Nixon is the one who took America off the Gold Standard, because of the excessive spending on war based military industrial greed based programming, and when he did that, the dollar became not backed by anything other than what people called the "Confidence In America"... and that was backed by being a Reserve Currency, which was and is backed by the Petro Dollar.
You forget the 10s and 100's of thousands to millions of jobs that were lost when the Reagan Era Union Busting was in Overdrive. That means those people were no longer paying into the tax system, they were no longer earning the pay that could translate into a higher % going to SS, or to Medicare.. It also meant, that the Medical System could no longer keep rates low, when these high volumes of people no longer had the numbers to support collective bargaining to support the insurer's the basis to work with their actuaries to provide lower cost medical care programs.
You talk about what goes into Social Security, which is nothing more than "trying to pay back, with interest" what was "borrowed from social security"... Now, if you want to address Social Security, then the statement, may well be... The Fed's Never should have borrowed from S.S. in the first place... and if they had not been on a Union Busting Agenda under Republicans, and an Outsourcing Madness under both parties... then we would not have the issues today.. and we would not have a system where there is no "factory building growth taking place in this day and time.
I don't disagree with you in the regard of some areas where there is mass waste and one, is the continual "dumping of money into Military Industrial Complex Industries". and allowing Pharmaceuticals, to come in and take claim over government grant funded prescription developments and then stick a patent on it, and profit far and above the nominal cost to produce these drugs, and they never pay the government the grant money back. The general public see these grant programs at Universities, but never question how and why the government allows these independent companies to take credit for what a good % of federal monies funded in the development of drugs and various other things that private industry comes in and stake claim... but none of them "pay the government back the grant funds they took advantage of".
It's not the average everyday America who caused the National Debt... nor the Budget Deficit... it was done by the wealthy writing policy, and owning politicians who sell their vote and our voice away, for a campaign contribution, or some under the table tip... on how to get paid.
Society, has never been of the awareness and independence of mind, to "call out the wealthy"... instead society was and still is groomed to try and lay blame anywhere and upon anyone, to avoid... laying blame where much of it belongs... which is upon the wealthy and their dominance over a segment of society, primarily the Republican Right Winger, who even in this day and time...are resistant to learning, investigating and being knowledgeable.. instead, people have been groomed to live like a "drama junkie" waiting on the next drama fix...
