Dear Rusty: It is common knowledge that over the decades politicians have taken billions if not trillions of dollars out of the Social Security fund to finance other government programs. This information is never published or addressed and having the government repay this money back to SS is never discussed, as it seems to be the most logical solution. When the SS program is financially viable again, future changes to the program can be discussed in a more meaningful way. Signed: Informed Senior
Dear Informed: Iâm afraid that what you refer to as âcommon knowledgeâ is actually a common myth, pervasive on social media but nevertheless not accurate. Here at the AMAC (Association of Mature American Citizens) Foundation we have thoroughly researched this charge and reality is that every dollar ever contributed to Social Security since the programâs beginning has been used only to pay benefits to beneficiaries, or to pay for the cost of running the Social Security Adm
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December 19, 2020 11:31 PM newsfeedback@fool.com (Dan Caplinger)
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December 21, 2020 8:05 AM
More than 60 million Americans count on Social Security benefits right now to help cover their living expenses, and nearly all of us expect to get some money from the program. Yet for years, there have been big concerns about its long-term financial stability.
2020 has been a challenging year for everyone, and many predicted huge negative impacts on Social Security due to the massive hit the economy took from the COVID-19 pandemic. In that light, news that Social Security’s trust fund balances actually
grew in the federal government’s 2020 fiscal year came as a welcome surprise and points to at least the possibility of more favorable trends in the future.