For more than 25 years after the 1983 amendments to Social Security, the federal government collected more in Social Security payroll taxes each year than it paid out in benefits. Those surplus revenues were supposed to be saved, but instead Congress spent every last dime of them and replaced the excess payroll tax revenue it looted from the Social Security Trust Fund with I.O.U.s written to itself.
At the end of 2010, the federal government owed the Trust Fund $2.61 trillion. Congress has drained the Trust Fund dry. (Source: Forbes)
This should outrage every American who receives Social Security benefits and every American who has paid or is currently paying Social Security payroll taxes. What can we do about this?
First, contact your Senators and Representatives in Congress and demand that the funds they stole from us be returned immediately. It is called a Trust Fund for a reason.
Second, demand that these funds be designated for the payment of Social Security benefits and nothing else, under penalty of law. Third, remove the cap on payroll taxes.
Finally, spread this news to your family and friends. It matters not what political party you belong to. What matters is we have been robbed by the very people we trusted. If they will not put the funds back and implement the changes necessary to protect the Trust Fund, make them pay at the polls.
Jim Hartje — Otto, N.C.