The Looting of Social Security How the Government Is Draining America's Retirement Account

Every cent generated by the 1983 Social Security tax increase—money ostensibly earmarked and saved for the retirement of the baby-boom generation—is gone, spent by our government. But most Americans are ignorant of the crime. The emptying of the Social Security Trust Fund is the greatest fraud ever perpetrated on the American public, and acclaimed author and economist Allen W. Smith reveals how George W. Bush and Congress are pulling it off. While George W. Bush has repeatedly condemned "corporate wrongdoers," he is guilty of fiscal mismanagement and outright deception that makes Enron and WorldCom pale in comparison. Smith explains the history of Social Security from its inception in 1935 to the present, including the enactment of the 1983 Social Security tax increase. Then, step by appalling step, he details how the government's promise to the American people—a pledge to never spend the Social Security funds—was broken by every succeeding administration. Sadly, The Looting of Social Security quite simply reveals how George W. Bush has stolen more than $3 trillion of Social Security money to fund tax cuts for wealthy Americans while robbing many of their hard earned money and their rights.