I hope that Thom repeats on his TV show his book's Chapter 12 discussion on Social Security myths:
There is no real Trust Fund with a "lock box", just $2.7 Trillion in pseudo-Treasury bond IOUs.The nearly doubling of Social Security tax collections by Reagan and increases by following presidents have been spent by Congress. Baby Boomers not only paid for current retirees, but also prepaid their own retirement. Real payments to Baby Boomers retiring in the next 20 years will require real dollars from the Treasury, just when Federal deficits are ballooning. This is the real Social Security crisis Congress is hiding from the American poor and middle class.
Comments
I hope that Thom repeats on his TV show his book's Chapter 12 discussion on Social Security myths:
There is no real Trust Fund with a "lock box", just $2.7 Trillion in pseudo-Treasury bond IOUs.The nearly doubling of Social Security tax collections by Reagan and increases by following presidents have been spent by Congress. Baby Boomers not only paid for current retirees, but also prepaid their own retirement. Real payments to Baby Boomers retiring in the next 20 years will require real dollars from the Treasury, just when Federal deficits are ballooning. This is the real Social Security crisis Congress is hiding from the American poor and middle class.