When I was a boy, they didn’t call taking something that didn’t belong to you “borrowing.” They called it stealing. And the way Congress has spent the money in the Social Security Trust Fund is outright theft in my eyes.
The Seniors Center president Dan Perrin occasionally answers questions from the public on information-sharing site Quora. I’m often surprised by the basic questions people ask. But it’s a great way to get The Seniors Center’s message out to new people. I came across Dan’s answer to the question “Did the federal government borrow from Social Security?” And I figured I’d share part of Dan’s answer:
Every year, the total balance in the Social Security Trust Fund has been transferred to the Federal Treasury and replaced with non negotiable bonds which are stored in a filing cabinet at the Bureau of Public Debt in Parkersburg, West Virginia. The interest on these bonds is “paid” by the issue of even more bonds.
You can read Dan’s full answer here.