Last Updated Oct 12, 2011 4:19 PM EDT
Social Security isn't the only cause of America's fiscal problems, but it is Exhibit A in why it is so hard to fix them. No serious solution to our debt can ignore a program that will tax and spend about 4.8% of GDP
this year and account for about 20% of all federal spending
-and that within a few decades will count almost a third of the population
as beneficiaries. But whenever I write about Social Security here at CBS MoneyWatch, I'm always struck by how much disagreement there is about how the system really works.
A handful of misconceptions tend to crop up repeatedly-often having to do with that fiscal fun-house mirror, the Social Security trust fund. And despite the efforts of writers like Allan Sloan
and experts like the Urban Institute's Eugene Steuerle
, the myths won't die. This column won't kill them either, but that doesn't mean we shouldn't take a whack. Here goes:
CLICK for myth #1 >>
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