Category Archives: Social Security raid

“You have a big pot of money sitting there–and a big pot of money is not something that politicians have the power to resist.”

Bill Whittle is a conservative blogger, author, and pundit known for his YouTube series and guest appearances on several national television and radio programs.

Each week, Whittle hosts The Stratosphere Lounge, a podcast where he answers visitor questions from Facebook on a variety of political topics.

On this episode, Whittle tackles a visitor comment dealing with “the big bankrupt lie” and whether or not there is a Social Security “Trust Fund.”

And as Whittle explains, much has changed since the very first beneficiaries received their Social Security benefits.

Social Security at its beginning was a very good deal for retirees vastly outnumbered by workers and claiming benefits for a much shorter time (though as Whittle says, there’s absolutely nothing wrong with Americans living longer).

These days, however, benefits are stretched thin between millions of retirees, and there are only about three workers per retiree.

And through it all, the government has spent trillions of surplus Social Security funds–money collected during those times workers contributed far more than retirees needed, an intentional preparation for a growing retired population.

“At this point in time, the chickens have finally come home to roost.”

Over at Texas Enterprise, professor in the Department of Finance at the University of Texas, Austin Lew Spellman traces our government’s long history of using Social Security’s surpluses to foot the bill for general spending. And the ingenious accounting sleight-of-hand that keeps the spending covert, obscures the extent of our debt, and allows opponents of… Continue Reading

“Social Security Surplus Myth” explains everything you need to know about where our Social Security dollars have been going since 1969

Everyone knows what the Social Security program is and the basic gist of how it functions: it’s a federal retirement benefit program we all pay into via the payroll tax during our working lives, and once we retire, we receive a monthly benefit payment for life–a benefit funded by the money we spent years contributing… Continue Reading

“The federal government’s been engaging…in self-dealing practices for years, and let me use Social Security as a perfect example of that.”

David Walker served as United States Comptroller General under Presidents Bill Clinton and George W. Bush. In this clip, Walker confirms the federal government spending of every dime of Social Security surpluses, the nonmarketable nature of the IOUs left in its place, and the “duplicitous” accounting that allows Congress to keep this spending off-budget. Continue Reading