George W. Bush raided and spent a total of $1.37 trillion of Social Security surplus during his eight years as president. In his last year, he spent $192.2 billion, which averages out to more than $526 million per day.
The president does not borrow money from the SS fund. The entire SS fund is "invested" in special government bonds. The government spends it all and adds interest to the fund. Right now, the fund takes in more than it pays out, but when the baby-boomers retire, this will not be true and generally tax money will have to go to SS.
No president can borrow from social security or any other gocvernment agency. Social security is controlled by the US Congress. Congress has made a long-time practice of borrowing all the money collected from social security taxes ( FICA) and spending it in the general fund. The social security fund consists entirely of "IOUs "( bonds) from the US treasury.
Congress authorized the spending about $98,700,000,000 that was borrowed from the Old Age and Survivors' Trust Fund during the 8 years of the Bush administration.
What happened to the 2 trillion spent during the Johnson administration?
23.5billion doll hairs
30 billion
he gave 3.7 billion dollars.
Nobody decides how much money the government has to borrow. When the government wants to borrow money it has to issue or create debt with the US Treasury.
I have not read that Bush ever borrowed money from China. Of course, the US government regularly borrows from China by selling bonds to the highest bidders. China can and does buy US bonds from time to time.
when you borrow to much money
Alot.
I asked the question to get an answer, not give one!
1 million dollars
TOO MUCH!!!!!
Too much!
Sir syed