MASS SENIOR ACTION LAY OFF SOCIAL SECURITY

information from MASS SENIOR ACTION LAY OFF SOCIAL SECURITY IN
SOLVING THE DEBT CRISIS
The 1983 reforms to Social Security, agreed to by Democrats and
President Reagan, designed it this way. It’s working precisely as
planned. These bonds are a sovereign obligation by one part of the
government, the Treasury, to pay an institutional investor, the Social
Security Administration, which is another part of the government. It’s
an obligation to one and an asset to another. That’s why the trust
fund is in balance and does not contribute to annual deficits.
Retirees will get their benefits, at least through 2036, unless the
Treasury defaults, which isn’t going to happen.
Howard McGowan
MaldenSenior