Here is what they said from 1964!
http://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
And here is where your money went! Read and Weep!
http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4
Thanks. The Democrats argument the video was illustrating is right at the SS administration link you provided:
“Far from being “worthless IOUs,” the investments held by the trust funds are backed by the full faith and credit of the U. S. Government. The government has always repaid Social Security, with interest. The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government. “
Of course a legal bond sold by the Federal government to a bondholder is NOT the same as the government holding an IOU to itself. We know the FICA taxpayers are not the holders of these bonds and do not have to be paid back legally(constitutionally).
Both parties have raised income taxes on SS benefits, basically giving the SS benefits back to themselves rather than the FICA taxpayers(who already paid income taxes on the FICA taxes), so the recipients had no legal claim to the money.
It's a big lie! Not to mention destroying the dollar.