Download or read book Raiding the Trust Fund written by Allen W. Smith and published by Ironwood Publications (FL). This book was released on 2015-09-29 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: The money's gone! Social Security doesn't have $2.7 trillion stashed away for paying benefits, as so many people believe. It cannot pay benefits for another 20 years, as is often claimed. In fact, Social Security does not have enough money to pay full benefits, even for 2014, without borrowing money from China or another of our creditors. How can this be? Wasn't Social Security fixed by the Social Security Amendments of 1983, which included a large increase in payroll taxes? That's what we were told at the time. President Reagan signed that legislation into law with great fanfare on April 20, 1983. With his comments at the signing ceremony, Reagan gave the impression that it was a proud day for America. But, instead of being a proud day for America, as Reagan implied, the day the new legislation was signed into law, turned out to be a day of shame for the United States. The Social Security Amendments of 1983 laid the foundation for 30 years of government embezzlement of Social Security funds. The money was used to pay for wars, tax cuts for the rich, and other government programs. The payroll tax hike of 1983 generated a total of $2.7 trillion in surplus Social Security revenue. This surplus revenue was supposed to be saved and invested in marketable U.S. Treasury bonds, which would be held in the trust fund until the baby boomers began to retire in about 2010. But not one dime of that money ever made its way to the Social Security trust fund. The 1983 legislation was sold to the public, and to Congress, as a long-term fix for Social Security. With the help of Alan Greenspan, Reagan was a super salesman, who could have sold almost anything to the public-even a scam. And that's exactly what he was selling. Reagan intended to use the surplus Social Security revenue to replace revenue lost because of his unaffordable income tax cuts. Instead of being set aside for the retirement of the baby boomers, as was the intent of the legislation, the extra Social Security revenue was deposited directly into the general fund just like income tax revenue. From the very beginning, Reagan and his advisors had no intention of saving and investing the new revenue for the retirement of the baby boomers. They needed additional general tax revenue, and an increase in the payroll tax would be much easier to enact than higher income taxes. Also, the potential to get vast amounts of revenue was much greater with a payroll tax increase than from an income tax increase. The baby boomers, the largest generation of Americans who ever lived, were already making large contributions to the Social Security fund. Like all previous generations, prior to 1983, the boomers were being required to pay the full cost of benefits paid to the previous generation. But, the proposed new legislation would hit the boomers with a double whammy. In addition to paying for their parents' benefits, the new law would require the baby boomers to also pay enough additional taxes to prepay the cost of their own benefits. This would generate a potential gold mine of surplus revenue that could be tapped and used for other purposes. But none of the $2.7 trillion in additional Social Security revenue was ever saved or invested in anything. The actual surplus money was replaced with nonmarketable government IOUs, which cannot be converted into cash or used to pay Social Security benefits. It would have been bad enough if only Reagan had looted Social Security money. But George H.W. Bush, Bill Clinton, and George W. Bush all followed in Reagan's footsteps and spent all of the Social Security surplus revenue for non-Social Security purposes, just like Reagan. This book is a must read for all who care about the future of Social Security and the integrity of their government.
Download or read book Out of Gas written by Tom A. Coburn and published by . This book was released on 2009 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report details the expenditures and management of the Highway Trust Fund, focusing on funding set aside for transportation enhancement activities.
Download or read book Treasury Department s Use of Federal Trust Funds written by United States. Congress. House. Committee on Banking and Financial Services and published by . This book was released on 1996 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hearings written by United States. Congress. Senate. Committee on Commerce and published by . This book was released on 1972 with total page 1376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Corporate Raiding of Worker Pension Plans written by United States. Congress. House. Committee on Government Operations. Employment and Housing Subcommittee and published by . This book was released on 1988 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book To Extend and Modify the Airport and Airway Development Act of 1970 written by United States. Congress. House. Committee on Public Works and Transportation. Subcommittee on Aviation and published by . This book was released on 1975 with total page 972 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Pension Asset Raids written by United States. Congress. House. Select Committee on Aging and published by . This book was released on 1984 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book First in a Series of Subcommittee Hearings on Protecting and Strengthening Social Security written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security and published by . This book was released on 2007 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mid session Hearings on the Budget written by United States. Congress. Senate. Committee on the Budget and published by . This book was released on 2001 with total page 586 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Extend and Modify the Airport and Airway Development Act of 1970 Hearings Before the Subcommittee on Aviation of 94 1 written by United States. Congress. House. Public Works and Transportation Committee and published by . This book was released on 1975 with total page 992 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Ronald Reagan the Great Social Security Heist written by Allen W. Smith Ph. D. and published by Ironwood Publications (FL). This book was released on 2013-12 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: The money's gone! Social Security doesn't have $2.7 trillion stashed away for paying benefits, as so many people believe. It cannot pay benefits for another 20 years, as is often claimed. In fact, Social Security does not have enough money to pay full benefits, even for 2014, without borrowing money from China or another of our creditors. How can this be? Wasn't Social Security fixed by the Social Security Amendments of 1983, which included a large increase in payroll taxes? That's what we were told at the time. President Reagan signed that legislation into law with great fanfare on April 20, 1983. With his comments at the signing ceremony, Reagan gave the impression that it was a proud day for America. But, instead of being a proud day for America, as Reagan implied, the day the new legislation was