-Every cent generated by the 1983 Social Security payroll tax revenue -money exclusively earmarked for the retirement of the baby-boom generation-is gone, spent by our government. But most Americans are ignorant of the crime. Smith explains the history of Social Security from its inception in 1935 to the present, including the 1983 Social Security fix. Then, step by appalling step, he details how the government's promise to the American people-a pledge to never spend the Social Security funds-was broken by every succeeding administration.
Excerpt
Social Security is in deep trouble—not because of any basic flaws in the current system--but because our government has embezzled $2.7 trillion of Social Security money and used it to pay for wars and other government programs. Congresses and former presidents, from both political parties, fraudulently deposited surplus Social Security revenue into the general fund and used it for whatever they chose to spend it on. When the truth all gets out, it will be a major national scandal that will make Watergate pale, by comparison.
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Professional Reviews
The Boston Globe
With dismal clarity, Smith lays out the step-by-step history of how a national pension plan was transformed into an outright shakedown of working people, a maneuver that began during Ronald Reagan's administration. Bill Clinton aggravated the situation by making no distinction between general revenue and Social Security in crowing about budget surpluses -- which, in turn, culminated in the grand largess of George W. Bush in handing out whacking great tax cuts to the rich.
ALA Booklist
Smith has written a scathing account of massive fraud on the part of our nation's leaders, who have plundered every cent of the Social Security Trust Fund surplus that was specifically earmarked for the retirement of baby boomers.
