OPINION: So far this year, Social Security has been pouring money into bonds paying as little as 0.875%. The Fed is killing the trust fund, columnist BrettArends writes.
You’d think the looming crisis in America’s main retirement plan would be a bigger topic of discussion. The Social Security trustees, after all, just said the plan is now $20 trillion in the hole and will run out of cash by 2034.
I recently wrote about five ideas for saving the system. Here are 5 other points that are relevant, which everyone should know, but which nobody seems to talk about. 2. The Federal Reserve is killing the trust fund. As Social Security is invested only in U.S. Treasurys, the Fed’s policy of driving down interest rates has eviscerated the fund’s returns over the past decade. As recently as 2008, the fund was earning more than 5% a year on its assets. Last year it was half that. And so far this year, Social Security has been pouring money into bonds paying as little as 0.875%. Even while planning to raise benefits by 6%.
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