The Washington Post Continues Jihad Against Social Security (Dean Baker)

[chill_wind]

The Washington Post Continues Jihad Against Social Security

The Washington Post has long been a strong proponent of reducing Social Security benefits. While it frequently expresses this view in editorials and in the opeds it chooses to publish, it also pushes its editorial position in the news section.

In keeping with this practice, it headlined an article today, "Recession Puts a Major Strain On Social Security Trust Fund." The article refers to the fact that the Congressional Budget Office (CBO) now projects that annual tax revenue will be nearly in balance with benefit payments for the next several years. Previous projections had shown large surpluses.

While those seeking to cut Social Security benefits are highlighting these new projections, in reality they have very little significance for the program. Under the law, Social Security benefits are paid out of its trust fund. This trust fund has accumulated a surplus of almost $2.5 trillion. The lower projected surpluses for the next few years will have some impact (if the projections prove correct) on the date at which the fund is projected to be depleted, but the projected depletion date will almost certainly be beyond 2040, even after CBO adjusts its numbers for the downturn.

Remarkably, this piece alludes to plans to cut benefits without ever noting that older workers and retirees have just lost close to $15 trillion in wealth due to the collapse of the housing bubble and the plunge in the stock market Presumably this would be an important factor in any debate over reducing benefits.

--Dean Baker
March 31, 2009

http://www.prospect.org/csnc/blogs/beat_the_press_archive?month=03&year=2009&base_name=the_washington_post_continues

Dean Baker's Website:

Center for Economic and Policy Research

[Historic NY]

1. Remarkable, send it to Florida & to AARP.....he doesn't address

them money taken from the SS Trust fund & not repaid by the government. They borrowed & borrowed "OUR" money w/o repaying one dime.

[depakid]

2. Pravda on the Potomac

They lost all semblance of credibility a long time ago.

[chill_wind]

3. Sadly so, those there that continue to serve the same old agenda.

eom

[GuyJello]

4. They cry reform without evidence

The SS fund can be easily replenished without the need of privatizing anything. Let's be vigilant.

[DCKit]

5. The Corporotocracy can't loot SS until we hand it over - "privatize" in fascist-speak.

The MSM (the wahhhpo, in this case) is simply doing their master's PR: terrorize the masses into allowing the looters to hold their cash (and futures) - for our own good, of course.

If Dumbya and Dick were ever to admit to their single biggest disappointment, it would likely be their failure to privatize SS and dump those trillions into the banks and Wall St.. With that level of funding, the looting could have gone on far beyond their term in office with the looters walking off with Brazillions more than they've got thus far.