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How Your Social Security Money Was Stolen – Where Did the $2.5 Trillion Surplus Go?

July 19th, 2011 | Filed under Economy, Feature, Hot List, News, Politics & Government . Follow comments through RSS 2.0 feed. Click here to comment, or trackback.

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Introduction by David DeGraw, Reports by Dr. Allen Smith

How Republicans, Democrats and the Mega-Wealthy Stole Your Social Security Money

How Your Social Security Money Was Stolen - Where Did the $2.5 Trillion Surplus Go?As I’ve been reporting for quite some time now, trillions of our tax dollars have been looted by Wall Street, wars, global corporations and the richest one-tenth of one percent of the population. The economic crisis has made this blatant fact much more evident to the average person. Now that these elaborate schemes are coming undone and major cuts to vital social programs are beginning to be implemented, the American public is going to get a harsh wake up call.

With cuts to Social Security on the way, and Obama’s recent comments saying that he cannot guarantee that Social Security checks will go out if the debt ceiling doesn’t get raised, it’s time to take a closer look at why politicians are pushing to cut this vital program.

The Social Security Trust Fund should currently have $2.5 trillion in surplus. So how is it that these checks could stop being issued if the debt ceiling isn’t raised? Economics professor Dr. Allen Smith, author of The Looting of Social Security: How The Government is Draining America’s Retirement Account, has been reporting on the theft of Social Security funds for years. As he sums it up:

“The government’s $2.5 trillion debt to Social Security is the real reason that so many politicians want to cut benefits. They are trying to find a way to avoid having to repay the looted money…. Given the fact that much of the surplus revenue from the 1983 payroll tax hike ended up in the pockets of the super rich in the form of income tax cuts, I propose a special tax on this group of taxpayers to recoup the missing Social Security money. The government used revenue from the Social Security payroll tax hike to fund tax cuts for the rich because that was where the money was. I think the government should recover the ‘embezzled’ money by taxing the rich.”

Here are reports by Dr. Allen Smith that we have featured over the past two years:

I: It’s Time to Tap the Empty Social Security Trust Fund
II: The Social Security Fraud Has Finally Been Exposed
III: How Ronald Reagan and Alan Greenspan Pulled off one of the Greatest Frauds Ever Perpetrated against the American People
IV: Obama and the Social Security Time Bomb
V: Censored Social Security Book Back in Print

I: It’s Time to Tap the Empty Social Security Trust Fund

AP writer, Stephen Ohlemacher, sent shock waves throughout the nation this week with his story, “Social Security to start cashing Uncle Sam’s IOUs.”  Social Security has been running large surpluses ever since the enactment of the 1983 payroll tax hike, and was projected to continue running surpluses until at least 2016.  Instead, Ohlemacher reports that the cost of Social Security benefits will exceed payroll tax revenue by approximately $29 billion this year, because of the severe recession which has reduced payroll tax revenue at the very time that many unemployed Americans have been forced to retire early.  

What it all boils down to is that, in order to pay full benefits this year, Social Security will have to come up with an extra $29 billion to supplement the inadequate payroll tax revenue.  Where will that money come from?  It will have to come from increased taxes or from borrowed money.  “Wait a minute!” some readers will say.  Hasn’t Social Security been receiving surplus revenue ever since the 1983 payroll tax hike?  Isn’t there supposed to be approximately $2.5 trillion in the Social Security trust fund?  The answer to both questions is yes.  But there is a problem.  Every dollar of that surplus Social Security revenue has already been spent by the government.  Much of it went to fund wars in Afghanistan and Iraq.  The rest has been spent on other government programs.

The American people were not supposed to find out about the great Social Security scam for another six years, and the government was hoping to continue to receive surplus money from the Social Security contributions of working Americans for at least that long.  But the inevitable day of reckoning has come, six years sooner than anybody expected, because of the severe recession.  And the government of the United States has been caught with its hand still in the empty Social Security cookie jar.

For more than a decade, I have been trying to expose the Social Security scam just like Harry Markopolos  was trying to expose the Bernie Madoff scam.  But nobody would listen.  If anyone deserves credit for helping the government to keep its dirty secret for so long, that honor should go to the AARP and the NCPSSM.  I have been members of both organizations for years and I have tried very hard to get their cooperation in exposing the fraud.  But they have refused to have anything to do with me.  Instead, they have continued to bombard their members and the public with misinformation.  They have argued that the trust fund is full of “good-as-gold” U.S. Treasury Bonds that could be used to pay full Social Security benefits until at least 2037 without any changes.  In reaction to Olemacher’s AP story, Barbara Kennelly, president of the NCPSSM, responded with the following words, “Good luck to the politician who reneges on that debt.  Those bonds are protected by the full faith and credit of the United States of America.  They’re as solid as what we owe China and Japan.”

I believe Barbara Kennelly to be among the strongest and most honorable defenders of Social Security.  I think she truly wants to save Social Security, as we now know it, which is the same goal that has motivated me to make so much effort for more than a decade.  I have tried to convince Ms. Kennelly that I was trying to save Social Security by exposing the truth about the trust fund, but she wouldn’t even consider the possibility that the government has been looting the trust fund all these years.  I requested the opportunity to discuss this issue with her, either in a face-to-face meeting, or through telephone conversations, in the hope that we could work together toward a common goal.  She ignored my requests and refused to communicate with me in any way. 

It has been clear for quite some time that the trust fund contained no real assets.  David Walker, Comptroller General of the GAO, stated on January 21, 2005, “There are no stocks or bonds or real estate in the trust fund.  It has nothing of real value to draw down.”  On April 5, 2005, President George W. Bush finally acknowledged the empty trust fund by saying, “There is no trust fund, just IOUs that I saw firsthand that future generations will pay—will pay for either in higher taxes, or reduced benefits, or cuts to other critical government programs.” 

If there was any doubt remaining, with regard to whether or not the trust fund contains any real assets, that doubt should have been removed by the following words in the 2009 Social Security Trustees Report:

Neither the redemption of trust fund bonds, nor interest paid on those bonds, provides any new net income to the Treasury, which must finance redemptions and interest payments through some combination of increased taxation, reductions in other government spending, or additional borrowing from the public.

There is nothing ambiguous about the above words.  They make it clear that the government does not receive any cash income from the alleged interest payments on the trust fund IOUs.  The interest payments are made in the form of additional worthless IOUs.  The government cannot sell the IOUs because they are not marketable and have no cash value.  The IOUs simply represent a debt of one branch of the government (the Treasury Department) to another branch of government (Social Security).  They cancel each other out. 

The Social Security surplus revenue should have been saved and invested in public-issue, marketable Treasury bonds.  These bonds are “good as gold” and default-proof.  They are the kind of U.S. Treasury bonds that are owned by China and Japan, Bill Gates, pension funds, and every other serious investor that owns Treasuries.  If the Social Security surplus had been invested in public-issue marketable Treasury bonds, as it could have been, and should have been, Barbara Kennelly would be correct in saying that the Social Security holdings are “as solid as what we owe China and Japan.”  Unfortunately not a single dollar of the surplus Social Security revenue was saved or invested in anything.  It was all spent, and, once money is spent, there is nothing left to invest. 

The government cannot, and will not, ever default on any of its public issue, marketable Treasury bonds because of the panic it would create in world markets and the damage it would do to the nation’s worldwide credibility.  But Congress has the legal authority to default on its debt to Social Security, and, if it should do so, the outside world would probably view it primarily as an internal matter between the United States Government and its citizens. One of the least known facts about Social Security is that, although the government does have a moral obligation to pay Social Security benefits to those who have earned them, the government does not have a legal obligation to do so.  

In a 1960 ruling by the United States Supreme Court, the court ruled that nobody has a “contractual earned right“ to Social Security benefits.  Section 1104 of the 1935 Social Security Act specifically states, “The right to alter, amend, or repeal any provision of this Act is hereby reserved to the Congress.”  According to the above strong language, Congress could do whatever it wanted to do with regard to changing or even eliminating Social Security. 

Early on, some did not take the language seriously because they thought it was probably unconstitutional.  However, in 1960, in the case of Fleming v. Nestor, the Supreme Court upheld the denial of benefits to Nestor, even though he had contributed to the program for 19 years and was already receiving benefits   In its ruling, the Supreme Court established the principle that entitlement to Social Security benefits “is not a contractual right.”    As a result of the 1960 Supreme Court ruling, the future of Social Security is totally in the hands of Congress and the President.  They have the legal authority to amend any and all parts of the Social Security Act, as well as the authority to either increase or decrease Social Security benefits.

