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What President permitted our government to borrow from the Social Security Sytstem?
Wiki User
∙ 14y ago
All of them since it was introduced. (Note: it's not really the President who does this, except in the sense that the President can technically veto a budget bill that does so. However, ultimately Congress has to get money for running the country from SOMEWHERE, and if the president doesn't pass the budget bills, the government shuts down, which is usually regarded as a bad thing.)
When Social Security was started, it generated a great deal of income for the federal government with relatively low expenditures. It was realized that ... since it's essentially a legal-by-explicit-legislation Ponzi scheme ... eventually there would come a point when expenditures might match or exceed income, but in the meantime, the government basically said "we need more money to run the country than we're bringing in through income taxes; we COULD raise taxes, but then we wouldn't get re-elected, we COULD borrow money (through issuing bonds), but then we'd have to pay it back with interest on a definite schedule ... and then there's this WHOLE PILE of money coming in from Social Security and we're not gonna need it for DECADES at least, let's just borrow it from that pile and we'll put it back when we actually have to".
Wiki User
∙ 7y ago
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∙ 11y agojohnson
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