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Social Security’s Day of Reckoning Has Come

The author says that the purpose of the 1983 payroll tax hike was to generate Social Security surpluses for the next 30 years, but instead of following that plan, the government spent the money out of the general fund, thus using up the revenues on other government programs.

About Allen W. Smith, Ph.D.

Allen W. Smith has devoted much of his adult life to battling economic illiteracy and promoting economic education. For the past decade, Smith has focused his research and writing on government finance and Social Security. You can read more about his work and publications on his Web site,

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