Reply #5: Yes........

[Historic NY]

The so called "trust fund" or "lock box", was greatly debated in the 2000 presidential election has been filled with worthless IOUs that the government has issued against itself, even as it spent excess revenues entering the program from payroll taxes. This process of spending excess revenues generated by payroll taxes began in the 1980’s when Congress raised the payroll tax rates, generating more revenue than needed to pay the current beneficiaries of the program. Instead of setting the money aside and purchasing assets, the government embarked on a spending spree and put nonnegotiable U. S. Treasury bonds what was termed a "trust fund". Nothing so far has ever been repaid, the thought of giving tax relief by rolling back the payroll tax would remove a readily tapable source of funds. Eventually these so called bonds would in theory would have to be repaid but none of our leaders are willing to step up to the plate. How do you repay social Security Trust fund, when you already have used the taxpayers funds? Do you tax them a second time for money already contributed? Had Bush used the surplus to repay the trust fund instead of sending us back checks it might have been a real start at reform. Its time for the tap to be turned off. It is foreseeable for these so called worthless bonds never to be paid back, he'd have to raise taxes in order to do so. It is time to make changes to the accounting practices.