II: The Social Security Fraud Has Finally Been Exposed

On December 13, 2010, the highly respected Kansas City Star, winner of eight Pulitzer Prizes, published an editorial entitled, “The myth of the Social Security trust fund,” which included the following statement:

A lot of people speak of those IOUs as if they can be pulled out and exchanged for money to pay benefit checks.  They can’t. As the Clinton administration budget of 2000 explained, the securities in the Trust Fund ‘do not consist of real economic assets that can be drawn down in the future to fund  benefits.  Those special-issue bonds can only be redeemed by raising taxes, cutting spending elsewhere, or borrowing — exactly what the government would have to do if the Trust Fund didn’t exist.  The Trust Fund, said the Clinton budget message, ‘does not, by itself, have any impact on the Government’s ability to pay benefits.

On December 20, distinguished business columnist, Allan Sloan, seven-time winner of the prestigious Loeb award, business journalism’s highest honor, called the trust fund “a mirage” in his Washington Post column.  In the column, titled, “New tax law reveals the mirage of the Social Security trust fund,” Sloan wrote:

My problem with the trust fund is that it’s a snare and a delusion for people who think that it makes Social Security financially sound.  It doesn’t do that, because having government IOUs in a government trust fund doesn’t make it any easier for the government to cover Social Security’s cash shortfalls than it would be if there were no trust fund.

These are not new revelations.  I have spent the past decade relentlessly trying to expose the Social Security fraud, and prominent government officials were screaming out the warnings two decades ago.

On October 13, 1989, Senator Ernest Hollings of SC stood on the Senate floor and  warned, “…the most reprehensible fraud in this great jambalaya of frauds is the systematic and total ransacking of  the Social Security trust fund…in the next century…the American people will wake up to the reality that those IOUs in the trust fund vault are a 21st century version of Confederate bank notes.”

The Kansas City Star editorial and Allan Sloan’s Washington Post column seem to have stunned the AARP and the NCPSSM into silence.  These organization have repeatedly claimed that the Social Security surplus is invested in U.S. Treasury bonds just like those held by the Chinese government.  They have battled my efforts to get this same message out for a decade, but they seem to have had the wind knocked out of them by the Star and Allan Sloan.  So far, they have made no attempt to rebut either of the two articles.  The AARP and the NCPSSM have been claiming for years that the trust fund holds enough assets to pay full Social Security benefits until at least 2037, when, in fact, in the words of the Kansas City Star, it has no “real economic assets that can be drawn down in the future to fund benefits.”

The Kansas City Star and Allan Sloan have exposed the trust fund myth so clearly that I think the national debate will now turn to how and why the United States government violated both the public trust and federal law for a quarter-century in a way that caused a major transfer of income from the lower and middle class to the richest of all Americans.  By imposing a hefty increase in the regressive payroll tax in 1983, and then using a large portion of the new revenue to offset the lost revenue resulting from the unaffordable income tax cuts that went primarily to the richest Americans, the United States government engineered a major transfer of income from the lower and middle classes to the richest of all Americans.

So where does that leave Social Security?  The approximately $2.5 trillion in surplus revenue, generated by the 1983 payroll tax hike, rightly belongs to the Social Security trust fund and to American workers who paid the extra taxes.  But the money is all gone — “borrowed” or “stolen” by the federal government and spent for general government operations.  None of the money was saved or invested in anything, so the trust fund contains no real economic assets with which to supplement the payroll tax which will become inadequate to pay full benefits after 2015.

I believe it is time for the public to demand, in a very strong way, that the government make arrangements to repay its debt to Social Security.  It is futile for the AARP and the NCPSSM to continue to insist that Social Security is in fine shape and has enough assets to pay full benefits until 2037.  This just isn’t true.  What the organizations need to do now is put political pressure on the government to move quickly to enact legislation that would require the repayment of the looted money, as it is needed, over the next 27 years.  There is no way that the government could possibly come up with the $2.5 trillion in the near future, given the budget crisis.  But it can make a legal commitment to repay the money in installments.  Will that happen?  Not without major political pressure from the majority of Americans. The AARP and the NCPSSM have frittered away the past ten years when the problem could have been resolved. If the looting could have been stopped when I first began actively urging such action in 2000, the trust fund would today hold approximately $1.5 trillion (the amount looted during the past 10 years) in “good-as-gold” real assets.  Instead, it holds no real economic assets.

The reason I don’t believe the government will honor its debt to Social Security without major political pressure is that it does not legally have to repay the money.  The government certainly has a moral obligation to do so, but, because of a 1960 U.S. Supreme Court ruling, it has an out.  In the case of Fleming v. Nestor, the Court ruled that nobody has a “contractual earned right” to Social Security benefits.  This ruling was based on Section 1104 of the 1935 Social Security Act which specifically states, “The right to alter, amend, or repeal any provision of this ACT is hereby reserved to the Congress.” Based on this strong language, Congress could do whatever it wanted to do with regard to changing or even eliminating Social Security.

Many people argue that the government could not default on its debt to Social Security because of the effect such action would have on financial markets and the nation’s public image.  If the government held the same kind of real bonds that are traded on world markets, this would be true.  Public-issue, marketable U.S. Treasury bonds are default-proof, and that is the kind of bonds that the Social Security surplus revenue was supposed to be invested in.  If this had been done, Social Security would be in fine shape today.  But, instead of using the surplus Social Security revenue to buy such bonds in the open market, the government chose to spend the money and issue IOUs to replace the spent money.  These IOUs are non-marketable and could not be sold to anyone, even for a penny on the dollar.  The government has the legal authority to declare these IOUs null and void.  Since these IOUs are not traded, such action would have little effect on financial markets, and foreign governments would probably consider such action as an internal matter between the American government and its citizens.

The Social Security trust fund does not hold any real economic assets that can be drawn down to pay future benefits.  That is an indisputable fact today, and it has been true ever since the 1983 payroll tax hike was enacted.  Every dollar of the $2.5 trillion in surplus revenue, generated by the payroll tax hike, has been spent on programs unrelated to Social Security, leaving nothing to save or invest.

A few United States Senators tried to sound the alarm two decades ago, and I have dedicated the past ten years of my life to trying to alert the public to the awful truth about the Social Security trust fund.  For more than a quarter of a century, the United States government, under five presidents, has hoodwinked the American public into believing their Social Security contributions would be used for future Social Security benefits when, in fact, all of the surplus Social Security revenue was used to fund such things as tax cuts for the rich, two wars, and other government programs.

Today, thanks to the efforts of the editorial board of the Kansas City Star, and thanks to the courage and competence of Allan Sloan and a few other journalists, the big bad secret is finally out, and I think it is too late to get this cat back in the bag.

III: How Ronald Reagan and Alan Greenspan Pulled off one of the Greatest Frauds Ever Perpetrated against the American People

Ronald Reagan and Alan Greenspan pulled off one of the greatest frauds ever perpetrated against the American people in the history of this great nation, and the underlying scam is still alive and well, more than a quarter century later. It represents the very foundation upon which the economic malpractice that led the nation to the great economic collapse of 2008 was built. Ronald Reagan was a cunning politician, but he didn’t know much about economics. Alan Greenspan was an economist, who had no reluctance to work with a politician on a plan that would further the cause of the right-wing goals that both he and President Reagan shared….

Exactly what Reagan did, with the help of Alan Greenspan. Consider the following sequence of events:

1) President Reagan appointed Greenspan as chairman of the 1982 National Commission on Social Security Reform (aka The Greenspan Commission)

2) The Greenspan Commission recommended a major payroll tax hike to generate Social Security surpluses for the next 30 years, in order to build up a large reserve in the trust fund that could be drawn down during the years after Social Security began running deficits.

3) The 1983 Social Security amendments enacted hefty increases in the payroll tax in order to generate large future surpluses.

4) As soon as the first surpluses began to role in, in 1985, the money was put into the general revenue fund and spent on other government programs. None of the surplus was saved or invested in anything. The surplus Social Security revenue, that was paid by working Americans, was used to replace the lost revenue from Reagan’s big income tax cuts that went primarily to the rich.

5) In 1987, President Reagan nominated Greenspan as the successor to Paul Volker as chairman of the Federal Reserve Board. Greenspan continued as Fed Chairman until January 31, 2006. (One can only speculate on whether the coveted Fed Chairmanship represented, at least in part, a payback for Greenspan’s role in initiating the Social Security surplus revenue.)

6) In 1990, Senator Daniel Patrick Moynihan of New York, a member of the Greenspan Commission, and one of the strongest advocates the the 1983 legislation, became outraged when he learned that first Reagan, and then President George H.W. Bush used the surplus Social Security revenue to pay for other government programs instead of saving and investing it for the baby boomers. Moynihan locked horns with President Bush and proposed repealing the 1983 payroll tax hike. Moynihan’s view was that if the government could not keep its hands out of the Social Security cookie jar, the cookie jar should be emptied, so there would be no surplus Social Security revenue for the government to loot. President Bush would have no part of repealing the payroll tax hike. The “read-my-lips-no-new-taxes” president was not about to give up his huge slush fund.

