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
I had always understood it was 1957 when congress enacted the 'steal from social security' law. We owe so much money now that we can't afford to repay the Social Security account.
And also: Social Security IS NOT AN ENTITLEMENT!
This has always been the case. The social security trust fund has always been"invested' entirely in US government bonds, which means the money is spent as soon as it is received and is replaced by these bonds.
The money was always spent as soon as it was collected.
1985
Under Nixon
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.
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.
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;
Congress
NO
Social Security Improvement
Franklin Roosevelt was the President when social security taxes were first collected. The money collected for social security was always spent as soon as it was collected. This was not a problem so long as the number of people paying in increased faster than the number of people collecting benefits.
This is a question that's answer is soley based on opinion.
1987
August 14, 1935
1965
its a borrowing science because.... PIE!