Goverment Deficit Really $2.7 TRILLION MORE – Social Security Sound
The article below is one which everyone worried about Social Security running out of money really soon should read.
It brings up a both encouraging, yet ominous fact. Social Security today has about $2.7 TRILLION in government bonds, backed by the full faith of the USA government (read Federal Reserve), which is there right now so we have plenty to go to 2030 and beyond there. BTW, they are in a file drawer in Cinncinati.
But, NOTE, the bonds exist only backed by a who is already government running a $1.5 TRILLION ANNUAL deficit. So where will the money to redeem those bonds come from? In other words, the federal government borrowed all the Social Security extra income over time to pay current expenses. That was irresponsible!
And, you read about our debt growing from $10 TRILLION when Bush left office (accummulated since the USA began) to $15 TRILLION in four years of Obama TRILLION losses. And we have 2,000,000 LESS jobs than when Obama began.
AND, the $2.7 TRILLION owed Social Security IS NOT COUNTED IN THE $15 TRILLION DEFICIT!!!!! Yes, it’s true.
From → RANDOM