Loading ...My Grandmother knew Reagan too since the acting days I think she said in Chicago. I meantioned to her the young wanted to vote for him because he wanted to legalize pot which I.believd it should too even though I didn’t smoke it I thought arresting people over it was ridiculous. She told me he smokes pot too. It’s not too much a hidden thing now but I don’t think he was much worried about it since he even had it placed on the table after dinners.
I looked up Reagan and the great SS heist. See what it said. It left out obummer who also borrowed. They all used up all the decades if reserves it needs now that never got paid back. Not to mention demos giving it including disability to new illegals. Ordered them to make up things to put them in SS disability after giving them a SS number.perbwhiztld blower shocked and disgusted by it.
- 1983 Amendments: Facing an imminent funding gap in Social Security, a bipartisan commission appointed by Reagan developed a compromise plan to ensure the system’s long-term solvency. This plan included accelerating payroll tax increases, gradually raising the retirement age, and for the first time, taxing the benefits of higher-income recipients.
- Creation of Surpluses: These measures generated significant Social Security surpluses, meaning more money was collected in payroll taxes than was paid out in benefits at the time.
- Investment in General Fund: By law, these surplus funds were (and still are) invested in special-issue U.S. Treasury securities, which are essentially loans to the federal government backed by the “full faith and credit” of the U.S. government. The money received from the sale of these securities goes into the Treasury’s general fund and is used to fund general government operations and reduce the need for borrowing from the public.
- Budgetary Context: The practice of including Social Security trust fund transactions within the unified federal budget began under President Lyndon B. Johnson in 1968. While this accounting practice made the overall budget deficit appear smaller, the funds were always legally separate and accounted for as an asset of the Social Security trust funds (in the form of the special bonds). The 1983 amendments actually included a provision to eventually remove Social Security operations from the unified budget, a change that was fully implemented by 1990.
Multiple presidents have seen the federal government borrow from the Social Security trust fund, though the practice began with Lyndon B. Johnson to pay for the Vietnam War. More recently, the George W. Bush administration is cited for borrowing from the fund, and Ronald Reagan signed legislation that increased Social Security taxes to ensure the system’s solvency.
-
Often cited as the first president to borrow from the trust fund to help cover costs associated with the Vietnam War.
-
Signed the Social Security Amendments of 1983, which included a bipartisan vote to raise payroll taxes to shore up the system’s long-term solvency. This increase generated a surplus that the government later borrowed from.
-
The government borrowed a significant amount from Social Security surpluses during his presidency to cover budget deficits from tax cuts and the Iraq War.
-
Critics have pointed to accounting methods in his proposals that they claim double-counted the Social Security surplus.
- 1983 Amendments: Facing an imminent funding gap in Social Security, a bipartisan commission appointed by Reagan developed a compromise plan to ensure the system’s long-term solvency. This plan included accelerating payroll tax increases, gradually raising the retirement age, and for the first time, taxing the benefits of higher-income recipients.
- Creation of Surpluses: These measures generated significant Social Security surpluses, meaning more money was collected in payroll taxes than was paid out in benefits at the time.
- Investment in General Fund: By law, these surplus funds were (and still are) invested in special-issue U.S. Treasury securities, which are essentially loans to the federal government backed by the “full faith and credit” of the U.S. government. The money received from the sale of these securities goes into the Treasury’s general fund and is used to fund general government operations and reduce the need for borrowing from the public.
- Budgetary Context: The practice of including Social Security trust fund transactions within the unified federal budget began under President Lyndon B. Johnson in 1968. While this accounting practice made the overall budget deficit appear smaller, the funds were always legally separate and accounted for as an asset of the Social Security trust funds (in the form of the special bonds). The 1983 amendments actually included a provision to eventually remove Social Security operations from the unified budget, a change that was fully implemented by 1990.
Multiple presidents have seen the federal government borrow from the Social Security trust fund, though the practice began with Lyndon B. Johnson to pay for the Vietnam War. More recently, the George W. Bush administration is cited for borrowing from the fund, and Ronald Reagan signed legislation that increased Social Security taxes to ensure the system’s solvency.
-
Often cited as the first president to borrow from the trust fund to help cover costs associated with the Vietnam War.
-
Signed the Social Security Amendments of 1983, which included a bipartisan vote to raise payroll taxes to shore up the system’s long-term solvency. This increase generated a surplus that the government later borrowed from.
-
The government borrowed a significant amount from Social Security surpluses during his presidency to cover budget deficits from tax cuts and the Iraq War.
-
Critics have pointed to accounting methods in his proposals that they claim double-counted the Social Security surplus.