A recent Associated Press article on Social Security surplus is misleading and inconsistent in its depiction of this so-called surplus. To be dwarfed by future deficits is beside the point. There is no surplus now.
The article itself says, "Since 2010 Social Security has been paying out more in benefits that it collects in taxes. … " Where has it been getting the money to pay out more than it collects in taxes? From the surplus? Where is this pot of gold? No, it comes from going further into debt, in effect, by printing more paper money to make up that difference between collected taxes and benefits that need to be provided.
The fiscal damage described when the so-called surplus is gone is pure fiction. The damage will be done long before then. It is under way now.
- My view: MMR vaccine caused my son's autism
- My view: Voting member's perspective on the...
- Letters: Founders' values
- John Florez: Government a big vending machine
- In our opinion: Leave NCIC alone
- White House press corps has been turned into...
- George F. Will: Obama takes a page from...
- The winners and the losers