Synopses & Reviews
Every cent generated by the 1983 Social Security tax increasemoney ostensibly earmarked and saved for the retirement of the baby-boom generationis 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 peoplea pledge to never spend the Social Security fundswas 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.
- George H. W. Bush spent all $211.7 billion of the Social Security Trust Fund that accrued during his presidency, on general government operations- Though Bill Clinton did reduce the federal deficit, he also used money earmarked for funding the retirement of the baby boomers to claim huge federal budget surpluses in 1998 and 1999- George W. Bush has pillaged the Trust Fund like no president before him and used the Social Security taxes paid by working Americans to fund a series of multitrillion-dollar tax cuts for the rich- The most important book to read before the 2004 election, The Looting of Social Security will make our government accountable for theft on a scale never seen before