Former Labor Secretary Robert Reich CHALLENGES the conventional economic wisdom that the only way to get control over federal deficits is to reform entitlements:
Social Security won’t contribute to future budget deficits. By law, it can only spend money from the Social Security trust fund.
That fund has been in surplus for the better part of two decades, as boomers contributed to it during their working lives. As boomers begin to retire, those current surpluses are disappearing.
But this only means the trust fund will be collecting from the rest of the federal government the IOUs on the surpluses it ...