PCG has published a story saying that Social Security will go bankrupt. It cites this AP story to frighten their eternally abused flock that Social Security will go bankrupt.
I would like to once again share these facts with you.
- "The Social Security trustees—the official body charged with evaluating the program’s long-term finances—project that Social Security can pay 100 percent of promised benefits through 2037 and about three-quarters of scheduled benefits after that, even if Congress makes no changes in the program." (See this post.)
- After 2037, at present trends, Social Security will have to pay out less than a dollar to beneficiaries. It is not going to go bankrupt as many people mistakenly believe.
They do not realize they are being tricked by the Right in order to whittle down Social Security. It is not necessary at all for financial heath.
PCG, as is so often the case, has swallowed this piece of Right wing misinformation and are using it to instill fear into their followers.
I am glad to see the Daily Howler has once again tackled this issue.
Our public discourse is a howling mess—has been so for many years. The source of this disaster is clear:There is much more to be said on this subject.
On the one hand, skillful, well-financed conservative think tanks push poll-tested disinformation into the public sphere. (The Social Security trust fund is an elaborate accounting trick—a pile of worthless IOUs! The money isn’t there—we’ve already spent it! The left hand has been borrowing from the right! By 2037, the program will be bankrupt!)
In response, the mainstream press corps flounders and flails. It proves unwilling, or unable, to deal with the massive public confusion produced by this onslaught.
Surely, liberals and progressives know how these two sectors will continue to function. If we hope for a better public discourse, it’s plainly up to us to create it. But alas! Our major progressive organs have never been up to the task of “repealing and replacing” the bogus narratives which come from the right. ...the standard claims are grossly misleading, but they are skillfully constructed, fiendishly persuasive and extremely well-known.
Anyway the point is: the Social Security Scare is a non-existent crisis that you do not need to worry about.