Social security payroll tax revenues have been part of the general revenue fund since the Eisenhower administration. Same for the medicare tax revenue. And, as everyone knows, the irresponsible Congress simply spent it on other stuff.
So, how much did the Government's spendthrift ways cost us? How much further ahead would we be if these payroll taxes were used to purchase something tangible—say, gold?
I have calculated that if the government had used my payroll taxes to purchase gold at the average prevailing price over my working lifetime, my half of the account would currently be worth 3.75 times what I paid in.
What is the current value of my account instead? Essentially, zero. Isn't Progress wonderful?