Isn there a Trust Fund “lock box” that protects Social Security funds?
In 1990’s, many members of Congress wanted to stop the government from borrowing and spending surplus Social Security revenues on current government programs. We were successful in protecting the surplus in 1999 and 2000 with the “lock box.” Under the lock box, surplus Social Security revenue was used to pay down the federal debt rather than spending it on other government programs. Unfortunately, the “lock box” protection for Social Security surpluses ended in 2001. In his recent budget, the President proposed borrowing $180 billion from Social Security in 2005 and over $1.1 trillion over five years to pay for other government spending and tax cuts.
Related Questions
- What is the interest rate on trust fund investments that was used to make the projection on how long the Social Security trust funds would last?
- COULD REVISING THE SOCIAL SECURITY TRUST FUNDS INVESTMENT POLICIES PROVIDE MORE RESOURCES FOR THE RETIREMENT OF THE BABY BOOMERS?
- Isn there a Trust Fund "lock box" that protects Social Security funds?
