“Leonard Architect” - Newsweek Promotes A $2.6 Trillion Social Security Fraud

Mon Mar 07, 2011
On paper, the Social Security trust fund holds $2.6 trillion. Where did the $2.6 trillion come from? Answer the question, and you expose Robert Samuelson's panoply of lies in the latest Newsweek. The title, "Social Security Is Middle-Class Welfare," says it all.
The $2.6 trillion was initially funded by America's workers and their employers. Since the early 1980s, when Social Security taxes were raised in order to address the demographic bubble of retiring baby boomers in the 21st century, Social Security has always generated a surplus, intended to accumulate over time. The surplus was supposed to be invested in U.S. Treasuries, which generate compound interest. For decades, FICA taxes and the FICA wage base, have been tailored to fund the future cash outflows of a defined benefit retirement plan.
