The Lock Box was a fiction from day one.
Roosevelt never intended to save SS money. Social Security was from its inception a Ponsi scheme.
From Heritage Foundation
March 29, 1999
Hard Questions Remain for the Social Security Lockbox
by David C. John
Executive Memorandum #585
The Senate and the House of Representatives are considering enforceable mechanisms to preserve the surplus generated by Social Security so that it could be used in the future to pay for reforms of both Social Security and Medicare. Pending those reforms, Social Security surpluses would be used to reduce the amount of federal debt held by the public. The measures are contained in the Republican leadership’s budget resolutions for fiscal year 2000, and will be given force in separate legislation to be considered later this spring.
There is a strong argument to be made for “walling off” Social Security surpluses in this way. The method under discussion also raises a number of questions, however, that need to be answered.
http://www.heritage.org/Research/SocialSecurity/EM585.cfm
Has interesting ideas.
Maybe your to young. But LBJ/w Democrat Congress in 1968 (to pay for Vietnam) Took all protections off the Social security Funds.
It was yet another Dummie “let them eat cake” moment. can you imagine what would happen if the dummies and Rinos got hold of Health Care premiums.
Katy bar the door.