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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Les H who wrote (100111)5/6/2001 5:28:56 PM
From: flatsville  Read Replies (1) of 436258
 
Ah Les, a little history lesson is in order here.

Originally, Franklin D. Roosevelt had been adamant about funding Social Security; he was convinced that amassing large unfunded obligations was unfair if not immoral. But after passage of the original Social Security Act in 1935, Congress repeatedly rolled back scheduled payroll tax increases, much to FDR's chagrin, and later increased benefits...Those were Democratic and Republican led Congresses alike.

By the mid-1950s, the statutory payroll tax rate very closely approximated the pay-go tax rate for the program. The 1972 amendments to Social Security formally established pay-go financing, but the 1983 amendments implicitly moved the system back toward some prefunding of obligations.
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