The Social Security Trust Fund, One More Time

I see that Bloomberg has apparently decided to give Megan McArdle infinite space to tell its readers that she doesn't like the Social Security trust fund. Well, they have to fill their website with something.

Just to keep things short and simple, there are two ways to think about the trust fund. First, we can follow the law as written. Under the law, designated Social Security taxes and only designated Social Security taxes can be used to pay Social Security benefits. Money from the taxes tha...