In this Feb. 11, 2005 file photo, trays of printed social security checks wait to be mailed from the U.S. Treasury's Financial Management services facility in Philadelphia.
Associated Press
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.
Thomas Carey
Alpine
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A small tweak of the payroll tax and social security is fine. Just raise the wage cap. Done.
How many letters will the DNews publish from people who have no knowledge or understanding of the issue. Why not ask a CPA to explain it sometime? We get fearful people who have not a clue and whose words only bring on fear in others.
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So lets pull all troops and funding out of Iraq and Afghanistan, cut the defense budget in half (allow the military to cut waste and work more efficiently), stop threatening Iran (because everyone knows we can't afford another war), and raise More..