Glenn Kessler, writer of the Washington Post’s Fact Checker column, took a stab today at correcting some common misconceptions about Social Security. For the most part he did a good job.
He appropriately debunked the common and ignorant slander of the program as a “Ponzi scheme.” He explained why President George W. Bush’s privatization scheme wouldn’t have worked. He pointed out that Social Security is not only a retirement plan, but also a disability and life insurance program. He reported, accurately, that the Treasury bonds owned by the program’s trust fund are backed by the full faith and credit of the U.S. government — they’re not merely “IOUs,” as some would have it.
But Kessler committed a few bloomers too. These need to be corrected, so let’s have at it.
Conservatives should avoid reading this article as research has shown that facts have a liberal bias.