-By Warner Todd Huston
Social Security is as close to insolvency as you can get and not be completely belly up. Government watchdogs warn that Social Security will see a $7 trillion shortfall by 2086. But the Associated Press says, don’t worry about all that, America. Why, the Social Security system isn’t as bad as Europe’s public pension mess, so everything’s just fine. Move along. Nothing to see here.
In the article, AP sets about comparing Europe’s public pension systems to Social Security. In so doing AP is apparently trying to quell fears that Social Security is in crisis. Why, Europe’s is in worse shape, so Social Security is “downright frugal,” The AP says.
Not only is the AP apparently trying to make Americans forget all about the mess that our entitlements are in, but the venerable wire service goes on to note that Europe’s benefits are far more generous than our miserly Social Security.
AP points out that those lucky Europeans can retire earlier than Americans and also informs readers that this Nirvana was created by high taxes. See, Europe is better.
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Assoc. Press: Stop Whining About Soc. Sec., America. It Isn’t as Expensive as Europe’s!”