Which president dipped into Social Security?

Presidents Lyndon B. Johnson, Ronald Reagan, and George H.W. Bush (and later George W. Bush) are often cited for using Social Security surpluses to fund government spending, though it's a complex accounting issue where the Trust Fund invests in Treasury bonds, not outright "stealing" funds, a practice that became prominent with LBJ's unified budget and continued with Reagan's tax cuts and military spending, and later under Bush administrations. The system functions by investing surplus payroll taxes in special government securities, which are then drawn down when needed, leading to criticisms that presidents "borrow" from it for other programs.

Which president changed Social Security?

01/20/83 The Social Security Amendments of 1961 were signed by President John Kennedy, permitting all workers to elect reduced retirement at age 62. President Lyndon B. Johnson signed the Medicare bill in the presence of former President Truman who proposed this legislation in his message to Congress in 1945.

What presidents have borrowed from Social Security?

Every U.S. President since 1983 has, in a way, had the government "borrow" from Social Security Trust Funds by using the surplus funds, invested in Treasury securities, to finance general government operations, a practice initiated under President Ronald Reagan with bipartisan reforms, though it's often misunderstood as stealing rather than an accounting mechanism to support the overall budget. Presidents like Reagan, Bush Sr., Clinton, Bush Jr., and Obama all oversaw this process where the government pays interest on these "borrowed" funds, with the principle to be repaid as Social Security needs the money. 

When did the government start dipping into Social Security?

The government began "borrowing" from Social Security in the early 1980s, formalized by 1982-1983 legislation, to cover general expenses by investing surplus payroll taxes into Treasury bonds, a practice that continued under subsequent administrations to fund government operations, essentially exchanging cash for IOUs (special-issue Treasury securities). While first allowed as a temporary measure, this practice became a standard way to finance the government as large surpluses were built up from payroll tax hikes to prepare for future baby boomer retirements, with funds used for general spending rather than being held as cash. 

Who was behind the Social Security Fairness Act?

Washington, D.C. – Today, the President signed into law the Social Security Fairness Act (SSFA), bipartisan legislation authored by U.S. Senators Susan Collins and Sherrod Brown (D-OH). Senator Collins attended the bill signing ceremony at the invitation of the White House.

Who Was The First President To Dip Into Social Security?

What did Bill Clinton do to Social Security?

August 15, 1994 President Clinton signed legislation (H.R. 4277) establishing the Social Security Administration as an independent agency.

Who pushed for the Social Security Act?

President Franklin Roosevelt would choose the social insurance approach as the "cornerstone" of his attempts to deal with the problem of economic security.

What did Reagan do to Social Security?

President Reagan signed major bipartisan Social Security reforms in 1983, tackling a funding crisis by gradually raising the retirement age to 67, increasing payroll taxes, and making some benefits taxable for high-income earners, while also restoring minimum benefits and reforming disability reviews, aiming to secure the system's long-term solvency.
 

How does someone who never worked get Social Security?

Yes, you can get Supplemental Security Income (SSI) without a work history, as it's a needs-based program for the blind, disabled, or aged with limited income and resources, unlike Social Security Disability Insurance (SSDI), which requires work credits; you just need to meet medical, income, and asset tests, not job-related contributions, according to the SSA and USA.gov. 

How much money does the government owe the Social Security Fund?

The government "owes" Social Security trillions because it borrowed surplus payroll taxes for other spending, creating an intragovernmental debt (like IOUs) held as U.S. Treasury securities, with estimates around $2.4 to $2.7 trillion in the Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds as of late 2024/mid-2025, which must be repaid from future revenues or borrowing to pay current and future benefits. This debt is part of the larger national debt and represents future obligations that current tax collections aren't fully covering, requiring increased borrowing or reforms. 

Who owes the US the most money?

The U.S. owes the most money to its own domestic investors and government entities, holding the largest portion of its national debt, but among foreign countries, Japan is the largest holder of U.S. debt, followed by the United Kingdom and China, who consistently rank as the top foreign creditors. 

