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Title : Hey Millennials, Don't Autumn For The Scam Message On The Homepage Of The Social Safety Website

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Hey Millennials, Don't Autumn For The Scam Message On The Homepage Of The Social Safety Website

By Bill Bergman

Late final year, the Social Security Administration unveiled a new website, which allows people to log inwards as well as thought their Social Security statements, including earned benefits.

The forepart page of the website shows a youngish human wearing sunglasses looking out over the ocean, bearing the headline “Set yourself free,” as well as a sub-headline “Open a my Social Security Account today as well as repose slowly knowing you’re inwards command of your future.”

This message, however, is deceptive at best.

The federal government’s Social Security programme is currently $14 trillion inwards the cherry-red because anticipated taxation revenue is swamped yesteryear benefits to move paid, nether electrical current law.

Where does this unfunded obligation demo upwards on the federal government’s residual sheet?  Nowhere.

The federal authorities does non include its unfunded Social Security pose every bit a debt on the residual sheet. To justify this treatment, programme leaders as well as authorities accountants convey emphasized that the federal authorities controls the law, as well as tin rank the axe alter the benefits (and taxes) at whatsoever time.

So much for resting easy, knowing you’re inwards command of your future.

I brought this upwards at a conference at the American Institute for Economic Research before this year, as well as showed the aforementioned picture. One of the economists quipped, “Oh, that’s non as well as thus deceptive. He is standing on transcend of a cliff.”

I told this even out to a visitor today, as well as he decided to larn a niggling creative. Here’s what he did to that film (courtesy of Ted Dabrowski, president of Wirepoints)

Bill Bergman teaches finance courses at Loyola University Chicago. He has to a greater extent than than xxx years of fiscal marketplace experience, including xiii years every bit an economist as well as policy analyst at the Federal Reserve Bank of Chicago. Bergman earned an M.B.A. as well as an M.A. inwards world policy from the University of Chicago inwards 1990. He is likewise Director of Research at Truth inwards Accounting.

The higher upwards originally appeared at Truth inwards Accounting.

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