Bush's Broken Promises: Social Security
Bush repeatedly promised that Social Security payroll taxes would not be tapped for general government spending. During the campaign Bush promised, "In my economic plan, more than $2 trillion of the federal surplus is locked away for Social Security. For years, politicians in both parties have dipped into the Trust Fund to pay for more spending. And I will stop it." In March 2001 he said, "Another priority is retirement systems of Americans. And so the budget I set up says that payroll taxes are only going to be spent on one thing, and that's Social Security. But the Congress won't be using the payroll taxes for other programs. Lockbox, I think, is the terminology they like to use up here." [Bush Speech, Rancho Cucamongo Senior Center, "A Defining American Promise," 5/15/00; Bush Remarks at National Newspaper Association 40th Annual Government Affairs Conference, 3/22/01]
Whoops:
"Bush Budget Will Spend the Entire Social Security Trust Fund Over Next Two Years. The Wall Street Journal reported that Bush uses 'all the Social Security surpluses ... to fund the government for the next two years, and to spend well over $100 billion of Social Security funds in each of the following three years.'[Wall Street Journal, 2/5/02]"
A House Budget Committee analysis of the Bush budget proposal found that over the next ten years $1.6 trillion of the Social Security Trust Fund is spent on other government operations. CBO found that without assuming any new spending ?- such as homeland security and prescription drug coverage for Medicare ?- the Social Security Trust Fund would be raided every year through FY 2009. After including Bush's spending proposals, CBO predicted a trust fund raid every year through 2012 and an on-budget deficit of $1.8 trillion. [House Budget Committee, Democratic Staff, "Return to Red Ink: Back to Budget Deficits," 2/8/02; CBO, Budget and Economic Outlook: Fiscal Years 2003-2012, 1/31/02, Summary Table 2; CBO, An Analysis of the President's Budgetary Proposals for 2003, Table 1, 3/6/02]
Contrary to Bush rhetoric that the terrorist attacks of September 11 forced the raid of the Social Security Trust Fund, CBO reported as early as August 2001 that Bush was due to tap the Trust Fund. CBO also said the Bush administration would raid the Trust Fund again in FY 2003 and 2004. USA Today reported, "The White House is backing away from its pledge to protect every cent of Social Security reserves in the face of a report today that the government is tapping Social Security taxes for other programs." [Associated Press, 4/7/02; CBO, The Budget and Economic Outlook: An Update, August 2001; USA Today, 8/28/01]
http://www.democrats.org/brokenpromises/social_security.html