Social Security needs modest revenue increases and benefit cuts – not extreme borrowing.
Larry Fink of BlackRock, in the Annual Chairman’s Letter to Investors, just endorsed the proposal by Senators Cassidy (R-LA) and Kaine (D-VA) to create a trust fund with borrowed funds to solve Social Security’s financing problems.
This idea, which has been around for several years, has faced considerable pushback from experts. To date, however, the criticism has been quite polite, always starting with some comments about how lovely it was to see Senators tackling the challenge of fixing Social Security and the wonder of doing it on a bipartisan basis. With the financial leaders adding legitimacy to the proposal, the time has come to be very clear – the idea does virtually nothing to solve Social Security’s financial problems.
This is the Cassidy-Kaine…