IV: Obama and the Social Security Time Bomb

The 1983 Social Security “fix” required the baby boomers to pay much higher payroll taxes so that they would prepay most of the cost of their own benefits. The higher taxes would generate Social Security surpluses for approximately 30 years, which were supposed to be saved and invested to build up a large reserve in the trust fund. Then, when the baby boomers began to retire in about 2010, the accumulated surpluses from the previous three decades would gradually be drawn down and used to supplement the payroll tax revenue, which was expected to become inadequate to pay full benefits by about 2015. The 1983 Social Security legislation laid the foundation for the greatest fraud ever perpetrated against the American people by their government. The $2.54 trillion in surplus Social Security revenue, generated by the 1983 payroll tax hike, has all been “borrowed” or “stolen” by the government and used to fund tax cuts for the rich, wars, and other government programs.

President Obama is the fifth president to participate in the great Social Security scam, but he has the dubious distinction of being the president, on whose watch, the Social Security time bomb, activated 25 years ago by President Reagan, will run out of time. All of the previous administrations knew that spending Social Security revenue, as if it were general revenue, was wrong and was a violation of both federal law and the public trust. But, they all had the luxury of knowing that the raided Social Security money would not be needed to pay benefits while they were still in office. However, President Obama learned early in his presidency that, unless the government ended the raiding and began repaying the money that had already been raided, Social Security would face a major financial crisis during his presidency.

Beginning in 2015, and every year after that, payroll tax revenue will be insufficient to pay full benefits. This was known in 1983 when the Social Security “fix” was enacted. The plan was to draw down the large reserve that is supposed to be in the trust fund and use that money to supplement payroll tax revenue so that full benefits could be paid until 2037. But that money has already been spent, so the government will have to come up with the money again to repay the $2.54 trillion that it embezzled. This might be manageable in the early years, when the difference between benefit costs and payroll tax revenue is minimal. But, each year, the amount of money needed to replace the looted money gets bigger and bigger. For example, Social Security will run a deficit of approximately $41.4 billion in 2010. But in 2020, the Social Security deficit will have grown to $101.4 billion. Five years later, in 2025, the Social Security shortfall will be $274.6 billion. In 2035, the government would have to come up with an astronomical $621.9 billion in order to pay full Social Security benefits.

When President Obama first saw these numbers, he must have almost gone into a state of shock. His predecessors left him with a lot of problems that can plainly be seen by the public—two wars, a collapsed economy, and a gigantic deficit and debt. But the embezzlement of the Social Security trust fund money was done without public knowledge, and it is doubtful that Obama knew anything about it prior to becoming a United States Senator, and he may have not known about it until he entered the White House. President Obama cannot just kick the can farther down the road as his four predecessors have done. He must find a way to raise the money to repay the government’s debt to Social Security, or cut Social Security benefits so the money will not have to be repaid.

Embezzlement is a crime, and every participant (all the presidents and members of Congress who supported the practice) knew they were committing a crime against the American people as they used the people’s Social Security money as general revenue over the past 25 years. Some individuals, such as the late Senator Daniel Patrick Moynihan of New York, attempted to end the raiding 20 years ago. On September 27, 2000, I launched my decade-long campaign to expose the Social Security scam with an appearance on CNN News to discuss my then newly-published book, The Alleged Budget Surplus, Social Security, and Voodoo Economics. For the past 10 years, I have been warning, as forcefully as I could, that a day of reckoning would come, at which time the government might consider defaulting on its huge Social Security debt. But nobody wanted to listen. That day of reckoning is now upon us.

V: Censored Social Security Book Back in Print

When my book, The Looting of Social Security: How The Government is Draining America’s Retirement Account, was published by a New York publisher in 2004, I thought my long battle to expose the truth about the Social Security trust fund was almost won.  But that book met with foul play, and was removed from the market before many people had the opportunity to read it.

Early reviews revealed just how provocative the book was going to be.  The Boston Globe reported,  “… With dismal clarity, Smith lays out the step-by-step history of how a national pension plan was transformed into an outright shakedown of working people” and ALA Booklist said, “Smith has written a scathing account of massive fraud on the part of our nation’s leaders, who have plundered every cent of the Social Security Trust Fund surplus that was specifically earmarked for the retirement of the baby boomers.”

On February 26, 2004, I appeared on CNBC, to respond to Fed Chairman, Alan Greenspan, who had called for Social Security benefit cuts the previous day.  I held my book in front of the camera and said, as forcefully as I could, “Alan Greenspan should be ashamed of himself for what he is not telling the American people.” I now believe that this public criticism of the Fed chairman may have been the final nail in the coffin of The Looting of Social Security, which was very critical of Greenspan’s role in making the looting of the trust fund possible.

A few weeks after my controversial appearance on CNBC, the book mysteriously disappeared from bookstores, nationwide, and was listed as “unavailable” by Amazon.com.  I tried to get the rights to the book reverted back to me so I could publish my message elsewhere, but my publisher refused to surrender the rights.  Thus the book was effectively killed off, and there was nothing I could do about it.  I was unable to pinpoint exactly who was responsible for rendering the book “unavailable,” but a lot of people did not want the contents of the book to become public.  Certainly, people in government, such as Alan Greenspan and Karl Rove, as well as many others in the Bush administration, would have wanted to prevent the book from becoming public knowledge, if they could find a way to do so.

Although the public knew nothing about it at the time, Greenspan’s February 25, 2004 call for Social Security benefit cuts was the opening salvo in an organized campaign to dismantle Social Security, as we now know it, once George W. Bush was safely elected to a second term. On August 27, 2004, Greenspan again spoke of cutting Social Security benefits during remarks at a symposium in Jackson Hole, Wyoming.

“As a nation, we owe it to our retirees to promise only the benefits that can be delivered,” Greenspan said.  “If we have promised more than our economy has the power to deliver to retirees without unduly diminishing real income gains of workers, as I fear we may have, we must recalibrate our public programs so that pending retirees have time to adjust through other channels.”

Almost immediately upon his re-election, President George W. Bush made public his plan to partially privatize Social Security.  On November 4, 2004, Bush said, “Let me put it this way: I earned capital, political capital, and now I intend to spend it.  It is my style…I’ve earned capital in this election— and I’m going to spend it for what I told the people I’d spend it on, which is — you’ve heard the agenda:  Social Security and tax reform, moving this economy forward, education, fighting and winning the war on terror.”

Like other Americans, there is no way I could have known about the standby plan to privatize Social Security, which was already formulated at the time I appeared on CNBC and publicly challenged Alan Greenspan on Social Security.  Therefore, I didn’t realize just how big the potential impact of widespread readership of my book could be on the future plans of the Bush administration.  From the administration’s point of view, I’m sure that they were not going to allow my book, or a book by any other author, to sabotage their plan to privatize Social Security.  The book was a threat, and the threat had to be dealt with.

What is far more puzzling to me, than the opposition to my book in 2004, is the current effort to discredit me, and the book.  I was almost flabbergasted when I learned, just a few weeks ago, that a website that goes by the name of “Medicare and Medicare Programs” launched a smear campaign on September 22, 2010 against me and the book that has been off the market since 2004.  You don’t believe me?  Click on the following link and it will take you to that website.  I tried to find out who owns this website and who is behind this effort, but I was unable to do so.  Who is sponsoring this website, and what is their agenda?  These things don’t just happen by chance. The five negative reviews, alleged by the website to have been submitted on September 22, 2010, are exact duplicates of “customer reviews” from Amazon.com that were posted in 2004 and 2005.

If the intent of this internet campaign was to stomp out the message of my book, now and forever, their actions have backfired on them.  It was in reaction to this campaign that I decided not to allow them to kick a dead book without bringing the book back to life.  When I finally regained the rights to “The Looting of Social Security” in 2008, I vowed to re-publish the book, when the time was right, under an arrangement that would guarantee that the book remained in print for as long as anyone wanted to read it.

The smear campaign on the internet has convinced me that the time is now right for the book to be resurrected.  Therefore, I am pleased to announce that the book has just been published by Ironwood Publications, under the title, The Looting of Social Security, New release of the book they didn’t want you to read.  The new book includes all of the content of the original book, along with a new forward written by Dr. Victor Stoltzfus, President Emeritus, Goshen College, and an afterword written by me that brings the book up to date.  The book was officially released yesterday, November 1, 2010.

For an extensive archive of Dr. Allen Smith’s work, visit Dissident Voice.


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  1. Don said:

    Thanks for the article, I only add that it iwas L.B.J. who first took the money out of Social Security and put it in the genral fiund. many democratics plotted to tax rob and plunder the system, These crimes have been committed on large part by the democrats, None the less, they are both criminal parties IMO. If they want to balance the country first try saying we are sorry for robbing you blind. Admit the truth. Fire the press. Break up the media monoplies, bring the troops home, of course the dollar would surely crash then, with nothing to prop up the worthless paper.

