By Allen W. Smith, from October 2016, includes “… The harsh truth is that the government, over a 30-year period, has taken and spent every dollar of the $2.7 trillion in surplus Social Security revenue which was specifically earmarked for paying benefits to the baby boomer generation. There are no plans to repay the money. The money was taken without the knowledge, or the permission, of the public. As the government transferred the Social Security money directly from the trust fund to the general fund, the money was replaced with non-marketable government IOUs. These IOUs cannot be sold, or in any way converted to cash. Essentially, they are worthless pieces of paper which serve as an accounting record of how much Social Security money was used for non-Social Security purposes. …”
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