Did the Government "Borrow" or "Steal" the Social Security Money? [ePub]

by Allen Smith

The Social Security Amendments of 1983 imposed a hefty payroll tax hike on the baby-boomer generation. All previous generations had been required to pay only for the cost of their parents' generation, but the baby boomers were double taxed. In addition to being required to pay for the cost of their parents' generation, the boomers were also required to prepay most of the cost of their own benefits. The baby boomers paid more into Social Security than any other generation, and they have already paid for their own benefits.

The $2.7 trillion in surplus revenue generated by the 1983 tax increase has been spent by the Government to finance wars, tax cuts for the rich, and other programs. Not a penny of the money has gone for Social Security. So far the government has not repaid any of its debt to Social Security, and there is a high probability that it will never repay the money to Social Security. If that turns out to be the case, then THE GOVERNMENT WILL HAVE STOLEN THE SOCIAL SECURITY CONTRIBUTIONS OF THE BABY BOOMERS!


Claims that “Social Security can pay full benefits until 2033, without any government action,” are absolutely untrue. Social Security was unable to pay full benefits, from its current revenue flow last year, and the same will be true for this year and all future years. In order for full benefits to be paid in 2011, it was necessary for the government to borrow $57 billion (probably from China) to repay a small portion of the money it has looted for the past quarter-century.

THIS BOOK SHOULD BE READ BY EVERYONE WHO CARES ABOUT THE FUTURE OF SOCIAL SECURITY. The author, Dr. Allen W. Smith, is a Social Security expert who has been researching and writing about Social Security for the past twelve years. During that entire period, he has been on a crusade to alert the public to the "great Social Security thef



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