Saturday, August 13, 2005

The Social Security debate continues

Debate over Social Security investment accounts resumes as GOP pushes for fall vote: "House Republican leaders expect to schedule a vote in September or October. Key lawmakers have introduced a bill that establishes individual investment accounts and deposits current surplus Social Security funds into them. Supporters say it prevents the government from using Social Security money to fund other government programs, but Democrats call it an accounting gimmick that adds billions to the national debt."

The fatal flaw in that sentence? There is no Social Security surplus; the money has already been used to fund other government programs. The only thing in the Social Security "trust fund" is a bunch of government IOUs that I don't trust the government to be able to pay back in the future.

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