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1936 poster issued by the Social Security Board says Join the March to Old Age Security 1936 poster issued by the Social Security Board to promote the application for Social Security cards for Americans. (Photo: AP)

America is “fundamentally broke”; inflation means “more federal income tax on [Social Security] benefits”; and the Fed is “a paper tiger” when it comes to determining inflation. Laurence Kotlikoff, economics professor at Boston University, offered these and other candid observations in an interview with BenefitsPRO’s sister publication, ThinkAdvisor on Oct. 15.

“On balance, benefits are being cut due to inflation for recipients in the middle class and upper-income classes, no question,” he says.

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