The Plot to Destroy Social Security

Social Security is facing its most difficult crisis ever. It is a crisis made in Washington, and one which most people do not even know about. For more than 30 years, the government has been using Social Security surplus revenue as general revenue, to finance wars. tax cuts for the wealthy, and other programs. The intent of the 1983 payroll tax hike was that all of the Social Security surplus revenue was supposed to be saved and invested in real marketable U.S. Treasury bonds, which could later be resold in the open market to raise cash for paying benefits to the baby boomers. But none of the surplus revenue was saved or invested in anything. The money was all spent on general government operations. Since 2010, the cost of paying full Social Security benefits each year has been more than the total incoming Social Security tax revenue. Therefore, the government must borrow money to make up the difference. Unless the debt ceiling is raised, Social Security will be unable to pay full benefits even for 2014.