The Free Press -- Independent News Media from Columbus, Ohio
Sat May 25 2013
Departments Yes, there is a crisis in Social Security Richard Hayes Phillips, Ph.D.
Actually, there is a crisis in Social Security, though it is not what Bush portrays. For a very long time the government has taken the "surplus" -- that is, the Social Security revenues left over after all currently entitled recipients are paid their benefits -- and used it to defray current operating expenses instead of leaving it in the trust fund to cover the benefits of future retirees. They replace the pilfered funds with specially printed I.O.U.'s from the United States Treasury, and count this money as revenue on the balance sheet in order to make the budget deficit look smaller. At least since 1982 this practice has been not only legal, but mandated by law.
Cumulative Annual Surplus or Debt to
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