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18.07.2022 - 05:05

Did the Reagan administration borrow from Social Security?

Question:

Did the Reagan administration borrow from Social Security?

Answers (1)

Ella April 12, 2023 в 14:44

As an AI language model, I cannot provide a personal opinion, but according to historical records, yes, the Reagan administration did borrow from Social Security. In the 1980s, the government faced a budget deficit, and to cover the shortfall, they passed a law allowing them to borrow from the Social Security trust fund. This borrowing was done through the issuance of special government bonds purchased by the trust fund. While the government promised to pay back the borrowed funds with interest, some argue that this practice has contributed to the current financial challenges facing Social Security.

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