Tuesday, March 1, 2011

Senator McCain on Social Security- NCPSSM Truth Squad

The Truth Is...

Social Security is not bankrupt.  The Social Security Trust Fund holds a $2.6 trillion surplus, contributed by American workers and invested, sensibly, in one of the world's safest investment vehicles - U.S. Treasury notes. However, fiscal conservatives don't want to honor that debt so they pretend it's worthless or non-existent.  That $2.6 trillion was real money when Americans paid it in payroll taxes and real money when the federal government borrowed it. It's also real money when Washington needs to pay it back.  Social Security is not a Ponzi scheme by any definition; it is a pay-as-you-go program which has been self-funded by American workers not the federal government . CBPP, Understanding the Trust Funds 
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