" timeline.

[Romulox]

20. The facts are not on your side, so a temper tantrum will have to do, I guess.

[Oilwellian]

14. I would love to see your proof

I've never seen any data that would back up your claim that the SS surplus was spent on social programs. Can you point me in the direction that backs up that claim? Thanks!

[lalalu]

15. This is as simple as it can be explained.

Social security adding to the debt is a myth and a lie. It has been self sustaining and even generated surpluses. Congress took that surplus to run other programs and the treasury issued bonds. Bonds that congress has yet to settle because they would have to cu t money from the same programs they used the social security surplus for.

http://blogs.rgj.com/factchecker/2012/08/13/does-social-security-add-to-the-budget-deficit/

[raouldukelives]

16. Being a Gen X'er I have to wonder.

Certainly the Y's have even less than I did but all I saw during my childhood & the Reagan renaissance was a dismantling of social programs that benefited prior generations but not our own.
And now, after 50 years of ignoring pollution and climate change someone might ask us to tighten our belt loops? In a future with less trees, less crops, less wildlife and more disease and famine? I think we might need it a little more than people do now when we have to grow old in the nightmare they are leaving us. We will be called on to sacrifice as much as we can and will pay the ultimate price for the achievements of the titans of industry and the investors who cheer them on yesterday, today and tomorrow.

[lalalu]

17. People calling for the detruction of social security

are falling into the same trap again. The lies about social security are being used to take down what is a great program. Even Ryan's family was able to survive and send him to college due to social security benefits.

I don't know what history people are reading but as a younger member of the boomer generation I can tell you that many parks and waterways were cleaned up by us. If anything the backlash was created because we were so successful. Outsourcing was done because companies were upset by labor and pollution laws we had pushed through. They moved to countries that had no such rights or laws.

They have since used the need for a return of jobs as leverage to dismantle many hard fought for laws. The irony is that many young people fall for their arguments just as they fall for the lies about social security. Once again they are fostering a false division that somehow boomers never fought for changes. When in reality much of the republican rhetoric and hate has been directed at dismantling changes we made. This is no different than their attack on voting rights, abortion rights, gay rights, women's rights, ......

[Fire Walk With Me]

6. Well, there you go again.

[Romulox]

8. He was wrong. Any so called "Social Security Surplus" has been spent to make up for low taxes

on the wealthy.

Therefore, our debt would've been much greater but for this "loan" of our retirement money.

Reality becomes a factor at some point.

[kentuck]

21. Only if you have to borrow from the general fund to pay for it...

Please keep that in mind when you keep supporting the payroll taxcuts. Think...