USA Today ran a sensible editorial a couple of weeks ago calling for the Obama administration to stop cravenly caving to groups like the AARP, Congressional Democrats, and increasingly, liberal/progressive commentators who claim that Social Security isn’t really a budgetary problem. The fiction: since Social Security has received more from taxpayers than it has had to pay out since 1983, the Social Security Trust Fund has built up a whopping $2.5 trillion, guaranteeing enough to meet the program’s obligations ( despite yearly deficits, now that the population is senior-heavy) until the money is scheduled to run out in 2037. The truth: the trust is empty. Congress had raided it regularly for non-Social Security spending, so now the yearly Social security deficits (37 billion dollars last year, a projected 45 to 57 billion in 2011, and a half trillion total in the decade underway) are putting a direct burden on the already reeling Federal budget.

Good for USA Today: this is responsible, public-spirited journalism. the public has heard so many lies from politicians and elected officials about Social Security that it is thoroughly misinformed and confused, and an informative, unbiased editorial from the nation’s most read newspaper is exactly what is needed. But the Obama administration couldn’t handle the truth, so it trotted out White House Budget Director Jacob Lew, who denied that there was a problem, writing in response… Continue reading →