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Editorial
See other Editorial Articles

Title: Social Security Bait And Switch, A Continuing Series
Source: [None]
URL Source: http://krugman.blogs.nytimes.com/20 ... nd-switch-a-continuing-series/
Published: Oct 31, 2011
Author: PK
Post Date: 2011-10-31 09:53:48 by tom007
Keywords: None
Views: 748
Comments: 36

Social Security Bait And Switch, A Continuing Series

Dean Baker is angry at the Washington Post for spreading disinformation about Social Security. He’s right, of course — and it’s shocking that a well-known fallacy is the subject of a “news analysis” that purports to inform readers.

You see, the WaPo makes a big deal of the fact that Social Security is currently taking in less in payroll taxes than it’s paying out in benefits. Yet this means nothing, except as a favorite point used to create confusion by those who want to kill the program.

I’ve written about this repeatedly in the past, but here it is again: Social Security is a program that is part of the federal budget, but is by law supported by a dedicated source of revenue. This means that there are two ways to look at the program’s finances: in legal terms, or as part of the broader budget picture.

In legal terms, the program is funded not just by today’s payroll taxes, but by accumulated past surpluses — the trust fund. If there’s a year when payroll receipts fall short of benefits, but there are still trillions of dollars in the trust fund, what happens is, precisely, nothing — the program has the funds it needs to operate, without need for any Congressional action.

Alternatively, you can think about Social Security as just part of the federal budget. But in that case, it’s just part of the federal budget; it doesn’t have either surpluses or deficits, no more than the defense budget.

Both views are valid, depending on what questions you’re trying to answer.

What you can’t do is insist that the trust fund is meaningless, because SS is just part of the budget, then claim that some crisis arises when receipts fall short of payments, because SS is a standalone program. Yet that’s exactly what the WaPo claims.

This is what you call negative journalistic value added.

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Begin Trace Mode for Comment # 28.

#2. To: tom007 (#0)

Card carrying socialists (anyone with a SS card in their wallet) have unwittingly departed the republic and entered the socialist STATE.

noone222  posted on  2011-10-31   10:12:53 ET  Reply   Untrace   Trace   Private Reply  


#3. To: noone222 (#2)

Card carrying socialists (anyone with a SS card in their wallet) have unwittingly departed the republic and entered the socialist STATE.

Welcome to the club! I don't believe for one minute that you don't have a SS# and card. You couldn't cash checks, deposit checks, have a driver's license,get auto insurance, get your monthly SS check, get medical services without a SS#, buy and own property. What a hypocrite! Have you always been this goofy?

ambi  posted on  2011-10-31   10:40:31 ET  Reply   Untrace   Trace   Private Reply  


#16. To: ambi (#3)

You couldn't cash checks, deposit checks, have a driver's license,get auto insurance, get your monthly SS check, get medical services without a SS#, buy and own property.

A friend has successfully done all this and more going on three decades now.

It's not easy, but it can be done.

Lod  posted on  2011-10-31   11:30:52 ET  Reply   Untrace   Trace   Private Reply  


#21. To: Lod (#16)

deleted

Eric Stratton  posted on  2011-10-31   11:46:47 ET  Reply   Untrace   Trace   Private Reply  


#28. To: Eric Stratton (#21)

Here goes:

Married, no children, many cats.

You can get a bank account w/o a SS#, you just collect no interest, but these days no one collects any interest to speak of anyway.

He's a self-employed contractor.

Lod  posted on  2011-10-31   12:39:03 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 28.

#29. To: Lod (#28)

deleted

Eric Stratton  posted on  2011-10-31 12:53:02 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 28.

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