For the Seniors; Social Security & Ronald Reagan..

Regular Member Posts : 7317 Join date : 2014-07-29

Reagan;
Your Social Security comes out of Your earned wages/your paycheck.
It is not government funded Money..

Too bad Congress keeps borrowing from the SS fund to pay for other spending needs.

The fund is in peril only because Congress has no intention of every paying borrowed money back into the fund. That's why there is always a cry by the Dems to raise taxes, and blame Repubs for shortfalls.

The reason the Senate never takes up bills from the House, is because they are always loaded with pork projects.

Regular Member Posts : 7317 Join date : 2014-07-29

The Wise And Powerful wrote:: Too bad Congress keeps borrowing from the SS fund to pay for other spending needs

Social Security History;
MYTHS AND MISINFORMATION ABOUT SOCIAL

Myths and misstatements of fact frequently circulate on the Internet, in email and on websites, and are repeated in endless loops of misinformation. One common set of such misinformation involves a series of questions about the history of the Social Security system.

Q1. Which political party took Social Security from the independent trust fund and put it into the general fund so that Congress could spend it?

A1: There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."

Q2: Which political party eliminated the income tax deduction for Social Security (FICA) withholding?

A2: There was never any provision of law making the Social Security taxes paid by employees deductible for income tax purposes. In fact, the 1935 law expressly forbid it.

Q3. Which political party started taxing Social Security annuities?

A3. The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote.

Q4. Which political party increased the taxes on Social Security annuities?

A4. In 1993, legislation was enacted which had the effect of increasing the tax put in place under the 1983 law. It raised from 50% to 85% the portion of Social Security benefits subject to taxation; but the increased percentage only applied to "higher income" beneficiaries. Beneficiaries of modest incomes might still be subject to the 50% rate, or to no taxation at all, depending on their overall taxable income.

The OBRA 1993 legislation was deadlocked in the Senate on a tie vote of 50-50 and Vice President Al Gore cast the deciding vote in favor of passage. President Clinton signed the bill into law on August 10, 1993.

Q5. Which political party decided to start giving annuity payments to immigrants?

A5. Neither immigrants nor anyone else is able to collect Social Security benefits without someone paying Social Security payroll taxes into the system. The conditions under which Social Security benefits are payable, and to whom, can be found in the pamphlets available on our website.

The question confuses the Supplemental Security Income (SSI) program with Social Security. SSI is a federal welfare program and no contributions, from immigrants or citizens or anyone else, is required for eligibility.

The SSI program was an initiative of the Nixon Administration and was signed into law by President Nixon on October 30, 1972.
https://www.ssa.gov/history/InternetMyths2.html

When did Congress borrow from Social Security?
In 1993, legislation was enacted which had the effect of increasing the tax put in place under the 1983 law. It raised from 50% to 85% the portion of Social Security benefits subject to taxation; but the increased percentage only applied to "higher income" beneficiaries.

How much money has the government stolen from Social Security?
The fact is that Congress, despite borrowing $2.9 trillion from Social Security, hasn't pilfered or misappropriated a red cent from the program.Feb 4, 2019

Temple wrote:

The Wise And Powerful wrote:: Too bad Congress keeps borrowing from the SS fund to pay for other spending needs

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How much money has the government stolen from Social Security?

The fact is that Congress, despite borrowing $2.9 trillion from Social Security, hasn't pilfered or misappropriated a red cent from the program.

Proves my point - Congress borrows from the fund but has yet to pay it back

Regular Member Posts : 7317 Join date : 2014-07-29

The federal government hasn't pilfered a dime from Social Security

The fact is that Congress, despite borrowing $2.9 trillion from Social Security, hasn't pilfered or misappropriated a red cent from the program.

Regardless of whether Social Security was presented as a unified budget under Lyndon B. Johnson or as a separate entity (i.e., off budget), none of its funding has been conflated with normal federal spending.

What's more, Social Security is already generating interest income from the federal government on its borrowing. As of Dec. 31, 2018, the $2.9 trillion in special-issue bonds and certificates of indebtedness were yielding an average of 2.85%.

early 1968 President Lyndon Johnson made a change in the budget presentation by including Social Security and all other trust funds in a"unified budget." This is likewise sometimes described by saying that Social Security was placed "on-budget."

Did Congress borrow from Social Security?
Ultimately, Congress' borrowing allowed Social Security to collect $85.1 billion in interest income for 2017, and it's expected to provide $804 billion in aggregate interest income between 2018 and 2027. ... Long story short, Congress is in the clear on this one.Feb 4, 2019

Ultimately, Congress' borrowing allowed Social Security to collect $85.1 billion in interest income for 2017.

It's expected to provide $804 billion in aggregate interest income between 2018 and 2027.

In other words, when opponents of this borrowing complain about the program not receiving interest, they're simply not doing their homework.

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