Which president started borrowing from Social Security?

While the practice of the government using Social Security surpluses began earlier, President Lyndon B. Johnson is often cited as the first to formally "borrow" from the trust fund in the mid-1960s to cover Vietnam War costs, though President Ronald Reagan in 1983 signed legislation making the trust funds part of the unified budget, allowing significant interfund borrowing for general expenses, a practice continued by subsequent presidents.

When did the federal government start taking money from Social Security?

The federal government began collecting Social Security payroll taxes in January 1937, with the first monthly benefits paid in January 1940, following the Social Security Act of 1935; however, the Trust Funds were officially created in 1939, and the government started "borrowing" surplus funds for other expenditures, treating them as on-budget, around 1969 for accounting, though actual inter-fund borrowing occurred earlier and repayment mechanisms were established later. 

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. 

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.
 

Which president wanted 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.

Which President Started Borrowing From Social Security? - CountyOffice.org

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.

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. 

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”.

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 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.

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. 

What did President Johnson do to Social Security?

President Lyndon B. Johnson significantly expanded Social Security in the 1960s, most notably by signing the 1965 Amendments that established Medicare (health insurance for the elderly) and Medicaid, while also increasing benefits, broadening disability criteria, and adding coverage for other groups, though he also shifted Social Security's accounting into the general budget. 

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. 

Did Congress borrow money from the Social Security Fund?

This will ultimately result in drastically higher taxes, reduced benefits, increased debt, or cuts to other critical government programs. The Government Has Borrowed $1.7 Trillion From The Social Security Trust Fund. The government has borrowed the total value of the Trust Fund to pay for other government spending.

What did President Carter do to Social Security?

HEW reorganization plan published in Federal Register, creating the Health Care Financing Administration to manage the Medicare program. President Carter signed the Social Security Amendments of 1980. Major provisions involved greater work incentives for disabled Social Security and SSI beneficiaries.

Why did people not like Reaganomics?

Critics have pointed to the widening income gap, what they described as an atmosphere of greed, reduced economic mobility, and the national debt tripling in eight years which ultimately reversed the post-World War II trend of a shrinking national US debt as percentage of GDP.

Did Ronald Reagan lower taxes for the rich?

Yes, President Reagan significantly cut taxes, particularly for high-income earners, reducing the top marginal income tax rate from 70% down to 28% over his two terms, with major cuts in 1981 and the Tax Reform Act of 1986. While these "Reaganomics" tax cuts aimed to stimulate investment and growth, they also lowered rates for the middle and lower classes, though some of the 1981 cuts were later reversed to address budget deficits. 

Was Ronald Reagan considered a good president?

Historical rankings of U.S. presidents have typically placed Reagan in the middle to upper tier, and his post-presidential approval ratings by the general public are usually high.

What is the average Social Security check at age 65?

The average Social Security check for someone starting benefits at age 65 is around $1,500 to $1,600 per month, though it varies by year and source, with men often receiving more ($1,700+) and women less ($1,400+). Claiming at 65 means getting 86.7% of your Full Retirement Age (FRA) benefit (which is usually 67 for recent births), so the amount is reduced from the overall average for all retirees. 

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.
 

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. 

Do stay at home moms get Social Security?

Yes, stay-at-home moms can get Social Security, primarily through spousal benefits (up to 50% of a working spouse's benefit if married 1 year+) or by drawing on their own work record if they have enough credits (40 quarters/10 years) from past jobs, including military service. They might also get disability (SSDI) if disabled and meeting work credit rules, or dependent benefits while caring for a child under 16 or disabled. 

What is the best age to start Social Security?

There's no single "best" age, as it depends on your health, finances, and spouse; however, waiting until age 70 maximizes your monthly benefit (up to ~30% higher than at full retirement age), while claiming at age 62 provides the earliest income but a permanently reduced amount, with your full retirement age (FRA) falling between 66 and 67 depending on your birth year. For most, delaying to age 70 makes financial sense if you expect a long life and want higher lifetime payments, especially for survivor benefits, but claiming early might be better if you have serious health issues or need immediate income.