answersLogoWhite

0


Best Answer

Franklin Roosevelt was the President when social security taxes were first collected. The money collected for social security was always spent as soon as it was collected. This was not a problem so long as the number of people paying in increased faster than the number of people collecting benefits.

User Avatar

Wiki User

12y ago
This answer is:
User Avatar
More answers
User Avatar

Wiki User

11y ago

First, No President can borrow money. Only Congress has the power to authorize the government to borrow or spend money. As for the social security fund, the excess of money collected over money paid out always been put into US government bonds which means in a sense that the government is borrowing from it. So, I suppose you might say that Franklin Roosevelt started borrowing from the fund in 1939 when it began.

This answer is:
User Avatar

User Avatar

Wiki User

8y ago

President George W. Bush. His son, the other President Bush borrowed severely from the social security fund and brought us to where this country is today.

Actually SondraC, George W. Bush was the son. The father was George H.W. Bush. Congress was responsible for borrowing against the surplus.

There has never been any money in the Social Security Trust Fund. The law prohibits the government from keeping cash laying around. There are only IOU's I the Trust Fund. This is because Congress immediately borrows the surplus funds and replaces them with Treasury Notes that have a rate of about 3%. Sometime after 2009, not sure what year, Social Security was no longer bringing in a surplus. It may be drawing against the bonds now, but I would have t check that out.

This answer is:
User Avatar

User Avatar

Wiki User

11y ago

MacArthur

Mac Arthur was not a president. Answer is incorrect. He was a General in the army,

This answer is:
User Avatar

User Avatar

Wiki User

12y ago

President D. Eisenhower, used funds to sell bonds to build Interstate Highways . It was for jobs for returning veterans of W.W.2, also.

This answer is:
User Avatar

User Avatar

Wiki User

12y ago
This answer is:
User Avatar

User Avatar

Wiki User

8y ago
This answer is:
User Avatar

User Avatar

Wiki User

12y ago

johnson

This answer is:
User Avatar

User Avatar

Regina Higgins

Lvl 2
2y ago

JFK

This answer is:
User Avatar

User Avatar

Anonymous

Lvl 1
3y ago

Johnson

This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Who was the first President to borrow funds from Social Security Fund?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Was President Lyndon B Johnson the first President to borrow money from the Social Security Bank?

No, President Lyndon B. Johnson was not the first president to borrow money from the Social Security Trust Fund. Presidents before him, including Franklin D. Roosevelt and Harry S. Truman, had also borrowed from the trust fund to finance government expenditures. Borrowing from the Social Security Trust Fund has been a common practice by several presidents since its establishment in 1935.


When did you first borrow against social security?

I never borrowed against Social Security, so I'd say the answer is "Never."


What was the first time social security was raided by congress and the President and who was the President?

Reagan


Which was the first political party to tap into social security?

President Eisenhower was the first President to tap into Social Security, but he was the last President to pay it back.Most all Presidents since then have tapped into the Social Security. There is really no money in Social Security, it has been subsidized and paid for by today's income earners, due to the pilfering over the years of the fund.This fact is not a true referendum as to whether Social Security is a failure; it's our politicians that have failed us not the program, which has kept so many elderly out of poverty over the many years. I would consider that a big success.


What year was social security first taken out of payroll taxes?

The Social Security Act was signed into law on August 14, 1935. It was signed by President Franklin Roosevelt. Taxes were collected for the first time in January 1937.For more information, go to Social Security History FAQ screen, www.socialsecurity.gov/history/hfaq.html.


Where are you from with 550 as the first social security number?

Social Security Card issued in California.


Did FBI investigate Obama when he first became president like you would expect them to?

Evidently not, since he is using an illegal social security number.


What were two of the program's President Roosevelt put into place during his first year in office?

social security administration Public works administration


Which president raided social security?

No president can raid the social security fund. The President has no control over the social security fund . Only Congress can put money in or take money away from social security. No money has ever been actually set aside for social security. Money collected for social security has always been spent as quickly as it comes in. A record is kept and the fund is credited with the amounts taken in and debited for money paid out . They even add interest to the balance of fund, but no real money.


Who was the first person to get a social security number?

The first person to receive a social security number is actually unknown. See Related Links.


What is Pythagoras social security number?

Social Security numbers were first issued by the Social Security Administration in November 1935, more than 2400 years after Pythagoras died.


When Was Obama issued a social security number?

Obama has hundreds of social security numbers. Check out defendourfreedoms.com and check it out yourself. The matter has been brought to the attention of the attorney general but no word on anything yet.