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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.

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11y ago

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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.


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.


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.


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 a four-letter word for a problem cuased when congress borrowed money for war during the revolution?

Debt.


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.


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.


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.