Democrats Deny Social Security’s Red Ink
Some claim it doesn't contribute to the federal deficit, but it does.
Some senior Democrats are claiming that Social Security does not contribute "one penny" to the federal deficit. That’s not true. The fact is, the federal government had to borrow $37 billion last year to finance Social Security, and will need to borrow more this year. The red ink is projected to total well over half a trillion dollars in the coming decade.
President Barack Obama was closer to the mark than some of his Democratic allies when he ...
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It is curious that the Republican attack focuses so much on social security when they go after entitlements. They would have a much better argument if they attacked medicare where there actually is considerable waste, but I suppose fear of the gray panthers and retribution from their political patrons in the medical insurance industry that overcharges the government for senior care intimidates their super committee colleagues. Unlike social security medical overcharging actually does contribute to the deficit, but their current leadership is unqualified to reform anything.