  2. ted409 said:

    ive been emailing the rep from my district as well as the two senators screaming bloody murder about repaying the 6.6 trillion i read about and told them all that all this was was legalized stealing
    i just hope i can keep getting my railroad disablity . railroaders resisted for years having railroad retirement combined with social security. we paid more in so thats why railroad benefits are higher than ss
    the rrb says theyve heard rumors but seem fairly confident the money will keep going out since were funded by railroaders paying into the system . i hope i can keep getting this check as i depend on it almost entirely
    they didnt saeem very concerned so all i can do is wait for payday

  3. annakis said:

    This and so many other reasons indicate we’ll be seeing either an end of the American empire or a significant restructuring that will make America a third world nation with most of the population barely surviving while an elite minority with be insanely wealthy. We’re invariably heading that way but when the facade finally falls away, the American public will be left with little.
    Everything I’ve been learning has been pointing in this direction but this article really brings it home and provides vital clues as to what’s been happening in America for decades. In essense the house of America has been completely cored out by the termites (wealthy) and they’ve just keep painting the exterior making people believe it’s still solid. Man are we in big trouble.
    And I can’t help saying, how’s that free market capitalism working out for you?

  4. MFox1948 said:

    What is wrong about this article is that the surplus should have been put into ‘regular’ US Treasury Certificates. What the SS money should have gone to is student loans. Now the US is a clearing house of student loans, which as sold to banks with a US guaranty clause. So, they are another form or corporate welfare.

    What should have happened and can still happen is have the SS surplus, PLUS the surplus for the other 170+ trust funds that Congress is SUPPOSED to manage into the student load program. This money then would not be a paper IOU, but rather be placed back into the economy at interest to improve the citizenry’s education. As student loans are mostly paid back this would be a win-win situation.

    The system in place now is but a corporate-government-fascist ponzi scheme to cheat the public to the benefit of the wealthy. The blame is party irrelevant, both are scum working for corporations against the people. Our government must become afraid of the people rather than as it is now; the people are afraid of the government !

  5. bill said:

    finally the biggest PONZI scam in history is about to collapse.
    thanks, president Roosevelt!

  6. Cathy said:

    I cannot say what I think about this on a publicly accessed comment board, because if I did I would be arrested.

  7. Bonnie said:

    It’s so wonderful to know we actually pay these horrible political thieves to rob us blind.

    Why is there a Reagan Library? It should be destroyed in my book.

  8. [...] How Your Social Security Money Was Stolen – Where Did the $2.5 Trillion Surplus Go? [...]

  9. Don Campbell said:

    Medicare and Medicare programs is medicare-search-online.com / registered to Cutting Edge Enterprises LLC 4716 212st, SW #201 suite 335 Mountlake Terrace, WA 98043 US

  10. The Peasant said:

    Ahhhhh, what do we do when a bank gets robbed.
    We put the bank robbers in Jail.
    Whats the difference between Murdock and the officials that did this. I don’t see any difference. How many peoples retirements did that effect, oh yes I forgot, he was not a politician. The laws are different for us and “THEM”!
    So what do we do?
    Let’s all read the “CONSTITUTION OF THE UNITED STATES OF AMERICA” and, HELL WITH ALL THE AMENDMENTS AND LETS PUT THEM ALL IN JAIL AND TAKE OUR COUNTRY BACK!!!! Interesting thought, WE THE PEOPLE, not WEEEEE THE POLITICIANS! As history tells us NOW, the Central Bank of Britain did not allow our forefathers to have there own currency hence The United States of America were formed through a Revolution!!!! As it states in our constitution = it is our right!!!!!

  11. [...] How Your Social Security Money Was Stolen – Where Did the 2.5 Trillion Dollar Surplus Go? – … [...]

  12. Dismaied said:

    The push towards dismantling our social saftey net,is not motivated by mere greed nor the desire to conceal the theft of public assets.The corporate elite whom our government is privately employed by, do not reconize,nor respect the right to life, of any segment of humanity that for what ever the cause may be,is not in sevice,or have the potential to be in service to them.Another words folks,if you are not involved in ”production”either directly,or indirectly, for the elite,they want you to die.If you doubt this,then just pick up some history books,”including the accounts of history,given by those who were not the victors of warfare”and take another look.If books are not your prefered mode of assimilating information,then simply preform an internet search of these terms; EUGENICS,POPULATION REDUCTION,SOCIAL DARWINISM and USELESS EATERS.
    Sometimes,the truth is so horrible, that the acceptance of an alternate reality,a lesser evil possibly,offers a sense of comfort. We would do well to remember that only the truth,no matter how harsh,can set us free.

  13. [...] How Your Social Security Money Was Stolen – Where Did the $2.5 Trillion Surplus Go? Introduction by David DeGraw, Reports by Dr. Allen SmithThe Social Security Trust Fund should currently have $2.5 trillion in surplus. Q: So how is it that these checks could stop being issued if the debt ceiling isn't raised? A: Republicans, Democrats and the mega-wealthy stole your Social Security money. [Read More] [...]

  14. Bob said:

    How about cutting aid to Israel currently running at 3 billion a year and Egypt same amount. But, 2.3 Trillion is such a huge amount you need to stop waging war on countries you do not agree with and cut the military budget in half. But, that would mean voting for something completely different because, democrat or republican the US is lead by people who are in hock to some very shady entities.

  15. Jerry said:

    Dr. Ron Paul is prepared to take on these theives. He has been fighting them for years. If you really want to do anything about this scam, consider voting for Dr. Paul.

  16. Adnihilo said:

    re. How Your Social Security Money Was Stolen – Where Did the $2.5 Trillion Surplus Go?

    Given that $2.5 Trillion amount allegedly stolen, it may of gone to fund the same amount of $2.5 Trillion in Bush Tax Cuts for the wealthy over the last 10 years.. That $2.5 Trillion decrease in tax revenues results in a $2.5 Trillion debt unless of course that missing $2.5 Trillion from our national pension system was used to replace $2.5 Trillion in missing taxes from the wealthy that weren’t collected thanks to Bush..

  17. Westcoastliberal said:

    We need to find out where the $2.3 Trillion that Rumsfeld announced was “unaccounted for” in his 9/10/01 press conference is, then replace the trust fund with that money. Of course since the auditors looking into this were in the section of the Pentagon that was blasted away on 9/11/01, I’m unsure if anyone else has even looked into the issue since.
    And why am I not surprised the “W” admin banned your book. Someone must have told “W” about it since he can’t read.

  18. [...] because these people flat out stole the money you spent your entire working life putting aside into the system. Excuse me for not being [...]

  19. DOGISMYTH said:

    Yeah…its believable and its what I thought has been happening.

    Do you wonder why Obama was “chosen” as president and why this issue is coming forth?

    I’m not paying another dime in taxes until this is first made transparent by OUR CONGRESS, and they are held accountable. I have no allegiance to this government when it is above the law….the same law I am held accountable to.

    They knowingly stole from a public trust fund. There are laws associated with trust fund and the trustees. This is CRIMINAL…its that simple. And I am NOT willing to let anyone from government OFF THE GODDAMN HOOK.

    Let’s start with Greenspan. He should be arrested immediately. We can work it from there.

    Wake up Americans!! This is unacceptable.

    WE WANT JUSTICE!!!

  20. Manowar said:

    Social security was a government ran ponzi scheme from the start, it was not created with you in mind but to hold all you’re labor notes in an account that hopefully one day you die or if you live to see it get a portion of what’s in it. It was never for you to get a return on this investment it or was it ever intended to be a retirement or supplement account for anyone. The number is assigned for tracking you’re private credit that was issued to you as federal reserve notes so you can pay interest on the borrowed credit given to from you’re labor starting in August 14, 1935.

  21. Manowar said:

    (1) Multilateral clearing organization
    The term “multilateral clearing organization” means a system utilized by more than two participants in which the bilateral credit exposures of participants arising from the transactions cleared are effectively eliminated and replaced by a system of guarantees, insurance, or mutualized risk of loss.

    http://www.law.cornell.edu/uscode/uscode12/usc_sec_12_00004421—-000-.html

  22. May said:

    This is what electorate gets for being asleep at the wheel.
    games over.
    Baby boom generation will enter mass poverty. The new minority majority era babies are in their cradles. If school system isn’t improved for them in 5 years, America will enter the era of return to developing country economic status.

  23. dogismyth said:

    Thanks for confirming the authencity (NOT) of your article by refusing to print my latest comments. Actions speak louder than words, and I thank you for that. At least I know where the truth lies.

