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The Long-Range Social Security/Medicare Deficit: $72 Trillion And Counting
by John C. Goodman for Forbes
David Stockman’s Contra Corner
The Social Security/Medicare Trustees have issued their latest reports and they are not easy reading for the uninitiated. I suspect most of the Trustees hope you don’t read them at all. They prefer their own spin. Under both Republican and Democratic administrations, these reports are invariably accompanied by a press release that completely ignores what is important and focuses instead on what is unimportant.
What’s unimportant? The trust funds and when they will run dry. Like most social security systems in the world today, ours is a pay-as-you-go system. Nothing has been saved or invested. What we call trust funds consist of nothing more than IOUs the government has written to itself. (More on that below.) Yet, that is what the official press releases emphasize and this focus is reflected in the first graph below.
Continue Reading at DavidStockmansContraCorner.com…
Source: http://financialsurvivalnetwork.com/2015/08/the-long-range-social-securitymedicare-deficit-72-trillion-and-counting/?utm_source=rss&utm_medium=rss&utm_campaign=the-long-range-social-securitymedicare-deficit-72-trillion-and-counting