signed into law, turned out to be a day of shame for the United States. The Social Security Amendments of 1983 laid the foundation for 30 years of government embezzlement of Social Security funds. The money was used to pay for wars, tax cuts for the rich, and other government programs. The payroll tax hike of 1983 generated a total of $2.7 trillion in surplus Social Security revenue. This surplus revenue was supposed to be saved and invested in marketable U.S. Treasury bonds, which would be held in the trust fund until the baby boomers began to retire in about 2010. But not one dime of that money ever made its way to the Social Security trust fund. The 1983 legislation was sold to the public, and to Congress, as a long-term fix for Social Security. With the help of Alan Greenspan, Reagan was a super salesman, who could have sold almost anything to the public-even a scam. And that's exactly what he was selling. Reagan intended to use the surplus Social Security revenue to replace revenue lost because of his unaffordable income tax cuts. Instead of being set aside for the retirement of the baby boomers, as was the intent of the legislation, the extra Social Security revenue was deposited directly into the general fund just like income tax revenue. From the very beginning, Reagan and his advisors had no intention of saving and investing the new revenue for the retirement of the baby boomers. They needed additional general tax revenue, and an increase in the payroll tax would be much easier to enact than higher income taxes. Also, the potential to get vast amounts of revenue was much greater with a payroll tax increase than from an income tax increase. The baby boomers, the largest generation of Americans who ever lived, were already making large contributions to the Social Security fund. Like all previous generations, prior to 1983, the boomers were being required to pay the full cost of benefits paid to the previous generation. But, the proposed new legislation would hit the boomers with a double whammy. In addition to paying for their parents' benefits, the new law would require the baby boomers to also pay enough additional taxes to prepay the cost of their own benefits. This would generate a potential gold mine of surplus revenue that could be tapped and used for other purposes. But none of the $2.7 trillion in additional Social Security revenue was ever saved or invested in anything. The actual surplus money was replaced with nonmarketable government IOUs, which cannot be converted into cash or used to pay Social Security benefits. It would have been bad enough if only Reagan had looted Social Security money. But George H.W. Bush, Bill Clinton, and George W. Bush all followed in Reagan's footsteps and spent all of the Social Security surplus revenue for non-Social Security purposes, just like Reagan. This book is a must read for all who care about the future of Social Security and the integrity of their government.
Download or read book Even Custer Had Better Odds written by Dean T. Pappas and published by Dean Pappas. This book was released on 2006-07 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: A collection of letters to the editor, Even Custer Had Better Odds: Being Blue in a Red (Hendricks) County reflects Dean Pappas' divergent political opinions on contemporary issues. Topics range from the attacks of "911" to Hurricane Katrina. Pappas makes his opinions known even to those who strongly disagree. Pappas spends a lot of time showing the fallacy of the Bush Administration's tax cuts and the reckless government spending of "borrow and spend." He points out that Bush wants to do away with the Estate Tax and the billions of dollars that it provides-just at a time when we desperately need revenue, especially to finance the war in Iraq. Also, he points out that there is not enough money to adequately fund programs for veterans, education, and health care. Furthermore, he describes Bush's philosophy as "No Millionaire Left Behind." Pappas also discusses other issues such as gay marriage, abortion, high gas prices, and Supreme Court nominees. He shows his own religious beliefs when he opposes gay marriage and abortion. Also, he is critical of Bush's Supreme Court nominees and has a strategy for what the Democrats need to do to win the next presidential election. Overall, Even Custer Had Better Odds: Being Blue in a Red (Hendricks) County reflects one man's divergent political views and is available from authorhouse.com.
Download or read book Social Security written by Peter J. Ferrara and published by Cato Institute. This book was released on 1980 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Working the Federal Budget written by George D. Krumbhaar and published by Routledge. This book was released on 2017-06-14 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: What do nude beaches and catfish have to do with the federal budget? Quite a bit, it turns out. Working the Federal Budget fills the need for an unvarnished, readable guide to how the federal government collects money and spends it. Centuries of political struggles over the size and funding of government have produced a dense set of budget-related laws, procedures, court decisions and outright improvisations. The resulting rules are legion, complex, and remain a secret to many. In this book, author George D. Krumbhaar unravels the complexity with a journalist’s eye for clarity and a lawyer’s eye for detail, explaining the system, plainly laying out the laws that lie behind it, and identifying the players that are central to decision making at various stages in the process. With chapters covering the grandiose (why we have such big deficits) and the picayune (PAYGO and its importance) in fascinating and often entertaining detail, Working the Federal Budget provides an invaluable and critical exploration of the who, the what, and the why of the budget process for readers with an interest in government relations and how the government functions—whether from Capitol Hill, the executive branch, "K Street," postgraduate studies or even civic concern.
Download or read book Ideas for Advancing the Upcoming Debate on Saving the Social Security System written by United States. Congress. House. Committee on Ways and Means and published by . This book was released on 1999 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Congressional Record written by United States. Congress and published by . This book was released on 1971 with total page 1370 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Congressional Record is the official record of the proceedings and debates of the United States Congress. It is published daily when Congress is in session. The Congressional Record began publication in 1873. Debates for sessions prior to 1873 are recorded in The Debates and Proceedings in the Congress of the United States (1789-1824), the Register of Debates in Congress (1824-1837), and the Congressional Globe (1833-1873)
Download or read book Hearings Before the Subcommittee on Public Buildings and Grounds of the Committee on Public Works House of Representatives written by United States. Congress. House. Committee on Public Works and published by . This book was released on 1947 with total page 1606 pages. Available in PDF, EPUB and Kindle. Book excerpt:
