Social Security Myths and Truths

October 30, 2015

During the presidential debate Governor Chris Christie stated, "Let me be honest with the people at home. The government has lied to you and stolen from you. They told you that your Social Security money is in a trust fund. All that is in a trust fund is a pile of IOUs for money they spent on something else a long time ago. And they’ve stolen from you because now they know they cannot pay these benefits because Social Security is going to be insolvent in 7 to 8 years."

Governor Christie is correct, politicians and government officials have created many myths about Social Security and Medicare. The smoke and mirrors and bait and switch schemes surrounding these programs are mind-boggling. No wonder everyone is confused.

I believe Social Security and Medicare promises should be reported as liabilities on the federal government's balance sheet, but they are not. Unfortunately the bottom line is that the government believes it doesn't owes anybody any benefits beyond the checks that have already been written. If this is the case, the government needs to come clean with the truths listed above.

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