Nick Smith said "One thing that came from almost all the cities was that we should stop using the Social Security trust fund money to mask the deficit and that we should stop using, taking that money, and in return giving nonmarketable IOUs. ... I suggested that we really did not have a surplus in this country and that only because this current year we are borrowing about $85 billion from the Social Security trust fund, next year we are going to be borrowing closer to $100 billion from the Social Security trust fund, that borrowing is what is allowing us to say that we have a balanced budget. I think it is very important that we stop, in effect, hoodwinking the American people." @ PoliticalQuotes.com

On the recordMarch 24, 1998

One thing that came from almost all the cities was that we should stop using the Social Security trust fund money to mask the deficit and that we should stop using, taking that money, and in return giving nonmarketable IOUs. ... I suggested that we really did not have a surplus in this country and that only because this current year we are borrowing about $85 billion from the Social Security trust fund, next year we are going to be borrowing closer to $100 billion from the Social Security trust fund, that borrowing is what is allowing us to say that we have a balanced budget. I think it is very important that we stop, in effect, hoodwinking the American people.

Said by

Nick Smith

Republican · Michigan

Source

govinfo.gov

Editor's note · Context

Discussing the misuse of Social Security trust fund money during a forum organized by the Pew Foundation.

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