Saturday, July 2, 2022

Save Social Security From its 'Saviors' — Stephanie Kelton

To borrow a phrase from Gertrude Stein, “There is no there there.” The trust funds exist merely as accounting entities. We don’t need them to carry a positive balance—or any balance whatsoever—in order to preserve Social Security for future generations.
The Lens
Save Social Security From its 'Saviors'
Stephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders
https://stephaniekelton.substack.com/p/save-social-security-from-its-saviors

See also

LSE
Book Review: The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy by Stephanie Kelton
Hans G. Despain, PhD | Professor of Political Economy at Nichols College
https://blogs.lse.ac.uk/lsereviewofbooks/2020/06/22/book-review-the-deficit-myth-modern-monetary-theory-and-the-birth-of-the-peoples-economy-by-stephanie-kelton/

4 comments:

Matt Franko said...

“There is no there there”

#duh

Matt Franko said...

“ We don’t need them to carry a positive balance—or any balance whatsoever”

How are we then supposed to know how much we’re spending and taxing? Whether the spending is adequate for retirement purposes ? How are we supposed know what any surplus is and if so that would imply over taxing? Etc…

It’s like she’s saying that everyone is too stupid for the Accounting Science so let’s just get rid of Accounting Science…

Who needs education!

Matt Franko said...

https://www.fool.com/investing/2022/07/02/social-security-benefits-could-rise-almost-11-in-2/


Perhaps >10% social security cola next year….

mike norman said...

11% in 2023. Wow! That's when I will be signing up for mine!