The Center for Retirement Research at Boston College has released its most recent edition of the Social Security Fix-It Book, a graphic laden guide to how to deal with Social Security's long term financing issues. Unfortunately, I have to say that this book has a tilted take on the problem. The option of completely removing the cap on earnings covered by the FICA tax is not even mentioned, even though that is probably the method most favored on the left. Individual accounts, which are favored on the right, are discussed, but the book says that "the effect [on the shortfall] is indirect and unclear." That is false. Add-on individual accounts do nothing about the long term shortfall. Carve-out individual accounts make the problem worse.
2 comments:
http://www.nasi.org/
and
http://bruceweb.blogspot.com/
I don't think these web addresses will translate into links, but I strongly urge anyone interested in understanding the "solvency" issue to read these sources regarding the "Fix" for SS Trust Funds into the future. In sum, there is no short or long term crisis in financing Soc Security. The myth of the crisis is carefully manufactured to destroy the program.
Paranoid? Working in Field Operations teaches you who your friends are. And, out there in the boonies you don't meet too many people in politics you could call friends. It's the Trust Fund, dummies! 4.5 trillion dollars is worth stealing or in the alternative, fleecing the people out of. Awkward diction, but I hope you see what I mean. NO
Social Security would be fine if it was not touched by our elected officials in order to subsidize other programs.
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