Mainstream Media Give Wall Street Journal Editorial Board Cover To Misinform About Social Security

http://mediamatters.org/blog/2012/11/27/mainstream-media-give-wall-street-journal-edito/191529

11/27/2012

A Wall Street Journal editorial hid the relative health of Social Security, in order to argue that immediate cuts to the program should be part of any deficit reduction deal. In fact, economists say that Social Security is not a major driver of deficits. Unfortunately, mainstream media have not reported this fact, which has given the Journal cover to push for Social Security cuts.

Nobel Prize winning economist Paul Krugman has pointed out: "While the United States does have a long-run budget problem, Social Security is not a major factor in that problem." Social Security does face a shortfall between the revenue the program receives and the estimated benefits it will pay out beginning in 2034. But Center for Budget and Policy Priorities economist Kathy Ruffing has also noted that, far from being in crisis, Social Security's shortfall over the next 75 years would be almost completely restored by letting the Bush tax cuts expire for the wealthiest Americans.

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Unfortunately, the Journal is not the only media outlet hiding the relative health of the Social Security program.

A November 25 Washington Post article on progressive resistance to conservative demands for Social Security cuts falsely claimed that Social Security's costs are "skyrocketing" and "fast-growing." In addition, a New York Times article reported that Republicans were pushing for Social Security cuts to restrain the deficit while the White House said the program "is not currently a driver of the deficit," but made no attempt to ascertain whether Republicans or the White House were correct.

And the Post and Times misleading reporting on Social Security provided the Journal cover to push for major cuts to the program.