"........Social Security isn't responsible for the federal deficit. Just the opposite. Until last year Social Security took in more payroll taxes than it paid out in benefits. It lent the surpluses to the rest of the government.
Now that Social Security has started to pay out more than it takes in, Social Security can simply collect what the rest of the government owes it. This will keep it fully solvent for the next 26 years."
Robert Reich
Former Labor Secretary
Professor at Berkely
This is absolutely nuts.
Where does the Former Labor Secretary think the federal government is going to get the money it needs to pay back social security? Last year, the federal government had a deficit of somewhere between 1.1 and 1.8 Trillion dollars. One out of every three dollars it spent, it borrowed. Some of that money was borrowed from social security??? Now it's going to magically start paying back money to social security????
Mr. Reich is obviously a very smart fellow.....but come on.....does he really believe this crap??
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