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Continued high unemployment levels also lowered the amount of Social Security tax that could be collected. These two developments were decreasing the Social Security Trust Fund reserves. [62] In 1982, projections indicated that the Social Security Trust Fund would run out of money by 1983, and there was talk of the system being unable to pay ...
The "Social Security Trust Fund" comprises two separate funds that hold federal government debt obligations related to what are traditionally thought of as Social Security benefits. The larger of these funds is the Old-Age and Survivors Insurance (OASI) Trust Fund, which holds in trust special interest-bearing federal government securities ...
At the end of 2009, the Trust Fund stood at $2.5 trillion. The $2.5 trillion amount owed by the federal government to the Social Security Trust Fund is also a component of the U.S. National Debt, which stood at $15.7 trillion as of May 2012. [18] By 2017, the government had borrowed nearly $2.8 trillion against the Social Security Trust Fund.
Dwight D. Eisenhower. On Sept. 1, 1954, President Eisenhower dramatically expanded Social Security to include 10 million more Americans in the Old-Age and Survivors Insurance Program.
As people grow older, their incomes decline and their healthcare expenses grow. Before Social Security, indigence was a part of old age for millions of elderly Americans, who depended on their...
The taxable portion of Social Security benefits were also increased. Clinton signed Small Business Job Protection Act of 1996 which reduced taxes for many small business. Furthermore, he signed legislation that increased the tax deduction for self-employed business owners from 30% to 80% by 1997.
But the president has nearly a half-century of history dating to at least 1975 of voting or advocating for many of the same attacks on Social Security that he now warns could come from a ...
President Bush advocated the partial privatization of Social Security in 2005-2006, but was unsuccessful in achieving any reforms to the program against strong congressional resistance. His proposal would have diverted some of the payroll tax revenues that fund the program into private accounts.