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Why Social Security can't be Privatized.

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Scott Baker
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Who knows? Another administration may try again since social security is "supposedly" running out of money by 2034, and it will then pay out only a portion of what it owes, about 80% is the latest prediction. But this is grossly misleading. The federal government is monetarily sovereign and could continue paying social security even if no payroll taxes were ever collected again. In fact, due to the money multiplier, and the fact that social security tends to be spent, not saved (for retirement), it stimulates the economy. Two studies I cited in my book, "America is Not Broke!" showed social security generated 80 cents to 1 dollar for every dollar spent, respectively.

Social security is the best senior anti-poverty program ever invented. It's a win-win-win for the employee, the worker, and the government.

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Scott Baker Social Media Pages: Facebook Page       Twitter Page       Linked In Page       Instagram Page

Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a former blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former and current President of Common Ground-NY (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of (more...)
 

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