WSJ Is Wrong: SS Is Not In the Red
By Dean Baker
May 3, 2010 - 3:44pm ET
This post is part of our ongoing "Virtual Summit on Fiscal and Economic Responsibility for People Who Did Not Wreck The Economy."
The Wall Street Journal told readers that: "the Congressional Budget Office said recently the social security trust fund will record a deficit in 2010, returning to the black briefly, before permanently going back into the red 2016."
This is not true. The Social Security trust fund is projected to show a surplus of close to $100 billion in 2010 and will remain in the black until after 2020.
The Journal likely forgot to include the interest on the bonds held by the trust fund. If the WSJ is talking about the trust fund, then this money must included. It is remarkable that the paper's editors somehow missed this error.
Originally posted at Beat The Press.
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