Social Security, Deficits, and Debt Explained
Teresa Ghilarducci, writing in Forbes Magazine, participated in a debate this week and sought to address why so many people mistakenly believe Social Security adds to the deficit. She notes Congress can add to the deficit and debt through every program and tax provision in the federal budget except Social Security. Social Security is off limits because all funds paid out now and in the future must be paid for with money coming in now and in the future. That is current law, and only an unprecedented new law could change this fact. Read the full piece here which explains why the author says it is confused accounting and politics that “muck up” the issue.