Did these three grafs really appear in the Times? (emphasis added)
Social Security now takes in considerably more money than it pays out in benefits. But as legions of baby boomers retire and begin to collect benefits, instead of paying for them, the retirement system will move toward a deficit. Some actuaries have projected that there will be more money going out than coming in by 2017, although full benefits will be payable for some time because of the surplus being accumulated now. But in 2041, Mr. Bush said, the system will be “bankrupt.”
Actually, beginning around 2041 the system would be able to pay about three-fourths of the benefits due retirees, assuming there are no changes in the formula before then. Critics of Mr. Bush’s proposals have said there are enough ways, and enough time, to fix the system without a drastic change like a shift to private accounts.
The president drew a laugh when, in arguing that big changes are needed, he spoke disparagingly of “the paper i.o.u.’s in a file cabinet in West Virginia” that make up the $1.7 trillion Social Security trust fund. He did not point out those i.o.u.’s are Treasury securities backed by the full faith and credit of the United States, and that the government has never defaulted on its obligations.
Credit where credit is due: David Stout in today’s paper. <$NoAd$>Lucky for him Okrent’s not around anymore.