Which president tried to privatize Social Security?

February 2005 – Republican President George W. Bush outlined a major initiative to reform Social Security which included partial privatization of the system, personal Social Security accounts, and options to permit Americans to divert a portion of their Social Security tax (FICA) into secured investments.

Where did the money go from Social Security?

There are additional Medicare taxes for higher-income workers. In 2026, when you work, about 85 cents of every Social Security tax dollar you pay goes to a trust fund. This fund pays monthly benefits to current retirees and their families and to surviving spouses and children of workers who have died.

What president took the most from Social Security?

“Next time a Republican tells you that 'Social Security is broke,' remind them that Pres. Bush 'borrowed' $1.37 trillion of Social Security surplus revenue to pay for his tax cuts for the rich and his war in Iraq and never paid it back”.

Who raised Social Security from 65 to 67?

The FRA was originally set at 65 when Social Security was established in the 1930s. However, in 1983, Congress passed legislation to gradually raise the FRA to reflect increases in life expectancy and to help ensure the program's long-term financial stability.

Which president initiated Medicaid and Medicare?

President Lyndon B. Johnson (LBJ) initiated Medicare and Medicaid by signing the Social Security Amendments of 1965 into law on July 30, 1965, creating these landmark federal health insurance programs for the elderly and low-income individuals, respectively, with former President Harry S. Truman becoming the first beneficiary at the signing event.
 

Who cannot collect Social Security?

People not eligible for Social Security include those who haven't worked enough to earn 40 credits, certain non-citizens, government employees in non-covered jobs (like some state/local/federal workers), retirees living in specific countries (e.g., Cuba, North Korea), and individuals with certain criminal statuses like fleeing prosecution. Ineligibility often stems from not paying into the system or falling under specific exclusion rules, even if some taxes were paid. 

Can two wives collect Social Security from one husband?

Yes, two wives (a current wife and an eligible ex-wife) can potentially collect Social Security benefits from one husband's earnings record, provided each meets separate criteria, like marriage duration and age, and they claim survivor or divorced spouse benefits, with each receiving the higher of their own or the spousal/survivor benefit, without reducing the other's amount. 

Who is entitled to death benefits in Social Security?

Social Security death benefits (survivor benefits) go to eligible family members, primarily the spouse, ex-spouse, children, or dependent parents of a worker who paid Social Security taxes. Eligibility depends on the survivor's age and relationship to the deceased, with spouses potentially receiving a monthly payment (up to 100% of the worker's benefit) or a one-time $255 lump sum, while children and dependent parents also qualify for monthly support. 

What did President Nixon do to Social Security?

On July 1, 1972, President Nixon signed Public Law 92-336, a bill to extend the public debt limit. The legislation also contained amendment to the Social Security Act, raising the amount of monthly cash benefits and revising several financing provisions.

Did Reaganomics hurt the middle class?

The Reagan expansion years marked a period of economic progress for middle class Americans. Middle class income increased 11 percent after adjustment for inflation, while nearly 20 million new jobs were created.

What president increased Social Security?

President Lyndon Johnson expanded Social Security with the Social Security Act Amendments of 1965, known better as the Medicare and Medicaid Act.

Who was left out of the Social Security Act?

The 1935 act limited its provisions to workers in commerce and industry (this is what is known as the program's "coverage"). This meant that the new social insurance program applied to about half the jobs in the economy. Among those left out were farm and domestic workers.

Which president was responsible for starting the Social Security Board, the precursor to the Social Security Administration?

The Social Security Administration (SSA) began life as the Social Security Board (SSB). The SSB was created at the moment President Roosevelt inked his signature on the Social Security Act (August 14, 1935 at 3:30 p.m.).

Which political party gave us Social Security?

Social Insurance Movement

The Progressive Party platform can be seen as the forerunner of the Social Security program that TR's cousin, Franklin Roosevelt, would successfully push through Congress in 1935.