Who was the first president to dip into Social Security?

The first president to "dip into" the Social Security Trust Fund, by folding its finances into the unified federal budget to help cover deficits, was Lyndon B. Johnson (LBJ), with actions in 1968 that took effect in 1969, allowing surpluses to offset other government spending. While Franklin D. Roosevelt created Social Security, LBJ's administration initiated this significant accounting change that integrated the fund into general finances, a practice later followed by others, including Ronald Reagan, to manage the budget.

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 Jimmy 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.

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.
 

Does the government borrow money from Social Security?

Yes, the U.S. government does effectively borrow from Social Security by using surplus payroll taxes to buy special Treasury bonds, which funds other government operations, essentially treating Social Security's surplus as a loan that must be repaid with interest, adding to the national debt when redeemed. This system, handled through the OASI and DI Trust Funds, means that when Social Security needs cash for benefits, the Treasury redeems these bonds, requiring new borrowing from the public to cover it. 

Who Was The First President To Dip Into 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.

Did Reagan say Social Security has nothing to do with the deficit?

President Ronald Reagan stated in October 1984: "Social Security has nothing to do with the deficit... Social Security is totally funded by the payroll tax levied on employer and employee. If you reduce the outgo of Social Security that money would not go into the general fund to reduce the deficit.

What did 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.

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. 

How much does the average person get from Social Security?

The average Social Security retirement benefit for a retired worker is around $2,000-$2,100 per month as of late 2025/early 2026, with specific figures varying slightly by month and source, like about $2,071 for January 2026 (SSA) or $2,178.71 for all retirees (Kiplinger data). This amount changes based on when you claim benefits (earlier means less, later means more), your lifetime earnings, and cost-of-living adjustments (COLA). 

Which president made Social Security mandatory?

After a Conference which lasted throughout July, the bill was finally passed and sent to President Roosevelt for his signature. The Social Security Act was signed into law by President Roosevelt on August 14, 1935.

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. 

Which US president had recessions?

Recessions

• February 2020 (Trump / R)
• December 2007 (Bush 43 / R)
• March 2001 (Bush 43 / R)
• July 1990 (Bush 41 / R)
• July 1981 (Reagan / R)
• January 1980 (Carter / D)
• November 1973 (Nixon / R)
• December 1969 (Nixon / R)

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 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.

Is it possible to avoid Social Security taxes?

Just like the income tax, most people can't avoid paying Social Security taxes on their employment and self-employment income. There are, however, exemptions available to specific groups of taxpayers. If you fall under one of these categories, you can potentially save a significant amount of money.

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. 

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.