Social Security

Creative Accounting Can't Hide Social Security's Woes

The system counts debt as an asset and still the books don't balance

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MADISON — Does the $2.4 trillion worth of federal governmental IOUs in the Social Security Trust Fund have any value?

That was the crux of Sunday morning's fiery debate between Sen. Ron Johnson, R-Wis., and New York Times economics columnist Paul Krugman  on ABC's "This Week."

The takeaway: Going broke by any other name still is going broke.

While Washington politicians and pundits can argue about the bookkeeping of Social Security, taxpayers are asking: Where's my money?

Basic math points to big trouble for the entitlement program.