New Book, 'Ronald Reagan and the Great Social Security Heist,' Outlines Next Big Crisis

LAKELAND, FL--(Marketwired - Mar 19, 2014) - Economist and former professor Allen W. Smith recently published his newest book, "Ronald Reagan and the Great Social Security Heist," (www.thebiglie.net), which focuses on the missing $2.7 trillion of surplus Social Security revenue that is supposed to be in the trust fund.

"To make a long story very short, we are supposed to have the money in Social Security surplus, all earmarked for the baby boomers' retirement, due to money generated by amendments approved in 1983," says Smith, who has researched the topic for 15 years and is the author of several books, including "The Looting of Social Security."

It's not there, he says, and we're heading toward another financial cliff.

What happened to the money? Four administrations, from Reagan to George W. Bush, spent it on myriad non-Social Security initiatives.

"Dr. Smith is a professional Economist... trying to correct an obscene injustice... perpetrated by every Congress and every President of the United States since Ronald Reagan...," writes Amazon reviewer Jeffrey Ehlenfeld, who gave the latest book five stars. "This is not isolated to just one party..."

"A heartless scam! That's what Ronald Reagan and Alan Greenspan's Social Security reforms of 1983 are," writes Amazon reviewer James C. Ervin. "Instead of being saved and invested for the retirement of the baby boomers... the surplus revenue was used to fund income tax cuts for the wealthy, wars and other government programs."

About Allen W. Smith, Ph.D.

Allen W. Smith, (www.thebiglie.net), author of "Ronald Reagan and the Great Social Security Heist," has devoted much of his adult life to battling economic illiteracy and promoting economic education. He taught economics for 30 years before retiring as professor of economics at Eastern Illinois University in 1998 to become a full-time writer. "Understanding Inflation and Unemployment," Smith's first book, became an alternate selection of Fortune Book Club when it was published in 1976. "Understanding Economics," (Random House; 1986), was used in more than 600 schools in 48 states. In recent years, Smith has focused his research and writing on government finance and Social Security. He has discussed economics and Social Security on national television, and he has been a guest on more than 100 radio talk shows. Smith holds a B.S. in Education from Ball State University and M.A. and Ph.D. degrees in economics from Indiana University.