Thanks, Handy site! Look at this:
No one counted on the lust the Dems (who were in control much of this time,) had for votes, thus the massive spending programs.....
In 1977, after nearly three years of Social Security deficits,[130] the 95th Congress passed and Democratic President Jimmy Carter signed a bill that increased Social Security taxes and changed the formula governing benefit increases.[131] Carter termed it "the most important Social Security legislation since the program was established," and at the signing ceremony, he stated:
It is never easy for a politically elected person to raise taxes. But the Congress has shown sound judgment and political courage in restoring the Social Security system to a sound basis. …
… Now this legislation will guarantee that from 1980 to the year 2030, the Social Security funds will be sound.[132]
* The bill was passed on December 20, 1977, and the Social Security program ran deficits every year for the next four years (not accounting for inflation).[133] Accounting for inflation, the Social Security Trust Fund declined in value every year from 1973 to 1983,[134] at which time, the 98th Congress and Republican President Ronald Reagan increased taxes, raised the retirement age, and made other changes to keep the program solvent.[135] |
