As I have been writing for years with stupefying redundancy -- and obvious lack of success -- this idea is a hoax. There is no trust fund. The past Social Security surpluses were spent the year they were created. The idea that in 2017, when the surpluses disappear, we will be able to go to a box in West Virginia to retrieve the money we need to make up the shortfall (between what Social Security takes in and what it pays out that year) is a deception. There is no money there. It will have to be borrowed or garnered from new taxes.
And as I have been writing for years, the Trust Fund is real. The coming crisis is a fiscal crisis not a Social Security crisis. The pols have been spending the Social Security surplus. It was morally wrong. It meant we were balancing the budget on the backs of workers. All those tax cuts to the wealthy? They came out of the hides of working class people.
What will happen to our politics when the American people figure this out? Ah, that will be something to behold. It will churn up our politics and parties and maybe even lead to the birth of a new party. It is one of those milestones that will mark a true change in our politics. And it is coming.
You heard it here.
comments powered by Disqus
- Rubio Surges Into Second In New Hampshire
- Branstad Says Cruz Ran ‘Unethical’ Campaign
- Christie Highlights Santorum’s Endorsement of Rubio
- Portman Comes Out Against Trade Deal
- Megyn Kelly Gets a Book Deal
- A Big List of the Bad Things Clinton Has Done
- An Unambiguous Sign Sanders Won Last Night’s Debate
- Still Friends at the End
- Quote of the Day
- Trump Still Leads as Clinton Slips
- Clinton Can’t Shake Image as Wall Street’s Friend
- Maddow Doesn’t See Sanders Winning
- Why Does the Media Still Shield Chelsea Clinton?
- Bush Jokes His Mother May Have Abused Him
- Rubio Closes the Gap in New Hampshire
- Newly released interactive map shows images of destroyed monuments of Mosul
- How the Rise of the Post Office Explains American Innovation
- These Americans are reliving history and don’t mind repeating it
- Britain largest home is saved for the nation
- Shelter and the slums: capturing bleak Britain 50 years ago
- WSJ features an article by a conservative calling for the abolition of Black History Month
- Mary Beard, herself a bestselling author, wonders why more women historians aren't
- Princeton U. historian Imani Perry claims mistreatment in parking ticket arrest
- Retired historian George Dennison remains on the payroll at the U. of Montana while faculty are cut
- The Atlantic profiles exciting ways to teach history