  24. Truth Only said:

    While much of this article is true, it is obviously written by a Monihan fan with a Democratic slant. Poor Obama my ass he’s just an inexperienced dipshit while the rest of them are shrewd polished crooks. Instead of feeding class warfare with an obvious personal agenda how about some facts?! You say they implemented tax cuts for the ultra rich at the expense of SS. Exactly what tax cuts are you referring too? Isn’t it more likely they just did big favors for the people who gave them the money to get elected? I sense the theory is accurate but would like some facts. How did Reagan and Greenspan deliberatly favor the ultra rich with SS revenues. Please be specific? Cut the stupid political rhetoric and give us the facts!!

  25. Truth Only said:

    Brad Grifith—-Your comments are most accurate however the notion that there is an elitist group of billionaires calling the shots seems unlikely. At least not in an organized and deliberate fashion. If that were true why would they let the golden goose crumble? Don’t they have a perfect game here in theory? Wouldn’t they take the steps required to continue the rues so they continue to grow wealthier while we continue to toil for they’re benefit? Why rock the boat?

  26. Ifa Sango said:

    The American people have three options:(as s start)

    Mass recall of members of Congress that are not members of the Progressive Democratic Caucus.

    Immediate creation of and independent monetary system. Which would include boycotting the US Dollar until the Federal Reserve is Disbanded. And US Treasury is put in charge of all monetary policy

    Armed Struggle. (This almost happened when some elderly seniors where going to turn over the car of then House ways and means committee chairman Dan Rostenkowski) in 2001 I think it was.

  27. Con Artist said:

    Next you’ll tell us all the mortgage payments we made to the bank were spent by the bank and we did not really pay off our mortgages. All we have is worthless cancelled checks. So, we don’t own our homes after all and still owe all of our mortgage…

    Nice try.

  28. [...] are reports by Dr. Allen Smith that we have featured over the past two years: I: It’s Time to Tap the Empty Social Security Trust Fund II: The Social Security Fraud Has Finally Been Exposed III: How Ronald Reagan and Alan Greenspan [...]

  29. home security protection…

    Nice site, I think you like this latest post on where to buy home security systems…

  30. [...] How Your Social Security Money Was Stolen – Where Did the $2.5 Trillion Surplus Go? [...]

  31. acriticalthinker said:

    Your analogy is inapt.  I better one, built around your mortgage image, would go like this.  You own a house worth $200,000 with a $170,000 mortgage on it.  You make $50,000 a year, but you “need” $20,000 a year more in order to fund the lifestyle to which you want to become accustomed.  So, imagine that you have a bunch of children and grandchildren (20 actually) and you convince them to “contribute” $1,000 a year to you on the strength of your “full faith and credit” that you will solemnly write and place in a lockbox “special promissory notes” in the full amount of their annual contributions, secured by a second mortgage on your home (oh, and by the way the first mortgage also covers later loans that the first lender may make and also by the way, you take advantage of that and at all times you take out additional loans under the first mortgage and the first mortgage is “under water”  (the amount owed is more than the value of the house).  After 10 years there are $200,000 worth of those special promissory notes in your lockbox (with interest, of course).  Now, do those special promissory notes provide any resources to you to enable you to pay off those special promissory notes?  Or do they merely document the amount that you owe to your children and grandchildren?  It is a very easy question to answer:  they do not provide any resources to pay of what you owe, they merely document the amount you owe.  The special treasury bonds in the Social Security are just like that. 

  32. Katbell said:

    I agree, RIGHT NOW! This is criminal, they all need to be held accountable! SS works, it needs to be funded, wherever ” we the people” decide the funds should come from! Cut out this government spending, get rid of non essentials, stop these wars, cut back and balance this damn budget! This is laughable about what the headlines said about Bernie Maddoff when his Ponzi Scheme was happening, when all along the presidents from Reagan on and congress knew about this! I’m mad as hell, and will tell anyone that will listen!

  33. Katbell said:

    I agree, RIGHT NOW! This is criminal, they all need to be held accountable! SS works, it needs to be funded, wherever ” we the people” decide the funds should come from! Cut out this government spending, get rid of non essentials, stop these wars, cut back and balance this damn budget! This is laughable about what the headlines said about Bernie Maddoff when his Ponzi Scheme was happening, when all along the presidents from Reagan on and congress knew about this! I’m mad as hell, and will tell anyone that will listen!

  34. jerry said:

    there has been a big uprising about corporation lately,but what the people don’t know,is when they vote for one of are two main parties they are voting for a corporation. that is right, we have a corporation goverment. The Democratic National Committee incorporated in the District of Columbia under its operating arm, the DNC Services Corporation.  The Republican National Committee is also incorporated in D.C. as a private entity.  In a two year election cycle 1992-1993 the DNC took in $104 million and the RNC $192 million that doesn’t included nonfederal accounts of $37milliom and $52 million respectively. This doesn”t included funds of the state and local parties. Together, the two parites have an income of 1/2 BILLION dollars during each two-year cycle. also we the people should know that congess just got a raise to $174,000 a year and a 231/2 week vacation to go with it. THAT TRANSLATES TO $6,105.26 for each week they actually work,WE CAN,T AFFORD A PART TIME GOVERMENT. 

  35. Michael louridas said:

    Thank GOD I’m 81 and on the way out. Horizontally that is! Stop the blame game it’s are fault, we voted wrong every time. There is no right way to vote. it’s like DAM IF YOU DO AND DAM IF YOU DON’T. So live with it. Staying vertical has become expensive. as for me, I just keep doing what I like, PAINT and DRAW, mostly political cartoons and landscapes, this way I control the pallet, I pick the colors.

  36. Halldale41 said:

    i have been trying for years to make people understand that politicians including reagan have stolen from social security,but no one wants to lissen,all of these people should be taken out and executed.all there names and family names should be made public,all assets of them and their heirs should be taken from them and paid into the social security program.

  37. Halldale41 said:

    you must be a dyed in the wool republican  that doesnt want reagans image to be tarnished.

  38. HALLDALE41 said:

    I HAVE BEEN DRAWING SOCIAL SECURITY SINCE 2000 AND ALREADY HAVE DRAWN OUT MORE THAN I PAID IN ,SO HOW CAN YOU CALL IT A PONSI SCHEME,

  39. HALLDALE41 said:

    TO DOGISMYTH,YOU ARE SO RIGHT,WAKE UP PEOPLE.

  40. [...] about the excessive military spending and rich tax cuts are what bankrupted Social Security. How Your Social Security Money Was Stolen – Where Did the $2.5 Trillion Surplus Go? Okay, I'm done talking to you after this. You need to read a book or something, seriously. It [...]

  41. [...] years. I guess that means you're as wrong as wrong can be now doesn't it. Clinton cooked the books How Your Social Security Money Was Stolen – Where Did the $2.5 Trillion Surplus Go? | AmpedSta… __________________ I must ask what is more dangerous the perceived dangers from the world around [...]

  42. [...] corrupt and move on? Like I said…Totalitarian state…here we come! Here's an interesting read: How Your Social Security Money Was Stolen – Where Did the $2.5 Trillion Surplus Go? | AmpedSta… Reply With [...]

  43. pete said:

    There are no more Abbie Hoffman’s, Kennedy’s,or million man marches. Big corporations run this country and the american people and the world are to busy staying alive and just eating to really worry about. They say that all the issues with the government are complex. I disagree, we need to stand up to the corporations or divide and conquer meaning cut the head off and the body will die. If every human being in this country went to Washington to complain they would be arrested for the no speech zone amendment. When the american people tack responsibility for their actions and laziness then things will change. We did it to ourselves and it will take us to fix it. The government can’t destroy anything unless we want them to. Folks are just going to have to get involved, show up ate these bill meetings and say “NO” know the facts and then we can take our country back and get rid of all these Constitutional ammendments to just plain, The constitution period.

  44. RANDALL (RANDY) RANDALL said:

    HOW CAN YOU GRADUATE FROM IVY LEAGUE
    UNIVERSITIES AND BE SUCH IDIOTS ? I DO
    NOT THINK THEIR MEDICATIONS ARE KICKING
    IN !!! THEY DO NOT KNOW THE DIFFERENCES IN
    THE FREE ENTITLEMENTS, AND WHAT HAS BEEN
    PAID AND EARNED. HOW DO WE GET THESE JERKS
    IN CONGRESS ?

    ——————————————————————————–

    READ THIS AND CRUNCH THE NUMBERS.

    THE GOVERNMENT HAS STOLEN THE SOCIAL

    SECURITY MONEY. WE AND OUR EMPLOYERS

    PAID INTO THE FUND AND THE GREEDY BASTARDS

    IN CONGRESS SUCKED IT OUT. WE NEED ALL THE MONEY

    PAID BACK AND A LAW TO PREVENT CONGRESS FROM EVER

    TAKING ONE PENNY FROM THE FUND UNLESS THEY PAID US

    THE SAME FEE THEY ARE CHARGED BY ANYONE LOANING THEM

    MONEY. SOCIAL SECURITY RETIREMENT WAS AGE 65 IN 1937 WHEN

    IT WAS ESTABLISHED. THE LIFE EXPECTENCY NOW IS 75 SO IN 2015 THE

    AGE SHOULD GO UP ON BOTH REGULAR AND EARLY RETIREMENT ONE YEAR

    ON BOTH AND CONTINUE EVERY YEAR AFTER THAT TILL EARLY AGE IS 65 AND

    THE REGULAR AGE IS 70. THIS WOULD FUND SS FOR 150 YEARS IN THE FUTURE.

    PERRY RUNNING FOR PRESIDENT DOES NOT HAVE A CLUE. SS IS A GOOD THING FOR ALL AND WOULD WORK WELL FOREVER IF THE THIEVES IN CONGRESS WILL KEEP THEIR FILTHY HANDS OFF.

    NOW READ THE FACTS BELOW.

    I THINK THE FACTS BELOW WILL EVEN ENLIGHTEN YOU.

    ——————————————————————————–

    ——————————————————————————–

    Subject: Entitlement my ass… What the Hell is Wrong with the Idiots in Congress ?

    Remember, not only did You Contribute to Social Security but your Employer did too.

    It totaled 15% of Your Income Before Taxes. If you Averaged only $30K over your Working life, that’s Close to $220,500.

    If you Calculate the Future Value of $4,500 Per Year (Yours & your Employer’s Contribution) at a simple 5% (less than what the govt. pays on the money that it Borrows), after 49 Years of Working (that was me) You’d Have $892,919.98.

    If you Took Out only 3% per Year, you’d Receive $26,787.60 per year and it would Last better than 30 Years (until you’re 95 if you Retire at age 65) and that’s With No Interest Paid on that Final Amount on deposit!

    If you Bought an Annuity and it paid 4% Per Year,
    You’d have a Lifetime income of $2,976.40 per Month.

    The folks in Washington have Pulled off a Bigger Ponzi Scheme than Bernie Madhoff Ever had.

    Entitlement My Ass, I Paid Cash for My Social
    Security Insurance !!! Just Because they STOLE the Money, Doesn’t Make my Benefits Some Kind of Charity or Handout !!!

    Congressional Benefits, (aka.) Free Healthcare, Outrageous Retirement Packages, 67 Paid Holidays,
    Three Weeks Paid Vacation, Unlimited Paid Sick Days NOT INCLUDING INSIDER TRADING….. Now that’s Welfare, and They Have the Nerve to Call My Social Security Retirement Entitlements ?

    We’re “Broke” and cCn’t Help Our Own Seniors, Veterans, Orphans, Homeless etc. !

    In the Last Months we have Provided Aid to Haiti , Chile , and Turkey . And Now Pakistan ….Home of Bin Laden. Literally, BILLIONS of DOLLARS !!!

    Our Retired Seniors Living on a ‘Fixed Income’ Receive No Aid nor do they Get any Breaks while Our Government and Religious oOganizations Pour Hundreds of Billions of $$$$$$’s and Tons of Food to Foreign Countries ! WHAT KIND OF AMERICA HAVE WE BECOME ?

    They Call Social Security and Medicare an Entitlement even though Most of Us have Been
    Paying for it All Our Working Lives and Now when its Time for Us to Collect, the Government is Running Out of Money. Why did the Government STEAL from it in the First Place ?

    Imagine if the *GOVERNMENT* gave ‘US’ the Same Support They Give to Other Countries.

    Sad iIn’t It ? THIS IS ALL TRUE !!!!!!!!!!!!!!

    99% of People Won’t Have the Guts to Forward This.

    I’m One Of The 1% — I Just Did

    RANDY

  45. Subject: Entitlement my ass…
    What the Hell is Wrong with the Idiots in Congress ?

    Remember, not only did You Contribute to Social Security but your Employer did too.

    It totaled 15% of Your Income Before Taxes. If you Averaged only $30K over your Working life, that’s Close to $220,500.

    If you Calculate the Future Value of $4,500 Per Year (Yours & your Employer’s Contribution) at a simple 5% (less than what the govt. pays on the money that it Borrows), after 49 Years of Working (that was me) You’d Have $892,919.98.

    If you Took Out only 3% per Year, you’d Receive $26,787.60 per year and it would Last better than 30 Years (until you’re 95 if you Retire at age 65) and that’s With No Interest Paid on that Final Amount on deposit!

    If you Bought an Annuity and it paid 4% Per Year,
    You’d have a Lifetime income of $2,976.40 per Month.

    The folks in Washington have Pulled off a Bigger Ponzi Scheme than Bernie Madhoff Ever had.

    Entitlement My Ass, I Paid Cash for My Social
    Security Insurance !!! Just Because they STOLE the Money, Doesn’t Make my Benefits Some Kind of Charity or Handout !!!

    Congressional Benefits, (aka.) Free Healthcare, Outrageous Retirement Packages, 67 Paid Holidays,
    Three Weeks Paid Vacation, Unlimited Paid Sick Days NOT INCLUDING INSIDER TRADING….. Now that’s Welfare, and They Have the Nerve to Call My Social Security Retirement Entitlements ?

    We’re “Broke” and cCn’t Help Our Own Seniors, Veterans, Orphans, Homeless etc. !

    In the Last Months we have Provided Aid to Haiti , Chile , and Turkey . And Now Pakistan ….Home of Bin Laden. Literally, BILLIONS of DOLLARS !!!

    Our Retired Seniors Living on a ‘Fixed Income’ Receive No Aid nor do they Get any Breaks while Our Government and Religious oOganizations Pour Hundreds of Billions of $$$$$$’s and Tons of Food to Foreign Countries ! WHAT KIND OF AMERICA HAVE WE BECOME ?

    They Call Social Security and Medicare an Entitlement even though Most of Us have Been
    Paying for it All Our Working Lives and Now when its Time for Us to Collect, the Government is Running Out of Money. Why did the Government STEAL from it in the First Place ?

    Imagine if the *GOVERNMENT* gave ‘US’ the Same Support They Give to Other Countries.

    Sad iIn’t It ? THIS IS ALL TRUE !!!!!!!!!!!!!!

    99% of People Won’t Have the Guts to Forward This.

    I’m One Of The 1% — I Just Did

  46. Lance Smith said:

    I believe that the people of this great country should have a class action suit against the government and force them to repay the money that they have taken out of social security.
    This money was money placed in a program so that when you retired you would have a payment program for life. The money was placed by individuals and not the government making the money private and therefore needs to be repaid.
    Senators and Congressmen have been taking money from SocialSXecurity to fund there illegal pension program that they voted for in a close door session of congress. This should stop the 28th amendment to the constitution states that no elected official shall ereceive better benefits ten te people that it represents. My retirement isn’t $15000.00 a month and theirs shoulldn’t be either.

  47. I’m on this site because I was trying to remember something about Ronald Reagan and monies being taken from the Social Security Fund. This has been an enlightenment that I wasn’t quite ready for. It seems everytime I learn more about these issues, the more I hate politicians and the ultra rich. I’m not a religious person but it seems to me that in this story, the ultra rich are the DEVIL, and the politicians in Congress have made a deal with the DEVIL for financial favors and the only ones getting screwed in the deal are the middle and lower class tax payers. So far I have funded multiple wars so that rich white guys could get richer, ie; Cheney (Haliburton). I have given not only my hard earned federal incometax at a disproportionate percentage so the rich could get richer by paying less in the form of very convenient tax loopholes, ie; Romney, but on top of that the retirement monies I have contributed since 1968 in the form of soc sec tax and medicare tax, not to mention my 401k that has been torpedoed from Wall Street mismanagement. I think that there should be alot of politicians serving jail time after paying back all the money they have scammed from the public. ONE last thing, I am so tired of being told that the ultra rich, the supposed job creators need to pay less tax while the rest of us are approaching financial doom and the infrastructure that we depend on is crumbling. When is enough, ENOUGH ??

  48. Greg said:

    This did not begin 30 years ago. “Raiding” the trust fund began day one that SS was in place. It just didn’t matter when the retirement age of 65 was greater than US life expectancy of 62 at the time and there were so many people working to people actually collecting.

    ‘ve had a copy of the book “The Big Lie” for nearly two decades, that detailed the mythical trust fund.

  49. Bill Reed said:

    Man how can the Americans stand Back and not do nothing when we are robed of our money its time we stand up and fight for what is ours pay back the money

  50. DAVID said:

    EVERYONE THAT HAS READ THIS ,, NEEDS TO TELL EVERYONE THEY KNOW ABOUT THIS AND WE NEED TO CALL EVERY NEWSPAPER,, AND TELL THEM TO RUN THIS ON THE FRONT PAGE. THERE SHOULD NOT BE AN ELECTION TILL WE THE PEOPLE FIND OUT WHO STOLE OUR MONEY AND WHEN ARE THEY GOING TO PAY IT BACK,, ,, THIS SHOULD BE ON THE FRONT PAGE OF EVERY NEWSPAPER IN AMERICA.

