Wednesday, December 30, 2009

Congress STOLE $2.5 Trillion of Social Security money

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In 1983, in response to the recommendations of the 1982 Presidential Commission on Social Security, Congress enacted a hefty hike in payroll taxes. The tax hike was designed to gradually prepay, over a period of more than 25 years, much of the cost of Social Security benefits for the baby-boomer generation.

That tax increase has generated approximately $2.5 trillion in surplus revenue, which would have been enough to pay full benefits until at least 2037, if the annual surpluses had been saved and invested, as they were supposed to be. Unfortunately, none of the surplus revenue was saved and invested. Dishonest politicians from both political parties used the surplus as a giant slush fund and spent every dollar of it on other government programs.