Friday, August 16, 2013

President Obama and many members of Congress claim that Social Security must be cut to reduce the national deficit. Nothing can be farther from the truth! First, Social Security will run a surplus for the next 20 years. Second, Social Security is a $2.8 Trillion insurance policy prepaid by the beneficiaries and by law is not permitted contribute to the national debt. Third, the national debt is now falling on its own accord (the Congressional Budget Office projects the current fiscal year deficit to be 4.0% down sharply from 7.0% last year) ...and any further reduction of the deficit would be a drag on the economy.

 theREALnews                                                                               Permalink

Social Security Act Turns 78

Signed into law in 1935, the Social Security Act launched an integral social safety net program, but is it still sustainable? - August 14, 2013

More at The Real News

Blogger's Note: The part in my header having to do with the spontaneous reduction in the National deficit was found here:

No comments: