Category Archives: Social Security 101

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.

Social Security Raid Endangers Retirement Benefits

In the final budget of his presidency, Bill Clinton revealed a dirty secret that Senior Citizens are still paying for today. In his 2000 Budget Proposal, President Bill Clinton explained the truth about the Social Security Trust Fund: “The Social Security Trust Fund does not consist of real economic assets that can be drawn down… Continue Reading