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How much money has congress borrowed from social security?
Delnorton
Ha ha ha ha ha ha ha ha ha. Excuse me.
There effectively is no "social security fund." For most of the history of Social Security, more money has been coming in from FICA (social security taxes) than going out in disbursements. If you think the US government would let money entrusted to it by its citizens just sit around somewhere so that it would be therer have it in the future when the situation was reversed, then you don't know much about the US government.
Heck yes, they've borrowed from it. To the extent that there is a Social Security fund, it's composed of US Bonds, and at some point the US will have to start tapping into the general revenue fund to pay those back instead of using the revenue from FICA to supplement general revenue as they've always done. When this happens, most economists expect the Social Security program to crash and burn hard.
Wiki User
∙ 10y ago
Wiki User
∙ 11y agoNothing yet of the $700+ Billion that Congress allowed Obama take from the fund for his Health Care. SS does need an over haul since about 1 person is working and paying taxes into SS when about 4 retirees are drawing on it.
I have sort of a solution but I think any Congressman is afraid to stand up and
try to get the Bill passed. As for years the Gov. keeps heading up the amount we have to pay each year in % and the gross amount which I think is about $110,000 a year. If they took the lid off and made everyone from CEO's to Sports players that makes millions a year pay the full amount on their gross
as you and me the middle class it would build SS back up. Everytime there is a
big Surplus, Congress or a President is notoris at taking some of it our for other reasons. Our Congress holds the purse strings but let any President it seems do what he wants with it. Im a GM retiree and watch allot of C-Span and never
have seen a Congressman which includes Senators say we could use the 2 Billion A WEEK we send to Afghan to help our seniors and other programs at home. I oppose all wars because fighting is not the solution. It just seems so to allot of Congressmen since their State makes money making War materials and they seem to keep things going as is. This is a long way to answer you but the best possible answer I can think of. Im not so worried about my grand children future as Congress likes to talk about Im worried about mine and yours today. They raise the age for full retirement to age 67 on us but they can retire at age 55 after 10 years of service and get 3/4 of their Pension. There such is no cuts on their spouse when they die, they keep on getting the full amount plus the 3% raises thats automatic with a Congressman but they stopped ours for a couple years. They make $175,000 a year for 88 days of work and more if on Committees as most are. We can figure their 3% raise is $5,250 on just the starting amount which is not fair at all when I know people on Disability making only $500 a Month.!! If you see a Congressmen mention some of these things to them or your Senator that comes around every 6 years when he wants your vote. I take any pro or con comments of what I write at tommy1822@Yahoo.com Put Comment in the Subject/ Thanksss!!
Wiki User
∙ 13y agoHow much have been borrowed from SS each year since 1986.
Wiki User
∙ 12y ago$16,000.000.000.000.00
Wiki User
∙ 12y ago1.7 trillion dollars
Wiki User
∙ 11y agoZERO
Wiki User
∙ 11y agoAll
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A list of presidents that borrowed from the social security fund and what they borrowed the money for or what they funded with it?
No President has borrowed money from Social Security. Only Congress can authorize borrowing money. Art. 1 Sec 8- The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and generalWelfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; To borrow money on the credit of the United States;
When did congress authorize borrowing from social security?
This practice began in 1937 with the creation of the Social Security system during Franklin D. Roosevelt's administration. That first year the government paid $2 million in interest on money it borrowed from the retirement trust fund
Did George W. Bush borrow from social security?
No president can borrow from social security or any other gocvernment agency. Social security is controlled by the US Congress. Congress has made a long-time practice of borrowing all the money collected from social security taxes ( FICA) and spending it in the general fund. The social security fund consists entirely of "IOUs "( bonds) from the US treasury.
Did George W. Bush borrow social security?
No president can borrow from social security or any other gocvernment agency. Social security is controlled by the US Congress. Congress has made a long-time practice of borrowing all the money collected from social security taxes ( FICA) and spending it in the general fund. The social security fund consists entirely of "IOUs "( bonds) from the US treasury.
What is entitlements-social security mean?
were Since each wage earner puts money into the account, and it is matched by the employer, it is an entitlement. Just because Congress borrowed the money in the account does not mean it is not owed and due to all Americans.
How many presidents signed an IOU for borrowed SS money and never paid it back?
I am not sure what you want to know. Presidents can not borrow money from the US treasury, nor do they sign notes for such loans. The social security trust fund was begun in 1939. The money in the fund has always been "invested" entirely in US government bonds which means its full balance was always borrowed from by the government. SS does not really have any money , except the government IOU's in its fund. Of course, it is not the President, but the Congress which controls the money and if changes are to be made, Congress would have to pass the laws to make them.
Which president raided social security?
No president can raid the social security fund. The President has no control over the social security fund . Only Congress can put money in or take money away from social security. No money has ever been actually set aside for social security. Money collected for social security has always been spent as quickly as it comes in. A record is kept and the fund is credited with the amounts taken in and debited for money paid out . They even add interest to the balance of fund, but no real money.
What is the amount of money a person receives in social security based on?
is there a limit as to how much money a person on social security can accumulate
Can a social security card be used to withdraw money?
No, you cannot use a social security card to withdraw money. A social security card may be useful if you want to open a bank account, though, and you can withdraw money from that.
Can a payday loan company get money from you if you are on Social Security?
Not likely. Most insurers, if they know that they are on social security benefits, would not loan the money to them.
How much money has been taken out of the Social Security Fund and used for other purposes and where did congress store the IOU's?
To date, over 54 trillion dolars.
What is a four-letter word for a problem cuased when congress borrowed money for war during the revolution?
Debt.
