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View Diary: Newsweek Promotes A $2.6 Trillion Social Security Fraud (63 comments)

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  •  The dirty little secret is that (12+ / 0-)

    the excess cash collected by increasing the social security tax on workers was used to fund tax cuts for individuals and corporations.  

    Social Security should never have been folded into the federal budget for annual accounting purposes -- that only masked the true amount of the annual deficit.  However, that amount was never actually hidden and if not for the dishonesty of politicians and US journalists, average Americans should have been informed.  

    wrt the "lockbox" -- it's sort of silly given the fact that federal cash is fungible.  The bi-partisan "modernization" of Social Security in 1981 should have been a clue that there was a fatal flaw in it.  Why years later one of the architects of it, Sen. Moynihan, said that if he had it to do over, he would have done nothing.  They could have constructed a real lockbox, but it wouldn't have been easy.    

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