Money Morning: “The Social Security Trust Fund is Just a Stack of IOUs in a West Virginia Filing Cabinet”

“Over the years, different presidents have been accused of “raiding” the Social Security Trust Fund…but that’s understating what’s actually happened.

The truth is, every president since Franklin Delano Roosevelt has overseen this “borrowing” from the Social Security Trust Fund.”

This article by David Zeiler at Money Morning revisits President George W. Bush’s 2005 statements following a trip to Parkersburg, WV to see a little filing cabinet.

That little filing cabinet, he said, contains “the retirement security for future generations.”  And it’s filled with nothing but IOUs.