1. What happened to the extra FICA taxes collected from Boomers the past 27 years?
2. Would the 1981, 1986, and 2001 Reagan and Bush tax cuts been possible without the trillions of FICA tax revenue surpluses collected from Baby Boomers in the name of Social Security solvency?
Social Security is not an Entitlement it's a Debt Obligation
The following link provides video of Ronald Reagan's speech during his signing of the Social Security Amendments Act on April 20,1983:
Over the past thirty years, the Reagan, Bush Sr., Bush Jr., and Obama administrations have combined to accumulate a $14 trillion national debt! A large portion of the national debt is owed to the Social Security Trust Fund! Four major contributors to the $14 trillion national debt include:
4. The 2010 Obama, two-year extension of 2001 Public Law 107-16!
Since 1983, our political leaders became accustomed to the extra FICA tax collections that provided the U.S. Treasury with trillions of surplus FICA-Social Security revenues! As Boomers retire, the FICA tax surpluses will end! “Instead of FICA taxes subsidizing the U.S. Treasury,” current law will force the U.S. Treasury to redeem the Social Security-Treasury Bonds!” Conservatives know this, and have correctly calculated that when Boomers begin retiring, the revenue flow will reverse, and two things will happen:
1. Without the hidden surpluses from extra Boomer FICA taxes, the true size of our federal deficits will become clear! This is why conservatives are suddenly so focused on the debt!