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I'm gonna agree with Pete as to what the problem has been. Stealing a pretty strong word to describe what has been done with SS funds, but it's pretty close. Maybe we can say it more politely and suggest that the funds were misappropriated (actually that is an almost perfect word for what was done.) I thought the fund was supposed to be a trust fund, but those who have allowed the govt. to use IOUs, which stand little chance of being paid back, have breached their fiduciary duty. I would say it was the Reagan and Bush tax cuts that did the most damage to the deficit (and thus created the situation of robbing Peter to pay Paul). Pete would likely point to the spending. It was obviously caused by some combination of the two. I think we agree on the actual effect of raiding the SS funds - conversion of the SS contributions to an extremely regressive tax.
The conversion of SS funds has definitely worked to the benefit of the highest earners, because they pay only a small portion of their income toward the fund. I say it's time to seek repayment of some of that benefit by taking the cap off of the contributions.
Regards,
D-Ray
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Then I'll get on my knees and pray,
We won't get fooled again; Don't get fooled again
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