Topic: WorldNetDaily
Here's another reason why Jerome Corsi sucks as a purportedly "trained economist."
A May 18 WorldNetDaily teaser for Corsi's Red Alert newsletter at WorldNetDaily asserts: "Treasury Secretary Timothy Geithner announced that Medicare would run out of money in 2017 and Social Security would do the same in 2037, both sooner than previously projected." At no point, however, does Corsi explain what that means -- or that it's not as scary as he portrays.
As the annual report of the trustees of Medicare and Social Security states, those programs do not "run out of money" on those dates; it's when, under the current slate of obligations for both systems, their trust funds are depleted. Both Medicare and Social Security would still receive tax revenue after those dates -- just not enough to cover all currently anticipated obligations under the current rate of revenue.
How, again, is Corsi's report worth $99 a year when he can't get basic facts straight?
