Thursday, March 24, 2005
Josh Marshall writes:

Today, in newspapers and on websites across the country, headlines used words like 'broke', 'bankrupt' and 'bust' to describe what happens to Social Security when it starts running a deficit at some time in the middle of this century. Only weeks ago, President Bush was being forced to back off such misleading and deceptive language. And many Republicans were openly criticizing him for it. Now these are the words of choice in supposedly straight news reportage.

Supporters of Social Security really don't have the luxury of letting one lie or distortion go unchallenged or unanswered.

Huh, how is that a lie? Current projections state that in 2042 social security, having exhausted its "trust fund," (and likely having tanked our economy with it) will not be able to meet its obligations. Perhaps it will be able to afford 70%.

"Bankrupt" n : someone who has insufficient assets to cover their debts.

So by definition social security will be bankrupt - it won't have sufficient assets to meet all of its obligations (or debts).

Also, even democrats constantly refer to the "solvency" problem of social security. Well if social security is not in danger of going insolvent (i.e. bankrupt) how is there a solvency problem?

Who is lying?
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I am an attorney in Chicago. Politically speaking, I am an indepedent that tends to lean conservative on fiscal issues and progressive on social issues. I try to remain as unbiased and open-minded as possible. Please email or post any comments, and especially criticisms. If something I say is wrong, or you disagree - let me know about it!



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