  51. DAVID said:

    PEOPLE,, WE NEED TO GET THIS ON EVERY FRONT PAGE OF EVERY NEWSPAPER IN AMERICA,, WE NEED TO GET ”OUR” MONEY BACK,, PERSON OR PERSONS NEED TO BE HELD ACCOUNTABLE. WE PUT WHATS HIS NAME,,, MANDDOFF I THINK IN PRISON FOR THE SAME THING, WHY SHOULD POLITICIANS GET A PASS.. WE NEED TO FIND OUT BEFORE WE PUT ANOTHER CROOK IN OFFICE. THERE SHOULD BE NO ELECTION TILL WE THE PEOPLE GET SOME ANSWERS.

  52. JJ Campbell said:

    Ifa Sango said:
    Mass recall of members of Congress that are not members of the Progressive Democratic Caucus.
    OH get as grip folks.
    Progressive Democratic are the most guilty. You are using their mantra to promote class warfare. And, the Community Organizer in the whitehouse’s plan for chaos to implement his
    socialist elite dream of Globalisim. There are at least 70 of these thugs in congress. Look it up.
    The current Progressive Machine is the most corrupt institution in America’s history. It is extremely important America understands the level of corruption the Progressive Machine will go, to succeed in their mission and force their ideology on all Americans.

  53. Marsha Epstein said:

    I can’t believe how long it’s taken me to find this article. I’ve been raving about this to whoever would listen. What galls me the most is how the fantasy budget surplus was given back to the “taxpayers” — the wealthiest people who didn’t put most of the money into FICA in the first place. It was gift of worker’s money to people who didn’t earn it. When I tried to explain this to my Congresswoman she said I was wrong, that the money was safe in the Trust Fund. Delusional or just plain dumb?

  54. Meleeka said:

    Where do you find out what each President “borrowed” from Social Security?

  55. conan said:

    What is the solution n can a
    President or congress and or
    senate make good on it and when…

  56. Chris Zumbrunnen said:

    I dont believe many of the claims the author is making in this piece. For one FACT, if there is no MONEY in the Trust Fund and the Revenue is so far behind the payout Please Tell me how in Hell the Checks we get each month without FAIL can be Cashed and the MONEY from them used to allow us to live ? I think the Man writing this is a Republican who is and was against Social security from the start of the program ! Much of what he is stating here is ” HIS Beliefs or His Opinion” not really based on FACTS he can cite. Just because the Trust Fund is backed up by what he and opponents of Social Secuirty call ” IOUs” which are really a Govt “Non Marketable BOND” that is ONLY Issued in the Trust Fund does NOT mean they are worthless ! The Man is twisting the facts to suit his own views on Social Security and Government in General !

  57. Nina said:

    Obama makes illegals ” legal for the latin vote making them eligible for welfare and foodstamps medical Medicare And they didn’t put one dime into the system But he wants to stop payments to those who worked to make this country what it is. He’s twisted and cruel. He has enough money so that he will never have to survive of the piddly amount retired people are forced to survive on. So he’s nothing but crap as far as I’m concerned. And shouldn’t be in any office let alone the ttop office in our country. He’d better stop this crap because almost half the people don’t like or trust him.

  58. F Michael Addams said:

    This is Misinformation….Social Security Trust Fund holds ONLY…REPEAT…ONLY…US Treasury Bonds…by LAW…Since day one….stop scaring yourselves with b.s. ghost stoties…This author is a crank who has been trying to sell this b.s. for years…If you want to actually learn something about the trust fund CALL THEM UP, do some research,…Quit embarrassing yourselves like a bunch of junior high school girls….Save us all from internet ” economists “…

  59. [...] was then. And, let’s face it: Reagan knew a good deal when he saw it; he raided Social Security to avoid national bankruptcy by using its funds to pay for other government programs. Since that [...]

  60. Joe Blow said:

    If the government has no obligation to pay ss then why do people pay into it?

  61. [...] Reagan said so. In fact, had those “responsible” Democrats and Republicans not spent more than $2.5 trillions from the Social Security fund (it really was a fund until it was raided), there would be a huge surplus of SS money instead of a [...]

  62. Gary Goddmn said:

    SHOCKING IGNORANCE on the part of Smith. Big time professor too.

    This is SOOOO far out-of-paradigm with MMT and how our monetary system ACTUALLY operates that it’s too deep for me to dig out. I read Doctor Smith’s article on Dissident Views. I’d actually prefer Doctor Smith on Lost in Space.

    I was gonna write Smith, but since he has two or three BOOKS devoted to this argument, that’s pointless. The point is not that “the money’s gone”, it’s virtual money in a virtual system.

    The so called “Trust Fund” is an electronic account that contains ROCK SOLID promises to pay in the form of T-securities. The SCAM is the pretense that the Fund is “empty”, as Smith argues.

    The Govt can (operationally) pay for ANYTHING it chooses, with or without any “Trust Fund” or T-securities. The crime is that there was never any need whatsoever to seize $2.5 Trillion from people’s paychecks in the first place, nor from company payrolls. FICA could have been abolished in 33, when it was enacted, or it certainly could have been abolished after Aug 15, 1971 with not a single good argument to continue collecting that.

    Try this:
    Social Security History
    http://www.ssa.gov/history/Gulick.html

    Mercy! Can’t They Get Anything Right?
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  64. exoraluna said:

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  65. janieliza said:

    Regardless of who moved the money into the general fund… supposedly that TEXAN Democrat Johnson… the fact that they came up with a euphemistic phrase for that set of books that clearly defines it as a loan to the treasury… equivalent to a bond and holding with the full faith and credit of the United States government, IT IS STILL THE REPUBLICANS WHO SPENT IT ON WARS WE DIDN’T NEED TO BE IN AND IN BEING A WORLD POLICE UNIT THAT WAS PERHAPS NEEDED, BUT WHY DIDN’T THEY WORK WITH THE UN to make it a reasonable cost borne by all nations?

    When Rick Perry of Texas grinned and called it a PONZI scheme, he was intimating that his party considered it to be a fraud that they went along with and never intended to repay. You must see that the only way it becomes a PONZI scheme is if it is never repaid. Thus, call the Democrats buzzards for letting us get hooked into Vietnam, but call Richard Nixon a killer for interfering with the negotiations Johnson was conducting and convinced the NORTH Vietnamese NOT to come to the table… costing us another six years and 40,000 lives of Americans.

  66. Victor War said:

    Its all about the money……………till we enact laws stating limited pay to congress and the Senate who make the laws…people will to continue to seek these position to gain power and weath…..we need to cut the head off of the snake…..and we can if we unite…..but they know we can’t to busy fighting against ourselves…………….

  67. [...] to note Alan Greenspan’s influence on the issue of the C-CPI vis-a-vis Social Security, given his past work on Social Security. Share this:TwitterFacebookLike this:Like [...]

  68. Vance said:

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  72. Lets have the House and Senate give back one half of their pay and benefits to help “RE FUND” the stolen Socal Security money. Lets make it retroactive to when they were first elected and for the ones that have retired we need to take 70% of their bennies and use that to fund the SS Fund. Remove all benefirs and make these people use the same benefits we get from the Social Security with medicare and medicade ONLY as well.

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  81. Elise said:

    Check your facts. SS annuity benefits are taxed only for higher income folks. Immigrants can not and do not collect annuity payments if they never paid into the system. You are mixing up SS and SSI. There is a difference. http://www.ssa.gov/history/InternetMyths2.html. Regarding health care – who pays for health care for those without insurance? What about that 50 year old man who has no health insurance and who collapses on the sidewalk and is taken to an ER ? Who pays the bill? It is paid from a “pool” of money the hospitals have. Where does that “pool” of money come from??? Think about it. I am sick of paying higher rates because I have and pay for health insurance and have to support those with out it.

  82. [...] president was not about to give up his huge slush fund. – See more at: How Your Social Security Money Was Stolen – Where Did the $2.5 Trillion Surplus Go? | AmpedSta… It was Reagan who created the Piggy Bank… Not LBJ as you would like . [...]

  83. I kept hearing about the trouble SS is in and could not understand why. Now, I do. This needs to become more public and I plan to send this information to my congressman and senator and demand an investigation of this and answers.

    This just makes me sad.

  84. Tony A said:

    Lets not get all out of shape about where the money went and who did it. ETS remember we the people have the power to control our elected officials. Lets get a Movement started Republicans and Democrats Young and Old and let our politicians know they won’t be re-elected unless they put Social Security back in its own fund and never to be touched again. Someone out there knows how to get this movement going.

