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May 25, 2012

Rabbi Yonason Goldson: Thinking About Faith
Mark Clayton: Is Hillary's State Dept. hacking Al Qaeda? Not quite
David G. Savage: Supreme Court limits protection against double jeopardy
Ashley Powers: A nightmare, then conviction is tossed
Erika Bolstad: Temple cancels Wasserman Schultz speech
Deroy Murdock: WWII hero Karski to receive U.S. Medal of Freedom
Kimberly Lankford: Health Coverage for College Grads
The Kosher Gourmet by Ethel G. Hofman: The former president of the International Association of Culinary Professionals, whose members included the likes of Julia Child, is back with contemporary Shavous cuisine: Ruby Fruit Soup, Sweet Noodle Kugel with Cheese, Key Lime Curd, Calsone Casserole Frittata with Wild Mushrooms, Sun-dried tomatoes and Olives, Baked Tilapia with Pepper Cheese Cream and Brown Sugar Shortbread
May 24, 2012
Jeff Jacoby: The peace process battered Israel's reputation
Clifford D. May: What Iran's Rulers Want
Michael Muskal: 'Pro-choice' position hits record low, according to poll
Chris Farrell: Are We in a Tech Bubble?
Kimberly Lankford: Switching Medicare Advantage Plans Mid-Year
Bryan McIver, M.B., Ch.B., Ph.D.: Mayo Clinic Medical Edge: Understanding hyperthyroidism and its variety of treatment options
The Kosher Gourmet by Penelope Wall: PHILLY CHEESE STEAKS --- hold the steak!
May 23, 2012
Ex-CIA spy in Iran's Revolutionary Guard: Baghdad talks highlight Western naivete
Tony Pugh: More private colleges offering tuition discounts
Lisa Gerstner: 4 Money-Etiquette Questions Answered
Mary Beth Franklin: How to Choose the Right Annuity for You
Art Markman, Ph.D.: Get smart: How to bulk up your creativity muscles
Tina Susman: The wig wasn't enough: Man gets 13 years for posing as his dead mom
The Kosher Gourmet by Emma Christensen:A simple way to do fish right
May 22, 2012
David S. Cloud and Kathleen Hennessey: Obama changes mind on Pakistan invite to NATO summit --- and then gets dissed by country's president
Warren Richey: Can US group challenge overseas surveillance act? Supreme Court to decide
Thomas M. Anderson: Walking Away From a Mortgage
Environmental Nutrition editors: The lowdown on a low-acid diet
The Kosher Gourmet by Megan Gordon: Enjoy a celebration of the most rich and layered flavors: Black bean, sweet potato and quinoa chili
May 21, 2012
Mark Clayton: Cybersecurity: How US utilities passed up chance to protect their networks
Howard LaFranchi: NATO summit: Who will foot the bill for long-term Afghanistan security?
Chris Farrell : Earn Dividends in Emerging Markets with This WisdomTree ETF
James K. Glassman: 5 Stock Picks Among Online Retailers
Stephen Whiteside, Ph.D. : Mayo Clinic Medical Edge: Social anxiety disorder --- or just shy?
Guy Jackson : Victim's father regrets death of Lockerbie bomber
The Kosher Gourmet by Mario Batali: Famed chef's veal shoulder farsumagru: A festive meat course for late spring
May 18, 2012
Rabbi Berel Wein: Striving: The People of the Book's Book for (All of) the People
Caroline B. Glick: Embracing dangerous delusions and not our friends
Steven Goldberg: 5 Great Stock Picks and the Exchange-Traded Fund that Owns Them
Janet Bodnar: How to Teach Kids to Handle Credit Cards
Mary Pickett, M.D.: Ask the Harvard Experts: Don't be forced into gluten-free lifestyle based merely on a doctor's false-positive test
The Kosher Gourmet by Carolyn Malcoun: DIY healthy lunchbox treats: HOMEMADE FRUIT BARS for kids and brown-bagging adults alike
May 17, 2012
Warren Richey: Teacher fired for being unwed and pregnant can sue religious school, court rules
Josh Mitnick: Netanyahu's 'centrist' coalition is already proving it's anything but
Steven Goldberg: Earn Dividends in Emerging Markets with This WisdomTree ETF
Mary Beth Franklin: Retirement Savings Tips for New Grads
Amina Khan: Research links coffee to lower death rates
Chelsea Sheasley: Social media: Is it too feminine?
The Kosher Gourmet by Faith Duran : Cheesy Potato Breakfast Casserole with Cheddar and Sun-Dried Tomatoes
May 16, 2012
Jackson Holahan: The Aleppo Codex
Jonathan Tobin : Iran Declares Victory in Nuclear Talks
Anne Kates Smith: 7 Stocks That Let You Sleep Tight
Carmen Terzic, M.D., Ph.D. : Mayo Clinic Medical Edge: A variety of exercises can help improve balance
Melissa Healy: National strategy on Alzheimer's disease aims to halt it by 2025
The Kosher Gourmet by Joyce White : GOODNESS GRACIOUS: GREENS! 4 winning recipes that are no longer just for down-home folks (Includes expert tips & techniques)
May 15, 2012
Dennis Prager: God and Man at (and for) Liberty
Kristen Chick: Obama administration resumes arms sales to Bahrain despite serious unresolved human rights issues. Activists feel abandoned
Pat Mertz Esswein: Homes are now affordable again and mortgage rates are low. What you need to know before you buy
