>>>>The real issue is not how the money is accounted for, but where the Social Security money should be invested. Either in the private markets (which can create real wealth), or in government (which doesn't create wealth).
But that isn't the 'real issue' at all. To the extent that the SS money is not invested in gov't bonds, the gov't must attract other private money from the capital markets for their bonds. No net 'creation of wealth' for the nation. And merely driving up the share price for existing shares of stock is does not 'create wealth'. Indeed, we do not know what return an individual investor will get over the next 40 years.
To the extent that we have fewer workers in the productive sector of the economy in the future, the stock market may 'take a hit' also. The stcok market is not 'magic'.
