Tuesday, June 26, 2018

Seven Reality Checks On Social Security

There are seven myths about Social Security. Here are the reality checks.


Social Security is an Entitlement - that is a program the government is required to pay whether it finances it or not; those arguing it isn't an entitlement claim it can't be because beneficiaries contributed to it - except that money goes to someone else.


Social Security wasn't robbed by politicians, it went bankrupt precisely by being a money shuffle.



Social Security pays out benefits its beneficiaries did not contribute to - again, because it is nothing but a money shuffle where someone pays for someone else's benefits.


Social Security's insolvency is far earlier than the often-claimed date of 2034.


Social Security never was "self-funed" - government was paying for it from the beginning.


The "rich" can't finance it.


Privatization was never attempted, despite media mythologizing to that effect

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