Kathy Kristof: Our Practical Investor Fights Inflation with These 6 Investments
Sue Hubbard, M.D.: The Kid's Doctor: Lactose intolerant young child? Check again
Environmental Nutrition Editors: Get the facts on palm sugar sweetening
The Kosher Gourmet by Kathy Hunt: Spread a Little Excitement with EXOTIC CONDIMENTS (4 RECIPES)
May 14, 2012
Richard Simon: Purple Hearts for domestic terror victims?
Nando Pelusi, Ph.D.: The privacy paradox: Surrounded by strangers, we risk isolation, anxiety
Chris Farrell: Investing Lessons from the Great Recession
Lisa Gerstner: How to Protect Your Identity, Finances If You Lose Your Phone
Harvard Health Letters: Heart disease and dementia
Tiffany O'Callaghan: New hormone mimics effects of exercise without the sweat
The Kosher Gourmet by Megan Gordon: MANGO COCONUT OAT MORNING MUFFINS are a bright but hearty delight
May 11, 2012
Rabbi B. Shafier: Why happiness will always be elusive
Charles Krauthammer: Echoes of '67: Israel unites
Howard LaFranchi: With G8 snub, US-Putin 'reset' off to stumbling start
Jeremy J. Siegel: Investors, Relax About Rising Interest Rates
Jessica L. Anderson: Get the Best Deal on a Used Car
Jett Stone: Forget face-lifts and fake knees. Scientists have seen the fountain of youth --- and it's broccoli
The Kosher Gourmet by Chef Mario Batali: The famed chef's vegetable dish that tastes true to the season: FAVAS AND SUGAR SNAP PEAS WITH POTATOES AND TARRAGON
May 10, 2012
Clifford D. May: The Real Palestinian Refugee Problem
Sergei L. Loiko: Putin sends warning to U.S., NATO in Victory Day speech at Red Square
Mary Rourke: How being a 'mentch' got Vidal Sasoon his start and fighting in Israel's War of Independence provided him with confidence and a strong sense of his own identity
Harvard Health Letters: Palliative care: Underused therapy yields surprising benefits
Jeff Bertolucci: Get Home Phone Service for Less Than $10 a Month
Rachel L. Sheedy and Susan B. Garland : Make the Right Moves to Boost Benefits
The Kosher Gourmet by Betty Rosbottom: Gleaming with its golden, crimson, and snowy white hues, this silken smooth and creamy STRAWBERRY ORANGE TRIFLE looks impressive, but is easy to prepare
May 9, 2012
John Rosemond: Parents, stop destroying the American male
Valerie J. Nelson: Maurice Sendak, author of 'Where the Wild Things Are,' dies at 83
Bob Frick: Angst Over Annuities
Sharon Palmer, R.D. How you can reduce your risk -- or delay -- chronic diseases associated with aging
Howard LeWine, M.D.: Ask the Harvard Experts: Why did my blood pressure suddenly shoot up?
Lisa Gerstner: Lower the Rate on All Your Loans
The Kosher Gourmet by Emily Ho : Springtime soba with miso sauce offers a coloful mix of fresh textures and flavors
May 8, 2012
Edmund Sanders: Netanyahu suddenly cancels new elections, forms unity government
Frank J. Gaffney Jr.: Farewell to European superstate
Anne Kates Smith: 4 Stocks That Mimic Buffett and Berkshire Hathaway
Gaia Vince and Clare Wilson The Rise of Miniature Medical Robots: Fantasy Fast Becoming Reality
Paul Takahashi, M.D.: Mayo Clinic Medical Edge: Never suffer night leg cramps
Jessica L. Anderson: Extended-Warranty Warning
The Kosher Gourmet by Diane Rossen Worthington: Celebrate National Chocolate Chip Day with the Best Cookie Ever (Includes techniques)
May 7, 2012
Mark Clayton: Homeland Security warns major cyber attack aimed at gas pipeline industry underway
Angus Roxburgh: Putin Decoded: World view of a Russian feeling dissed
Kimberly Lankford: Navigate a Course for Long-Term Care
Kevin McCormally How to Adjust Your Tax Withholding
Celeste Robb-Nicholson, M.D.: Harvard Health Letters: How do you treat a Baker's cyst?
Joanne Capano: Healthy Snacks for Children: The Choices May Surprise You
The Kosher Gourmet by Penelope Wall: Classic Creamy Spinach Dip with a Fraction of the Calories and Fat
May 4, 2012
Rabbi Nathan Lopes Cardozo: Holy 'trivialities'
Jonathan Tobin: Bibi v. Barak will be no contest this time around
Steven Goldberg: Blue Chip Stocks On Sale Worldwide
Art Pine Slow Productivity Growth a Blessing --- For Now
Sue Hubbard, M.D. : The Kid's Doctor: Are Kids Too Wired?
Kerri-Ann Jennings, M.S., R.D: Foods that are good for your smile
Amy Paturel, M.S., M.P.H.: Eating Well: Foods that are good for your smile
The Kosher Gourmet by Betty Rosbottom: Strawberry rhubarb parfaits are elegant yet simple to assemble
May 3, 2012
Michael Freund: Who's Afraid of the Messiah?
Clifford D. May: The Foggiest War
Susan B. Garland: Insurance to Cover Old Old Age
Steven Goldberg 6 Reasons to Bet on a Big Bull Market
Harvard Health Letters: Treating prostate cancer --- no rush to judgment
Larry Gordon: Harvard, MIT partner to offer free online courses
Naomi Nix : Man gets free trip to Chicago after postcard sent by mother in 1957 finally reaches him
The Kosher Gourmet by Diane Rossen Worthington: Intensely Italian vegetable frittata is a seriously simple standby


