'Social Security is going bankrupt' and other lies about money Americans believe: (OPINION via QuinnsComments)
It’s well known that we tend to believe what we want or what fits our preconceived notions. But this is getting out of control. Here’s what drives me nuts on the misinformation superhighway:
The real problem with health insurance is that it isn’t insurance at all. We expect our health insurance to reimburse us for everything we spend, rather than just for extraordinary expenses. That’s not how real insurance works. 6. “Social Security is going bankrupt.” Wrong again. As long as there are taxes coming in, Social Security can’t go bankrupt. But when the Social Security trust fund is depleted, the incoming taxes won’t be sufficient to pay 100% of promised benefits.
9. “Congressmen are paid their salary for life.” This is another persistent rumor. To receive a pension, a member of Congress must have five years of service, which means a member of the House of Representatives would need to be re-elected twice. A pension is nothing close to full pay. And, yes, members of Congress pay Social Security taxes and contribute toward their pensions.
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