Reagans Statements On Social Security

The U.S. Social Security Administration (SSA) presents a collection of statements by U.S. President Ronald Reagan (1911- ) concerning Social Security. The SSA offers the full text of extended remarks from letters, messages to Congress, statements relating to legislation, and more.

The money's gone! Social Security doesn't have $2.7 trillion 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. How can this be? Wasn't Social Security fixed by the Social Security Amendments of 1983, which included a large increase in payroll taxes? That's what we were told at the time. President Reagan signed that legislation into law with great fanfare on April 20, 1983. With his comments at the signing ceremony, Reagan gave the impression that it was a proud day for America. But, instead of being a proud day for America, as Reagan implied, the day the new legislation was signed into law, turned out to be a day of shame for the United States. The Social Security Amendments of 1983 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 of that money ever made its way to the Social Security trust fund. The 1983 legislation was sold to the public, and to Congress, as a long-term fix for Social Security. With the help of Alan Greenspan, Reagan was a super salesman, who could have sold almost anything to the public-even a scam. And that's exactly what he was selling. Reagan intended to use the surplus Social Security revenue to replace revenue lost because of his unaffordable income tax cuts. Instead of being set aside for the retirement of the baby boomers, as was the intent of the legislation, the extra Social Security revenue was deposited directly into the general fund just like income tax revenue. From the very beginning, Reagan and his advisors had no intention of saving and investing the new revenue for the retirement of the baby boomers. They needed additional general tax revenue, and an increase in the payroll tax would be much easier to enact than higher income taxes. Also, the potential to get vast amounts of revenue was much greater with a payroll tax increase than from an income tax increase. The baby boomers, the largest generation of Americans who ever lived, were already making large contributions to the Social Security fund. Like all previous generations, prior to 1983, the boomers were being required to pay the full cost of benefits paid to the previous generation. But, the proposed new legislation would hit the boomers with a double whammy. In addition to paying for their parents' benefits, the new law would require the baby boomers to also pay enough additional taxes to prepay the cost of their own benefits. This would generate a potential gold mine of surplus revenue that could be tapped and used for other purposes. But none of the $2.7 trillion in additional Social Security revenue was ever saved or invested in anything. The actual surplus money was replaced with nonmarketable government IOUs, which cannot be converted into cash or used to pay Social Security benefits. It would have been bad enough if only Reagan had looted Social Security money. But George H.W. Bush, Bill Clinton, and George W. Bush all followed in Reagan's footsteps and spent all of the Social Security surplus revenue for non-Social Security purposes, just like Reagan. This book is a must read for all who care about the future of Social Security and the integrity of their government.

The most important speeches of America's "Great Communicator": Here, in his own words, is the record of Ronald Reagan's remarkable political career and historic eight-year presidency.

In this sure to be controversial book in the vein of The Forgotten Man, a political analyst argues that conservative icon Ronald Reagan was not an enemy of Franklin Delano Roosevelt and the New Deal, but his true heir and the popular program’s ultimate savior. Conventional political wisdom views the two most consequential presidents of the twentieth-century—FDR and Ronald Reagan—as ideological opposites. FDR is hailed as the champion of big-government progressivism manifested in the New Deal. Reagan is seen as the crusader for conservatism dedicated to small government and free markets. But Henry Olsen argues that this assumption is wrong. In Ronald Reagan: New Deal Republican, Olsen contends that the historical record clearly shows that Franklin Roosevelt and the New Deal itself were more conservative than either Democrats or Republicans believe, and that Ronald Reagan was more progressive than most contemporary Republicans understand. Olsen cuts through political mythology to set the record straight, revealing how Reagan—a longtime Democrat until FDR’s successors lost his vision in the 1960s—saw himself as FDR’s natural heir, carrying forward the basic promises of the New Deal: that every American deserves comfort, dignity, and respect provided they work to the best of their ability. Olsen corrects faulty assumptions driving today’s politics. Conservative Republican political victories over the last thirty years have not been a rejection of the New Deal’s promises, he demonstrates, but rather a representation of the electorate’s desire for their success—which Americans see as fulfilling the vision of the nation’s founding. For the good of all citizens and the GOP, he implores Republicans to once again become a party of "FDR Conservatives"—to rediscover and support the basic elements of FDR (and Reagan’s) vision.

Hailed by the New Yorker as "a superlative study of a president and his presidency," Lou Cannon's President Reagan remains the definitive account of our most significant presidency in the last fifty years. Ronald Wilson Reagan, the first actor to be elected president, turned in the performance of a lifetime. But that performance concealed the complexities of the man, baffling most who came in contact with him. Who was the man behind the makeup? Only Lou Cannon, who covered Reagan through his political career, can tell us. The keenest Reagan-watcher of them all, he has been the only author to reveal the nature of a man both shrewd and oblivious. Based on hundreds of interviews with the president, the First Lady, and hundreds of the administration's major figures, President Reagan takes us behind the scenes of the Oval Office. Cannon leads us through all of Reagan's roles, from the affable cowboy to the self-styled family man; from the politician who denounced big government to the president who created the largest peace-time deficit; from the statesman who reviled the Soviet government to the Great Communicator who helped end the cold war.

"A report of the Urban Institute's Changing Domestic Priorities Project"--Page ii."URI 34200"--T.p. verso. Includes bibliographical references.

New York Times Bestseller: A “remarkable and evenhanded study of Ronald Reagan” from the Pulitzer Prize–winning author of Lincoln at Gettysburg (The New York Times). Updated with a new preface by the author, this captivating biography of America’s fortieth president recounts Ronald Reagan’s life—from his poverty-stricken Illinois childhood to his acting career to his California governorship to his role as commander in chief—and examines the powerful myths surrounding him, many of which he created himself. Praised by some for his sunny optimism and old-fashioned rugged individualism, derided by others for being a politician out of touch with reality, Reagan was both a popular and polarizing figure in the 1980s United States, and continues to fascinate us as a symbol. In Reagan’s America, Garry Wills reveals the realities behind Reagan’s own descriptions of his idyllic boyhood, as well as the story behind his leadership of the Screen Actors Guild, the role religion played in his thinking, and the facts of his military service. With a wide-ranging and balanced assessment of both the personal and political life of this outsize American icon, the author of such acclaimed works as What Jesus Meant and The Kennedy Imprisonment “elegantly dissects the first U.S. President to come out of Hollywood’s dream factory [in] a fascinating biography whose impact is enhanced by techniques of psychological profile and social history” (Los Angeles Times).