John Harvey (MMT in paradigm) takes issue with the confusion surrounding the govt exclusive use of the Modified Accrual basis of accounting here:
It’s not a pension fund into which you put your money when you are young and from which you draw when you are old. It’s an immediate transfer from workers today to retirees today.
What John is saying in effect is that you cant accrue on the right side while using cash basis on the left side... he is recommending Cash Basis for both sides...
"Social Security Is Not In Trouble" https://t.co/9SAhQteaxu— Nathan Becker (@netbacker) December 22, 2016