Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: jim black who wrote (12915)	1/7/2002 4:25:41 PM
From: Don Lloyd	Read Replies (1) of 74559

Jim - "...I refer to "The Alleged Budget Surplus, Social Security, & Voodoo Economics" by Allen W. Smith, Ph.D, a retired professor of economics from Eastern Illinois University...He has a text "Understanding Economics" has been used in 48 states in 600 schools in the past so we are not here dealing with GATA or other such controversial sources of information...." Your description was suspicious in that any book that could possibly be accepted in 600 schools and 48 states must be pretty useless and deceptive, at best, at least if they were public schools. Be that as it may, what I could see of the Amazon description and samples seems to indicate that the author seems to treat the Social Security Trust Fund as if it were real in some economic sense. Of course, it is not, being equivalent to your saving for your newborn's college education by depositing an IOU for $5K in her college fund every year for 18 years. You still have to come up with $90K in the end, exactly as if you had done nothing for 18 years. Regards, Don

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