Creative Accounting Can't Hide Social Security's Woes
The system counts debt as an asset and still the books don't balance
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.