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Mr. Luddite

On 2/2/2014 11:09 AM, wrote:
On Sun, 02 Feb 2014 09:37:52 -0500, Hank wrote:

Good point, there are far more unfunded government pensions than
private sector pensions. The biggest one is Social Security

What happened to the social security *trust fund*

FDR passed the legislation that allowed the government to spend in it
1939 and they have spent every dime of it since then.
The trust fund was just another line item on the debt since then.

I thought the legislation allowed the transfer of *excess* funds to the
general treasury.

There are economists that claim that's how Bill Clinton was able to
claim a "surplus" in the latter part of his administration. The dot com
bubble produced SS contributions far in excess of payouts and the
excesses were transferred to the general fund.