RONALD REAGAN AND THE GREAT SOCIAL SECURITY HEIST by Allen Smith is Now Available
Author Allen Smith has been a lonely voice crying in the wilderness bearing unwelcome news about Ronald Reagan and the Great Social Security Heist: How Reagan Gave Birth to the Looting of Social Security (Ironwood Publications).
"The money's gone," Smith says. "Social Security doesn't have trillions stashed away for paying benefits, as so many people believe. It cannot pay benefits for another 20 years, as is often claimed. In fact, Social Security does not have enough money to pay full benefits, even for 2014, without borrowing money from China or another of our creditors."
When President Reagan signed the Social Security Amendments of 1983, Smith continues, the American people were told that it would fund Social Security for decades. Instead, "It laid the foundation for 30 years of government embezzlement of Social Security funds. The money was used to pay for wars, tax cuts for the rich, and other government programs.
"The payroll tax hike of 1983 generated a total of $2.7 trillion in surplus Social Security revenue. This surplus revenue was supposed to be saved and invested in marketable U.S. Treasury bonds, which would be held in the trust fund until the baby boomers began to retire in about 2010. But not one dime ever made its way to the Social Security trust fund."
The publication of Ronald Reagan and the Great Social Security Heist is the culmination of a thirteen-year-long, relentless, personal crusade for Smith. "I discovered the crime thirteen years ago. While doing research, I stumbled onto a massive fraud involving the government and the Social Security system. I was outraged, and I wanted to tell the whole world, but I soon learned that almost nobody wanted to hear what I had to say."
After publishing The Alleged Budget Surplus, Social Security and Voodoo Economics in 2000, Smith found the mainstream media unwilling to talk about the scandal, and later, another book on the subject was mysteriously suppressed. "My latest book is a must read for all who care about the future of Social Security and the integrity of their government," Smith concludes.
For more, please visit the website: www.thebiglie.net.