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that the appropriation for the Board for the same year was $1.5 billion. This would leave $2 billion to be added to the Reserve. Right there is where the increase in the national, debt comes in. A brand-new special government bond is issued to the Social Security Board for $2 billion and the national debt is increased by that amount. These special government bonds are non-negotiable, cannot be sold on the open market, can only be redeemed by the Treasury, and the only way in which the Treasury can get the money to redeem these bonds is by having Congress levy a special tax on everyone for that purpose. Yes, everyone would have to pay these taxes, including those who have already paid once for their old age pensions. In words of one syllable, this means paying twice for one benefit. But you say, “that's crooked, that’s fraud,” and you are exactly 100 percent right. It is the biggest fraud ever put across on an unsuspecting people. What's the answer? How can this condition be corrected and Social Security made an honest agency? As I see it, the remedy is a very simple one.
First take Social Security out of the Federal Security Agency and make it an independent agency. Second, have all Social Security Funds remitted directly to the Social Security Board. Third, t heBoard would pay its operating expenses and current benefits out of these funds, and then invest what is left over for the Reserve Fund in negotiable government bonds bought in the open market. All private insurance companies in the country have part of their reserve funds invested in government bonds.
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