Category Archives: Social Security raid

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

Dan Perrin Answers Quora Questioner “How Much Has the Government ‘Borrowed’ From Social Security?”

The Questioner at Quoro wanted to know “How much money has the Federal Government borrowed from the Social Security Trust Fund?” I would have probably answered “Borrowed?  It’s outright theft in my eyes.” The Seniors Center President Dan Perrin was a little bit more diplomatic.  Dan explains how the Federal Government replaced almost $3 Trillion… Continue Reading

Congresswoman Marcy Canter Warned About The Raid Of The Social Security Trust Fund 15 Years Ago

“The truth is that House Republican leaders have turned their back on America’s senior citizens and are raiding billions every day from our Social Security trust fund. …The total raid has run now to over $235 billion. That averages out to about $837 for every single American who will qualify for Social Security. When I… Continue Reading

CBS News: “Americans fear Social Security will go broke, poll shows”

Another day, and another poll showing Americans are increasingly worried about the future of their Social Security benefits–and their retirement security in general. An August poll conducted by the Nationwide Retirement Institute (NRI) asked 1,012 Americans aged 50 years and older–both future and current beneficiaries–about their retirement plans and experiences related to Social Security. Among the… Continue Reading