Ronald Reagan on Social Security and the Budget

This is what Reagan said: “Social Security, let’s lay it to rest once and for all…Social Security has nothing to do with the deficit. Social Security is totally funded by the payroll tax levied on employer and employee. If you reduce the outgo of Social Security, that money would not go into the general fund or reduce the deficit. It would go into the Social Security Trust Fund. So Social Security has nothing to do with balancing a budget or raising or lowering the deficit.”

h/t to The National Committee to Preserve Social Security and Medicare