"Looted from the Inside Out
Whatever Happened to the Social Security Trust Fund?
"Your president, in his first State of the Union address (February 27, 2001), promised to make sure that no Social Security money was used for any other program. He specifically said: "To make sure the retirement savings of America's seniors are not diverted in any other program, my budget protects all $2.6 trillion of the Social Security surplus for Social Security, and for Social Security alone."
Now that is what he said: "for Social Security alone." But it seems like your president left something out.
And with that said and done, it seems like the same Bush went on to do something entirely different. No surprise there.
What Bush did in his first fours years was he looted the sacred Social Security trust fund. Down to the last nickel and dime.
In the Bush-Cheney first term the White House mob gleefully looted the entire $509 billion Social Security surplus. No surprise there again. And, at this very moment, Bush has his fingers in the same trust fund to the tune of $400 million or so a day.
But you can look at it this way. It is for a good cause.
Somebody has to pay for those tax cuts and the war in Iraq.
And the Social Security trust fund does come in handy in these cases. Furthermore, and to rub it in, the shameless Bush now admits it. This is what he has been saying lately in his Social Security scare speeches. "The money-payroll taxes going into Social Security are spent. They're spent on benefits and they're spent on government programs. There is no trust."
Now that's what he says. "There is no trust."
"Every dime that goes in from payroll taxes is spent. It's spent on retirees, and if there's excess, it's spent on government programs. The only thing that Social Security has is a pile of IOUs from one part of the government to the next."
Those words were spoken just a few days ago. Where's the outrage? Where's Alan Greenspan on this subject.
In other words - why isn't anybody asking what happened to the trust fund that Bush said he would protect way back in 2001?"
Jackie Corr: Whatever Happened to the Social Security Trust Fund?