Bud’s Beat

By: Bud Pisarek, Loomis News Correspondent
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1I have been bothered by the distortion of facts about the country’s Social Security program. Critics have been clucking like Henny Penny that the program is broke and the sky is falling. Conservative politicos have lambasted this country’s greatest social program as a failure since its inception. A recent article in the AARP tabloid newsletter sets the record straight. The author of the article is James Roosevelt Jr., grandson of President Franklin Roosevelt. FDR got legislation passed to launch SS in the 1930s. In the article, Roosevelt says: “Let’s take a true measure where we are; Social Security has not only been the most effective government program, it has been the most responsible government program. “Social Security costs are funded out of its own dedicated revenue stream. It does and cannot borrow money to finance its operations. There is no deficit financing. “By the end of 2010, the Social Security trust fund had a positive balance of $2.6 trillion … the fund’s surplus will continue to expand to approximately $3.67 trillion by the end of 2022. “This is decidedly not a program that is broke or going broke. In fact, this is quite a remarkable achievement.” Another false rumor making the rounds is that with Baby Boomers reaching retirement age the system would collapse. Don’t worry, Baby Boomers, your security blanket is there for you.