Allen W. Smith, Ph.D.

Allen W. Smith has devoted much of his adult life to battling economicilliteracy and promoting economic education. For the past decade, Smithhas focused his research and writing on government finance and SocialSecurity. You can read more about his work and publications on his Website, thebiglie.net.

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Allen W. Smith, Ph.D.'s Latest Posts

The Trust Fund Money Has Already Been Spent

Filed in Headline Archives, News by on April 21, 2014

The money in the Social Security trust fund is gone. The author offers some details about why this is the case and says that Social Security can still be a good program if the money were to be replaced.

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Ronald Reagan and The Great Social Security Heist

Filed in Headline Archives, News by on October 11, 2013

The author says that the Social Security amendments passed under Reagan’s presidency laid the foundation for 30 years of federal embezzlement of the Social Security trust funds.

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Santa Claus, the Trust Fund and the Tooth Fairy

Filed in Headline Archives, News by on July 16, 2013

What do Santa Claus, the Social Security Trust Fund and the Tooth Fairy have in common? According to the author, they are all myths. He explains why the Social Security trust fund does not exist.

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Government Owes $2.7 Trillion to Social Security

Filed in Headline Archives, News by on May 23, 2013

The author says that the government has embezzled all surplus Social Security revenue, generated by the 1983 payroll tax hike, and spent the money on wars and other government programs.

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Was the Misuse of Social Security Money Pre-planned?

Filed in Headline Archives, News by on January 21, 2013

The author says that it appears that President Reagan put Social Security on a premature path to insolvency through a payroll tax hike in the early 1980s and offers an analysis of why he believes this happened.

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Social Security’s Day of Reckoning Has Come

Filed in Headline Archives, News by on October 19, 2012

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.

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Government Should Level With Public About Social Security Trust Fund

Filed in News by on September 21, 2012 23 Comments

The author says that the Social Security Trust fund is empty and has been for the past 30 years, but the public has been deliberately mislead to believe that the funds are still in place.

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Cash Flow Imbalance: Social Security’s Dirty Little Secret

Filed in News by on August 17, 2012 0 Comments

The author says that the debate over funding Social Security is focused on the wrong problem and that the real problem is that the government has spent all of the trust fund holdings, starving the program of all its surplus monies.

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