Deficit-cutters ask: What about Social Security?
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Saint Paul, MN
#1 May 11, 2011
The social security trust fund only exists on paper. It's only asset is IOUs (special issue treasury securities that are not marketable like t-bills, t-notes, etc) from the Federal government. Social security now spends more than it takes in via social security taxes so the Trust fund is cashing in the IOUs. The Federal government has to come up with the money - its doesn't have it. Pick your posion, cut social security benefits, raise taxes, cut Federal spending, go further into debt. It doesn't really help anyone to write stories that infer there is money in the Trust fund or that the funding problem is well into the future. The funding problem is now. There is no money in the Trust fund. Our politicians need to address this pronto.
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