The Big Lie about Social Security

[ProfessionalLeftist]

Republicans and quite a few Democrats have once again been attacking Social Security for running up the federal deficit. The president’s own deficit commission is likely to make Social Security reform a priority. In view of all the rhetoric, voters may be surprised to find out how little Social Security will actually contribute to the future budget gap. In fact, most would probably be stunned.

The Congressional Budget Office, which produces dry, cautious budget projections, recently reminded Congress that Social Security as a percent of GDP will rise from 5 to 6 percent in 2035 and simply stay at that level for the foreseeable future. In other words, the much decried shortfall amounts to only 1 percent of GDP over three decades. And this may be exaggerated. As some observe, much will depend on the flow of young immigrant workers to America. The more workers contributing to Social Security, the smaller any future deficit will be. And the CBO projections tend to make overly conservative estimates about such immigration in the decades to come.

http://www.nybooks.com/blogs/nyrblog/2010/oct/29/big-lie-about-social-security/

[mike_c]

1. I wonder what percentage of GDP the Pentagon's budget accounts for...?

eom

[laughingliberal]

2. Thank you. Most here are aware this is an attempt to steal the SS money to pay off debt...

that has been run up by wars and tax cuts for the rich. A nice little reverse Robin Hood scheme.

[rfranklin]

4. There is no money...it was spent as fast as it came in...

There are bonds from the Treasury which can't be traded on the open market. They just don't want to pay it back.

[txaslftist]

5. Yup.

[snot]

3. Another helpful article

is at http://www.cjr.org/the_audit/what_is_social_security_trust_fund.php .