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Is the government lowering the benefits to people for social security & Medicare because they have borrowed?
too much money from SS and Medicare and are essentially defaulting on promises made to the American people about providing for their future? Does that mean giving the government money for Social Security is just another tax they are adding to the income tax?
1 Answer
- George SLv 710 years agoFavorite Answer
Yes. It always was. The accumulated excess (at least $1.5 trillion and possibly so much as $2.4 trillion now) that should be in the fund (that no longer exists) was stolen every year to help cover the deficit. Our Representatives squandered for a century buying votes with every fairy tale promise they could imagine. Even then, the citizens demanded ever more.
A couple decades ago the politicians stopped pretending there was a Social Security fund and dumped all of it into the general fund. They no longer needed to take the excess out of Social Security and put it in the General Fund. It all flows directly in now every quarter.
It no longer matters now anyway. There is no excess anymore. Social Security now pays out hundreds of billions more than it takes in. That's why the deficit suddenly jumped from hundreds of billions to about $1.4 trillion per year. Instead of the Social Security excess reducing the deficit, its shortage increases it.
Source(s): For decades I studied philosophies, cultures, and social institutions. I began that because of confusion resulting from my military experience under the shadow of neo-Marxist anti-military and anti-capitalism indoctrination in the universities.
