The just-released annual trustees’ reports for Social Security and Medicareare supposed to keep the public well informed about these popular programs. In reality, they do just the opposite: They confuse and mislead. Worse, they allow politicians to duck the hard issues surrounding both programs. What we ought to be debating is how much spending on retirees will dominate government. Instead, we focus on the actuarial soundness of the trust funds, a baffling subject only tangentially related to the basic choices facing the country. The trust funds should be abolished.
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