    GOD BLESS ALL AMERICANS AND NOT ILLEGAL ALIENS SUCKING OUR MONEY FROM US.

    LETS STOP SNIVELLING AND GET MOVING.

  85. Paula Harding said:

    “How Republicans, Democrats and the Mega-Wealthy Stole Your Social Security Money”
    This is the lead line for this article. As you can see both parties and the wealthy are named as culprits in this, so…get off the “Demos did it” not one here has put it all on Reagan/Bush, Karl Rove and the gang.. When the Iran/Contra hearings were on TV for a VERY long time, I listened to every word, every day. Even though Oliver North was found “Guilty” as the lone participent in arrainging arms delivered to our enemies…he was only the scape goat. I knew in listening to old Bush’s responses, as well as Ron Reagan’s, there’s something stinky about this highly decorated military hero left with this pile of poop in his lap. There’s no way that dedicated members of the military would stand up and falsly name a President and Veep responsible to in this type of activity if it weren’t true. Of course, North never had a chance.

    This quote is from one of the most respected Republican presidents in our history. The only error in judgment I see here is Pres Eisenhower thinking there was no need for citizens of this country to fret. Please read on…

    President Dwight D. Eisenhower wrote in 1954:

    “Should any political party attempt to abolish social security, unemployment insurance, and eliminate labor laws and farm programs, you would not hear of that party again in our political history. There is a tiny splinter group, of course, that believes you can do these things. Among them are H. L. Hunt [and] a few other Texas oil millionaires, and an occasional politician or business man from other areas. Their number is negligible and they are stupid.”

    Now…what do “We the People” do?? I’m ready!

  86. Paula Harding said:

    I’m not sure our esteemed political mass called Congress realize that when Social Security and Medicare are cut, privatized, abolished…what ever, those living on that SS retirement trust income and taking several prescription drugs every day to stay viable are going to be in big trouble. What do people do under those circumstances? I think I know what my husband and I would do, but I haven’t actually talked to him about it. It’s like…if we don’t speak of “it”, maybe “it” will go away.

    There’s nothing left except to apply for Medicaid. Will that even be available? We both have part time jobs. My husband has a small pension which we don’t know how that stands. It’s suppose to pay as long as either of us is living, but who knows for sure?

    “They” claimed that the cost of living had actually gone down due to the recession, so for two years under GW Bush’s watch, we received no COLA. Everything that seniors depend on had certainly gone up during the recession…gasoline, food, medicines, heat & cooling.

    So…we were told that there would be no COLA. Everyone says, well maybe next year. This group of people that make these decisions work for us…we pay their salaries, we pick up the tab for their perks and bling.

    It was suggested by Michelle Bachman in one of those Meet the Press type shows that what ever money there may be in OUR Social Security fund should be used to fund education. And the money accrued in OUR Medicare fund should go to more medical staff. The men around the table just sat there looking at her until one of them said, what will happen with those living on SS? Her reply, “Well, it’s time for those folks to move on”. That same man said, “You mean die?” Her reply, “They’ve had their time, now it’s time to let go.” You want to know what happened next? They all laughed.I have never believed the lies that were spread by the right about it being a Democratic f–up. I recommend this as long as you are willing to read with an open mind. Otherwise, it’s a waste of your time.
    Now…when will the American people see a book telling the absolute whole truth about what happened to the money taken from our Social Security retirement trust? It’s been common knowledge for a very long time, but other than an occasional tiny reference, it is not discussed except perhaps in back rooms among only the most trust worthy criminals. It is time and we deserve the truth. Legally we also have the right to bring a grass roots class action suit against…whom? Name all that were involved? What legal eagle firm is willing to take our case? There’s no doubt that we are in the right…no doubt that the money MUST be paid back WITH INTEREST beginning immediately. Why do we sit in a corner and complain instead of acting?
    Perhaps this would convince the “self-serving” in Congress that Americans are sick to death of all the corruption and deeds done that hurt “We the People” and profit those that already have too much wealth.
    I’m a Texan ready to kick some butt! Research for this project starts now.

  87. Paula Lawson Harding said:

    I have found the most heart-stopping, disturbing, makes me so angry article on the “real” history of Social Security. If you have worked most of your life…if you paid your payroll taxes…if you are NOT able to retire without your guaranteed SS retirement trust fund..if you are someone that cares what this trust fund built on the backs of every hard working American since April 19, 1935.

    http://ampedstatus.org/how-your-social-security-money-was-stolen-where-did-the-2-5-trillion-surplus-go/

    This is a long read, but maybe one of the most important one in a lifetime. You will discover things about our government (Republican and Democrats) that will make you want to leave. I am so ashamed of America. I need to do more digging and find out who put together the rules for this trust fund. Whoever it was, left the “We the People” with absolutely no recourse for getting back the money that has been stolen from Social Security.

    
    May we help more than we hurt.
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  90. GEORGE said:

    WHAT A MESS BUT I WILL PUT IT SIMPLE YES PRIVATIZE SS I AGREE BUT PUT EVERY CENT THEYTOOK BACK IN THE FUND FROM 1983 TO NOW THAN WE WILL HAVE SS BACK ON TRACK AND WHEN IT IS PRIVATIZED MAKE IT SO NOBODY BORROWS FROM IT NOBODY THAN IF THE CONGRESS CROOKS DONT WANT TO GIVE UP THE LOST LOOT THAN TAKE WHAT THEY HAVE HOMES BANK ACCT.CARS AND JAIL TIME. GEORGE

  91. [...] Security. Knowing that Reagan needed to make up the debt he was piling up, Greenspan suggested that money be taken from the Social Security trust fund, and replaced with IOUs. While the 1983 Social Security bill helped the program in the short term, [...]

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  96. Joe The Plumber said:

    Judith, you apparently scared the government so bad they have a line for line rebuttal of your comment. Fitting you call everyone else ‘uninformed’.

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    JOe

  97. Bruce said:

    The first President was Eisenhower who used it to build infrastructure after that it is pretty much both party’s however it was Reagan who build up defense.

  98. myashka said:

    Who will lead the way? Someone get the papers ready so I can sign! The congress needs to address this issue and return the money. They also need to pay retroactively for the fraudulent mismanagement of funds, as they work for us. I am 69 years old and tired of hearing how seniors are breaking the system. The public needs to hear that we still have money taken out of our social security each month and thought it was going back into the fund!. It has been suggested since the 80s that it wouldn’t be touched. Charity begins at home and it is time to put our house in order! The greed of a few will be their own undoing. I would like the young adults to hear the real truth about all of this. I would also like them to get involved, as my generation, and my parents, worked hard to build this country, fought hard for equal rights, to end the vietnam war, end racism, womens rights etc. It came time to raise our own families and try to establish a bit of security for our later years as we all want better for our children than many of us have had, as it is such a fast moving world today, and none of us want to be a burden to them as they move forward to raise our grandchildren. The safety net we call social security averages $1200 a month for many of us who have worked long hours at lower paying jobs, but trusted it would be there to help us through. Congress are part time employees with full time benefits and needs to be stripped of their benefits, salary. and undeserved retirement packages until they take care of this problem {with some oversite} preferably from the private sector,{ because we now know that they cannot be trusted.} if they truly care about the american people that they serve. After all , A MORAL SOCIETY TAKES CARE OF ITS PEOPLE!!! Funny, raising 4 children, working, and caring for a modest home, I still made time for community service. Can any of them say that? After all they only work part time! AH yes, Almost forgot they are entitled? Time to start with their entitlements! One of you educated people get the paper ready and I will help get the signatures. Oh Don’t forget to cancel your AARP subscription as they have been NO HELP in keeping seniors informed of the truth! All they do is fill your mailbox with rubbish and trust me what they recommend is not the best or most economical for many seniors. Time to quit choosing sides and unite for a cause for all americans. Let’s show we are able to get done what they can’t because we care for many, not just ourselves. We are better than that.

  99. Chris said:

    Does the government really think it can default on the social security of over 300 million Americans without any consequence?they would be foolish to do so.there might be no effect to the world economy but there will probably be great civil unrest.i know of a lot of retired military,law enforcement,and god fearing law abiding citizens who will not just stand idly by.it is our constitutional right and our duty to get rid of or stall any actions that violate the United States constitution.did we really break off from the British to be robbed by thugs in suits and ties?i guess when the time comes we will see how many people capitulate and how many become real patriots.

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  104. Terry V. said:

    I think the government needs to stop being the thief, quit making dept and expecting all are money to bail them out, we are not there parents or there gardien that money we paid in to give us something to live on its ares they need to quit being a communist country, quit thinking everything belongs to the government, if the people quit paying taxes the govrenment would fall then we would get out of dept and the power back to the people leave are SSI, and SSID alone you theifs.

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