WINTER HAVEN, Fla., Dec. 22, 2010 /PRNewswire/ -- When the book, "THE LOOTING OF SOCIAL SECURITY," by economist, Allen W. Smith, Ph.D., was first published in early 2004, it quickly became controversial and was pulled from the market. Since the publisher refused to revert the rights to the book back to Smith, the public was denied access to the provocative revelations in the book for several years. Smith finally regained the rights to the book in 2008, and a new version of the book has just been released by Ironwood Publications. Smith says the book will still be controversial, but he argues that the public's perception is changing, with more and more Americans coming to realize the awful truth about the Social Security trust fund.
Smith's controversial claim that all of the surplus Social Security revenue, generated by the 1983 payroll tax hike, was diverted into the general fund and spent on other programs, thus leaving the trust fund without any real economic assets, is being validated by some of the top journalists in the country. On December 13, 2010, the editorial board of the Kansas City Star published an editorial entitled "The myth of the Social Security trust fund," stating that the trust fund does not contain "real economic assets that can be drawn down in the future to fund benefits." On Monday, December 20, Fortune's senior editor at large, Allan Sloan, seven-time winner of the prestigious Loeb Award, business journalism's highest honor, wrote a column in the Washington Post that Smith thinks should serve as the knockout blow that ends the myth of the trust fund once and for all. According to Smith, the article, entitled, "New tax law reveals the mirage of the Social Security trust fund," makes it absolutely clear to any objective reader that the IOUs in the trust fund cannot be used to pay benefits. Smith names other prominent journalists who have recently taken the same position on Social Security. They include: Eric Schurenberg from CBS Money Watch, Terry Savage, Chicago Sun-Times, Steve Vernon from CBS Money Watch, and Jay Bookman, Atlanta Journal-Constitution.
"THE LOOTING OF SOCIAL SECURITY, New release of the book 'they' didn't want you to read," By Allen W. Smith, Ph.D., 272 pp. Ironwood Publications, paperback, $17, ISBN 978-0-9770851-9-4. Available from your favorite bookstore.
Allen W. Smith, Ph.D.
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SOURCE Ironwood Publications