answersLogoWhite

0


Want this question answered?

Be notified when an answer is posted

Add your answer:

Earn +20 pts
Q: How much money has the US Government taken out of the Social Security Fund since the 1960s?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What is it called when the government hands money to the needy?

Social security.


Should Workman's compensation use your Social Security as offset for their payments?

If Social Security is a Constitutionally, Legal, Federal Government Program the answer is no. If Social Security is an unConstitutional, Federal Government Program the answer is still no. Money was taken from the workers wages by the Federal Government which promised to return the money at retirement, or in case of a debilitating injury. Legal or not legal, to take a mans money from him without his expressed permission is robbery. Workman's Compensation, by taking a workers Social Security wages, is guilty of theft if Social Security is Constitutional, or guilty of accessory to theft if Social Security is unConstitutional.


Who gets your social security if you death?

No one gets it the government takes all your money back.


What does the money form social security taxes fund?

Social security is basically when the government takes a certain percentage of money from the working generation and gives it to the retired generation. When the working generation become retired, they receive social security. Social security started after the Great Depression, when the government needed to make sure that people had money stored away to live after they stopped working. People get certain amounts of social security depending on how much they and their spouses worked as young people, as well as what jobs and how much they gave to social security. The current problem with social security is that the baby boomers are now becoming retired, and there are more of them than the current generation of working people. There is not enough money to support these retiring people, and unless the government subsidies social security or takes other measures, it is likely to fall apart before people currently in their 30s and 40s become retired. So basically, the idea of how social security works is that you put away money and you will get that money when you retire.


What information is tracked by the federal government through a Social Security number?

The number of quarters (three-month periods) an employee has worked and the amount of money an employee has contributed to the Social Security Trust Fund. Social Security numbers are also linked to Medicare and some other services provided by the federal government.


Which of these does the UK government spend the most money on education social security or policing?

In the 2012/13 financial year, the United Kingdom government will spend more money on social security than on education or policing.Excluding health expenditure (which is treated separately by the UK), the Government will spend £240billion (36.1% of the total budget) on social security. In contrast it will spend £91billion (13.7%) on education and £32billion (4.8%) on public order, safety and justice.


Does Transferring money occurs when the government transfers money they collect to businesses and individuals?

Yes, the transfer of money occurs when the government transfers money it collects to businesses and individuals (in the form of subsidies, welfare, social security, etc.).


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


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


Can a Student Debtor authorize Sallie Mae to take from Social Security to pay off debts owed either upon request or as counter-offer to offers of repayment options given by Sallie Mae?

(Continuing the question from previous opening statement) If Social Security, and the Government, states to the Citizen, that the money paid-in to the Social Security system IS the paying-in beneficiaries money...then why not allow credits registered and reported in one Government department transferred over to handle debts owed in another Government department? Did it STOP becoming my money when I paid into Social Security, and become the Government's (or a retiring Social Security beneficiary's)...until I reach retirement age, at which such time, it THEN becomes my money again, but, paid out on the Government's schedule? Can the repayment options that Sallie Mae, (operating under Government auspices, regardless of HOW private-side Sallie Mae becomes,) gives the Student Debtor, NOT be counter-offered, by that Student debtor, with money, held in, what appears to be a Government Trust, under care of the OTHER department? IF that IS my money there, held by the Government, in trust, and the Government has NOT Stated at any time that it stopped being my money...then what's the problem here?


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.


How do households receive money from the government?

Households receive money from the government that is also known as government assistance. They can receive it in the form of food stamps, public housing, section 8, social security, and unemployment. To receive this kind of help you would have to go through social services.