Awareness of the raid of the Social Security Trust Fund is evident in articles and letters to the editor around the country.
For years, some conservative groups have been warning about the continual misuse of Social Security surpluses. The federal government now owes the Trust Fund (old age and disability) more than $2.457 Trillion.
No one has any idea how this money can be paid back, starting in 2016, when the payroll tax will no longer raise enough money for full benefits.
Many seniors, and persons who will retire in the next decade, understand this problem. Here are some recent statements that have been published:
Social Security Nightmare
Robert Moore, Guest Columnist
McCreary County Record, Whitley City, Kentucky
“The U.S. government has used the money we paid in to insure that our ‘golden years’ would not be destitute in order to finance improvident wars and pork barrel projects.
”Tax policies and fiscal policies have been used since the Carter administration that resulted in government being funded by borrowing money from the Social Security Trust Fund…Why is this not illegal? How is this different from the Ponzi scheme that Bernie Madoff ran except for this being exponentially larger?”
Politicians have used Social Security as their private account
The Mercury, Pottstown, Pennsylvania
“It goes back to Tip O'Neil, the longtime Democratic Speaker of the House. He conned the American people into removing the money from the trust fund and lending it to the government. In its place he would place worthless bonds now worth $2 trillion with no place to cash them. The interest is paid in more worthless bonds.
“Every president has pretended to save Social Security by raising the amount, knowing the money goes into the general treasury…
“With the $2 trillion in the fund there would not have been a problem if the money had not been stolen by Congress. If anyone had done this in the private sector, they would have gone to jail.”
Congress should stop raid on Social Security trust fund
G. A. Scheinoha
The Northwestern, Oshkosh, Wisconsin
“Seems politicians have forgotten what the idea behind a trust is; being able to stash dollars for the future and expect they'll still be available once tomorrow arrives. They betrayed the principle and their constituents by robbing Social Security to finance whatever pork projects they thought vastly more important.
“Which was easy enough to do once Congress transferred Social Security into the general fund…Thanks to congressional hijinks with our money, we're told the coffers will be empty sooner than anyone thought, in just eight years!”
Government has successfully pumped Social Security dry
Gilbert Smith, Jr.
The News Herald, Panama City, Florida
“Our Social Security program is practically defunct…
“In 1968, the coffers of the Social Security Trust Fund were too inviting, so they were opened up to the congressional whims and treated as general funds. When the coffers were raided, a little IOU was inserted…
“This is money that various administrations have used on programs whose costs should have been born by the taxpayers of their time. But politicians as a whole are gutless, and they're great on buying your vote and allegiance with somebody else's money--and with their lies.”
Repay Social Security Fund
The Ledger, Lakeland, Florida
“I and many others I am sure are distressed about Social Security…(I)f the government would pay all the IOUs and interest, the Social Security Trust Fund would be solvent. If they have millions to give away, why not repay an old debt? The lives of millions who have paid into the fund for years are going to be ruined.”
Social Security Trust Fund should not be raided
John Pinelli, Jr.
CentralJersey.com, Princeton, New Jersey
“There should be a law against raiding the Social Security Trust Fund by the federal government. The American worker worked hard all his life for that money which they had hoped would be there for their future retirement.”