Wednesday, March 30, 2011

Dingy Harry Reid: “Social Security Has Not Contributed One Penny to The National Debt in 75 Years”

That claim is false.
“Social Security has not contributed one penny to the debt or the deficit ever in its 75 years,” Reid said at Monday’s event.

The claim is false. According to the actuaries for Social Security and Medicare, the Social Security program ran a deficit of approximately $41 billion, excluding interest on the bonds in the Social Security trust funds. Those bonds, which are a special type of Treasury bond, are placed in the trust funds in place of the cash surpluses Social Security has taken in from payroll taxes.


Larry Sheldon said...

Headline has an unfortunate spelling error in it.

Bluegrass Pundit said...

Larry Sheldon said...

"Headline has an unfortunate spelling error in it."

Oh my. LOL. Fixed. Thanks.