Jewish World Review Sept. 7, 2011 / 8 Elul, 5771

Uncle Sam's IOUs can't save Social Security

By Jeff Jacoby

Jeff Jacoby
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http://www.JewishWorldReview.com | My mother's mother revered Franklin Roosevelt. She voted for him four times, and firmly defended him decades later, when I tried to convince her that FDR was not the haloed saint she imagined.

"It's because of Roosevelt that I'm getting $800 in Social Security every month," she'd tell me. Actually, I'd reply, it was because of people like me -- younger workers paying into the system, at tax rates considerably steeper than hers had ever been -- that retirees like her were receiving those monthly checks.

But like millions of seniors then and now, Grandma was convinced that her Social Security benefits were an entitlement she had bought with her own payroll taxes years earlier. She blessed FDR for creating the Social Security trust fund in which she had faithfully invested for most of her working life, and couldn't understand why her grandson had any objection to it.

In reality there is no money in Social Security's trust fund and never has been. It is merely an accounting fiction, like the individual Social Security accounts to which workers' payroll taxes are credited. But Grandma could hardly be blamed for believing otherwise. Right from the start, Social Security was promoted to Americans as a straightforward pension fund. "We have set up a savings account for the old age of the worker," FDR told a Pennsylvania audience in 1936. Contributions would be made by employers and employees via payroll taxes, which would be "held by the government solely for the benefit of the worker in his old age."

It wasn't true. In a decision the following year upholding the Social Security Act, the Supreme Court confirmed what anyone who read the law would already have discovered: Payroll taxes weren't held by the government solely for the benefit for retirees. On the contrary: Social Security taxes "are to be paid into the Treasury like internal revenue taxes generally, and are not earmarked in any way."

Likewise, for all the talk of Social Security as an "entitlement," retirees have no ironclad right to that monthly check. "Congress can change the rules" whenever it wants to, the Social Security Administration's website acknowledges. "Benefits which are granted at one time can be withdrawn." That too was explicit in the law FDR signed in 1935. There are no "accrued property rights" in the Social Security system, the Supreme Court ruled in 1960. Payroll taxes withheld from your wages today don't confer on you a contractual right to benefits when you retire tomorrow.

Yet is it any wonder so many Americans believe the opposite? They have been assured for years that Social Security's considerable surpluses have been piling up in a trust fund worth about $2.6 trillion at last report. With assets like that, insist the status quo's defenders, there will be enough money to pay retirees' benefits for decades to come.

But the trust fund's assets are an illusion. Social Security doesn't own $2.6 trillion in gold bars or real estate or shares of Google. All it has are Treasury IOUs. Those IOUs represent $2.6 trillion that the government has already spent and promises to spend again. But in order to spend it again -- to redeem those IOUs -- Congress will have to raise taxes, cut spending, or go deeper into debt. Which is exactly what Congress would have to do if the Social Security trust fund didn't exist.

A US government bond is a sound and valuable asset -- for anyone but the US government. Just as you don't increase your wealth when you write yourself a check, the government cannot sock away $2.6 trillion by promising to pay itself $2.6 trillion. "The assets of the Social Security trust fund," the Congressional Budget Office has explained, "do not represent any real stock of resources set aside to pay for benefits in the future." The trust fund is a ledger entry, nothing more.

President Obama suggested in July that without a debt-ceiling increase, Social Security checks might not go out "because there may simply not be the money in the coffers to do it." Granted, he was playing political hardball. But he was also conceding the inescapable truth about Social Security's vaunted trust fund: It doesn't exist.

With the baby-boom generation beginning to retire, Social Security is projected to lose money every year from now on, beginning with a $45 billion shortfall this year. There is no trust-fund hoard to cover those losses. FDR's signature program is on a collision course with itself. My grandmother, may she rest in peace, may have believed it would last forever. My generation doesn't have that luxury.

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