Category Archives: Social Security raid

Senator Rubio to Politico: “the driver of our debt is the structure of Social Security and Medicare.”

“The only way you’re going to deal with the debt is you have to do two things–you can’t do one, you’ve got to do both: you’ve got to generate economic growth because growth generates revenue, but you also have to bring spending under control–and not discretionary spending–that isn’t the driver of our debt. The driver of our debt is the structure of Social Security and Medicare…

Senator Marco Rubio spoke candidly with Jake Sherman and Anna Palmer of Politico regarding the ballooning federal deficit.

Specifically his belief discretionary spending has nothing to do with it….because the culprit is Social Security.

We’ve talked quite a bit about the problem with this belief, and the deceptive muddling of mandatory and discretionary spending.

Social Security as it appears on graphs of the mandatory budget is not a representation of any financial drag the program itself has on our budget.

***Social Security is 100% self-funded and legally excluded from the federal budget.***

The “driver of debt” Rubio references exists, but it is not caused by Social Security. It is caused by trillions of dollars being siphoned out of the Trust Fund and used for discretionary spending. The Social Security debt represented on the mandatory budget is the debt created when our government borrows surplus funds for general use and then owes that money to Social Security.

Calling Social Security itself a “driver of debt” is disingenuous. Blaming the deficit on our retirement program is misleading.

And calling for cuts to the program Americans fund completely for ourselves while excusing the discretionary spending that turned our savings into IOUs in the first place is just another way to jam more of our money into the government’s pocket.

USA Today: “Social Security is barreling towards a crisis, and no one wants to do anything about it”

“Leaders in Washington understand this math and the choices available to stabilize Social Security…But the problem isn’t going away and Americans know it. The time is now to do something about it.” USA Today Opinion contributor Andrew Tisch is in a unique position as an American senior. At 67 years old, Tisch says he can… Continue Reading

Professor of Economics Allen W. Smith explains the looting of our Trust Fund on the Jeff and Mike Show

Dr. Allen W. Smith was Professor of Economics at Eastern Illinois University for 30 years before his retirement in 1998.  Devoting his retirement to writing full-time about the intersection between public policy and economics, Dr. Smith published The Looting of Social Security: How the Government is Draining America s Retirement Account in 2004 and THE BIG LIE:… Continue Reading

Stephen Ohlemacher: “Social Security to start cashing Uncle Sam’s IOUs.”

“…the most reprehensible fraud in this great jambalaya of frauds is the systematic and total ransacking of the Social Security trust fund…in the next century…the American people will wake up to the reality that those IOUs in the trust fund vault are a 21st century version of Confederate bank notes.” Senator Ernest Hollings, SC, 1989… Continue Reading