People always say that there is not enough money in the US Social Security program to support the baby boomers (born 1946-1964). Among the many reasons given are that there are too many people who will need it in the next decade, as the average boomer will be 65 in the year 2020. Others say that it is a system that cannot sustain itself because it rewards people who do not work as hard while punishing those who have been fortunate enough to have had the health and intelligence to earn more.

While these are viable reasons to doubt the system, they are nothing compared to the fact that there is literally nothing in it save for IOUs and, maybe, the money most recently contributed.

President Reagan Borrows from Social Security (1983-1988)

President Reagan had many challenges during his Presidency, including an assassination attempt. One of the most pressing financial issues he had to solve was that of debt to foreign nations. Tax revenues increased, but so did the size of the country and its need for infrastructure (police, military, government buildings, government payroll, etc.). On top of this, the top income tax rate was drastically reduced from 70% to 50%.

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