Has Congress Taken Money From Social Security

Social Security Report

Your Daily Resource for Vital Information. December 5^th, 2021

Did Congress steal Social Security money? NO!

Posted on May 13, 2019

One of the most pervasive myths pertaining to Social Security is that Congress stole program funds for wars, social welfare spending, or a host of other programs. With a simple, common sense explanation, and by using easily understood analogies, Sean Williams of The Motley Fool thoroughly debunks the myth. The myth largely originates from 1969 when Social Security funds were put "on budget" with the rest of federal spending. The federal government has indeed borrowed Social Security's asset reserves, as thisis required by law. The Social Security Administration invests reserves into special-issue bonds and certificates of indebtedness which the federal government utilizes to fund many budget line items from military to education to healthcare. Note, funds borrowed from Social Security are not earmarked for any specific federal program. But, Social Securityis paid interest on what is lent to Congress at a rate of about 2.844%. In 2018, interest income led to more than $83 billion, more than 8% of all the money Social Security collected last year. Williams uses the example of a bank CD to debunk the "stolen" idea further by reminding folks that any money deposited in a bank CD was likely lent out to other entities within weeks. Did the bank steal it? No. The deposit was still there to be fully redeemed with interest (better than leaving it under a mattress) by the depositor on maturity. Read the full piece here.

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AMAC's founder, Dan Weber, has been in the forefront of the fight to address the problems facing America's Social Security program. Put simply, the program is paying out more than it's taking in, causing a gradual depletion of the Social Security Trust Fund. If left unchecked, projections are that this depletion will cause the Trust Fund balance to be exhausted by 2034, with the result being a scale-down of payments—as much as 25%—to Social Security recipients. As an action-oriented association, AMAC is resolved to do its part to call for action on this very serious problem. Most recently, AMAC has developed a bipartisan compromise bill, titled "Social Security Guarantee Act," taking selected portions of bills introduced by Rep. Sam Johnson (R-Texas) and Rep. John Larson (D-Conn.) and merging them with the Association's original legislative framework to create the new Act. AMAC representatives have been resolute in their mission to get the attention of lawmakers in Washington, meeting with many, many congressional offices and their legislative staffs over the past several years. The Association is gaining ground every day, and you can help--support AMAC in this fight by contacting your congressional representative to add your voice! Visit the Association's website at www.AMAC.us to learn more about AMACs proposed solution and to obtain a copy of a document outlining the steps that AMAC advocates to resolve this very serious problem.

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In 2013, AMAC—The Association of Mature American Citizens—took a big step with the creation of the AMAC Foundation, Inc., a registered 501(c)(3) non-profit entity designed to serve Americans. The Foundation's mission is to help protect and ensure the financial security, health, and social lives of current and future mature Americans, and to help Americans navigate the bewildering array of decisions they need to make.

The Foundation's projects and plans include providing factual information that improves understanding of the positive value of Social Security and Medicare and the current and long-term challenges these programs face, as well as providing interpretations by Certified Social Security Advisors through AMAC publications, workshops, webinars, podcasts, and telephone support.

In addition, the Foundation serves all Americans in a variety of capacities, including provision of a source of education on the principles of American Free Enterprise, long-term retirement financial planning, and preparing for life—and potential employment—after retirement.

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