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Will Social Security Be There When You Need It?

JULY 28, 2014 | PALM BEACH POST (FLORIDA)

Comment by Allen Smith, includes “Social Security has serious problems, but it can be saved, in its present form, if the correct actions are taken. The government must make provisions for repaying the $2.7 trillion debt that it owes to the trust fund. Since 2010, Social Security has been unable to pay full benefits without borrowing a substantial sum of money from China or one of our other creditors. The Social Security trust fund is empty. The money that is alleged to be in the trust fund already has been spent by the government for non-Social Security purposes. This basic truth has been stated repeatedly by public officials who are in a position to know. House Speaker John Boehner, R-Ohio, unintentionally let the cat out of the bag on Oct. 6, 2013, when he said on ABC’s “This Week”: “It’s not like there’s money in Social Security or Medicare. The government, over the past 30 years, has spent it all.” The government doesn’t have $2.7 trillion stashed away for paying Social Security benefits to the baby boomers. It doesn’t even have enough money to pay full benefits for 2014 without borrowing. Even President George W. Bush acknowledged the awful truth about the trust fund on April 5, 2005, during a speech at West Virginia University at Parkersburg: “There is no trust fund, just IOUs that I saw firsthand that future generations will pay — will pay for either in higher taxes, or reduced benefits, or cuts to other critical government programs,” he said. …”

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