Nikki Haley calls for changing retirement age for Americans who are now in their 20s

[aggiesal]

83. Apparently you don't understand how Social Security works ...

Notice that they put the word BORROWED in quotes, why is that?

We pay into Social Security through our payroll taxes.

The Treasury receives this in cash. Instead of cash just sitting around, BY LAW the cash is converted into bonds which the money is then used by congress however they see fit. Selling the cash to acquire bonds protects the money against inflation by earning interest on that money. So basically every President/Congress has "Borrowed" funds from Social Security. These bonds mature in 5-15 years.

In the 1980's due to the impending baby boomer retirements, a "Trust Fund" was used to accumulate excess SS funds. These funds were place in the Old-Age, Survivors, & Disability Insurance (OASDI) "Trust Fund". Up until 2009, the "Trust Fund" was running a surplus. This is the amount received by Social Security exceeding the amount paid out of Social Security. So the "Trust Fund" continued to grow.

2010 was the first year that the amount paid out of Social Security started exceeding the amount Social Security received. At this point the Treasury would sell off the mature "Trust Fund" bonds to cover the difference. Initially this was expected to last until 2042. This is by design. But due to the mortgage melt down and the Covid pandemic, less money was collected for Social Security, so more of the "Trust Fund" was used than expected, decreasing the "Trust Funds" date of insolvency to 2035.

G.W. McIdiot "Borrowing" to pay for $708B is irrelevant, because BY LAW, that money was replaced with Bonds, which have already matured.

Here is how each President used the "Borrowed" money from SS.
FDR used SS funds to pay for unemployment.
Harry Truman used it to pay non-farm unemployment.
Dwight Eisenhower used it provided medical care for elderly people who were not receiving government benefits.
John Kennedy used it to allow workers to opt for early retirement at age 62
Lyndon Johnson used it to start Medicare (Medicaid was to be funded by states) along with paying for the Vietnam War.
Richard Nixon used it to implement the Cost Of Living Adjustment (COLA)
Gerald Ford used it to enact the Child Support Enforcement program
Jimmy Carter used it to change how benefits would be computed.
Ronald Reagan used it to increase the benefits for disabled widows and widowers & creating the "Trust Fund"
George H.W. Bush used it to safeguard the privacy of beneficiaries.
Bill Clinton used it to modify disability benefits to people whose disabilities were related to alcoholism and/or drug addiction.
George W. Bush used it to pay for his tax cuts and the Afghanistan war
Barack Obama used it to pay for the Affordable Care Act.
Donald Trump used it for Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
Joe Biden has used it for the American Rescue Plan Act of 2021