Tuesday, February 15, 2005

...social security mess Ronald Reagan's fault!

The current mess with Social Security began in 1983 in the administration of Ronald Reagan. Under Reagan's direction Social Security withholding was doubled. The excuse for doing this was that because of the size of the baby boomer generation a "surplus" of funds would be needed to take care of the BOOMERS in their retirement years. The surplus was supposed to be what Reagan called "a trust fund" which would enable the country to pay the baby boomers their promised retirement without unduly strapping the upcoming Generation-X. Reagan, of course, spent the money as fast as he could get it on unapproved and even illegal operations---- calling the funds a "surplus" that he was free to spend in any way he saw fit. Now we have another Republican president who wants to tamper with your retirement money. If you think you'll ever see any of the funds you put into your "private SS acount" you are seriously mistaken. My sources for this information are:

Ronald Reagan, "Remarks on Signing the Social Security Amendments"-1983, from: The Public Papers Of Ronald Reagan.

"Bush's Financial Folly", The New York Times", 2-15-'05.

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