Yes, Virginia, There Is a Social Security Trust Fund
Freeman › Vol. 55 Nbr. 7, September 2005
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Summary
McGinnis dispels the popular impression that the notorious Social Security Trust Fund has no assets. He points outs that Social Security's trust fund seems not to have any capital assets in place at all--the only clue to its existence are the electronic IOUs the Treasury creates when it takes Social Security taxes and spends them on whatever it wants.
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Extract
Yes, Virginia, There Is a Social Security Trust Fund
My 12-year-old niece,Virginia, wrote me this letter. My reply follows.
Dear Uncle John,I have a teacher, Mr. Pyrrho, who says there is no trust fund for Social security. When I asked Mom about this, she said, "Ask your Uncle...See the full content of this document
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