So­cial Se­cu­rity

Austin American-Statesman - - OPINION -

Re: June 24 PolitiFact Texas ar­ti­cle “So­cial Se­cu­rity trust fund keeps ben­e­fits flow­ing.”

The “False” com­ment about So­cial Se­cu­rity be­ing out of money is mis­lead­ing.

It is “True” that the cur­rent in­come stream is no longer large enough to meet the cur­rent pay­ment stream, the ba­sic premise for the sys­tem. The ques­tion be­comes: Where will the money come from to make up the dif­fer­ence as it is needed?

A stor­age box some­where has paper say­ing, “The So­cial Se­cu­rity fund is owed $2.4 tril­lion by the U.S. govern­ment.” Con­vert­ing that paper to cash for dis­tri­bu­tion means re­deem­ing the bonds by print­ing more money or sell­ing re­place­ment bonds out­side the U.S. Trea­sury. The for­mer pro­motes in­fla­tion, de­valu­ing the dol­lar, while the lat­ter in­creases the na­tional debt owed to other coun­tries.

Tech­ni­cally and on paper, the So­cial Se­cu­rity isn’t “out of money.” It’s the whole nation that is. This is the cur­rent path we are on. It is de­stroy­ing our econ­omy.

Fred Ort Round Rock

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