Sunday, December 12, 2010

Social Security will be cut, one way or another - Writing in today's Boston Globe, Robert Pozen clears up some of the myths about Social Security and the recommendations for reform put forward by the deficit commission. The one critical thing to remember is this: it's useless to rail about "cuts" to the system since they're already in place. His closing sentence: "Most importantly, it is overly simplistic to say that the proposal "cuts" Social Security benefits because the current system has only enough money to finance three-quarters of scheduled benefits starting in 2038."

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