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Trust fund not trustworthy

Sat., Feb. 28, 2009

The Spokesman-Review

I found it unbelievable that a newspaper columnist like Froma Harrop could actually believe that there is any money in the so-called Social Security Trust Fund (“Social Security requires no fixin’,” Feb. 19). What she refers to as U.S. securities are nothing more than IOUs as pledges against future surplus general revenue. In case she has not noticed, we have had surplus only twice in 41 years because of using Social Security revenue.

So, so far, $4 trillion has been borrowed in place for IOUs. Beginning in 2014, payouts will exceed SS revenue. If there were actually money instead of IOUs it would last until 2049. So where in budgets with trillion-dollar deficits will the $800 billion a year come from?

John Perkins

Spokane

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