Sunday, August 05, 2012

The AP finally gets it

Seriously, are people in the media idiots?

The AP finally has a piece laying out what conservatives have been saying for years.

Did you know the Social Security fund was broke.................

People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. It's a historic shift that will only get worse for future retirees, according to an analysis by The Associated Press.

Previous generations got a much better bargain, mainly because payroll taxes were very low when Social Security was enacted in the 1930s and remained so for decades.

"For the early generations, it was an incredibly good deal," said Andrew Biggs, a former deputy Social Security commissioner who is now a scholar at the American Enterprise Institute. "The government gave you free money and getting free money is popular."


1 comment:

Anonymous said...

Wow, nothing gets past the AP! I wonder what their source was, a Wall Street Journal from 1978?