Reply #56: October 13, 1989 Senator Hollings on Social Security ... [View All]

[slipslidingaway]

few from either party have made this an issue in the last two decades and that is when most of the surplus was being built.

:)


PART III

The Looting of Social Security

http://www.allenwsmith.com/id15.html


“…The most reprehensible fraud in this great jambalaya of frauds is the systematic and total ransacking of the Social Security trust fund in order to mask the true size of the deficit…

The public fully supported enactment of hefty new Social Security taxes in 1983 to ensure the retirement program’s long-term solvency and credibility. The promise was that today’s huge surpluses would be set safely aside in a trust fund to provide for baby-boomer retirees in the next century.

Well, look again. The Treasury is siphoning off every dollar of the Social Security surplus to meet current operating expenses of the Government…

…The hard fact is that, in the next century, the Social Security system will find itself paying out vastly more in benefits than it is taking in through payroll taxes. And the

American people will wake up to the reality that those IOUs in the trust fund vault are a 21st century version of Confederate bank-notes.”