Current Debt Held by the Public Intragovernmental Holdings
04/03/09 $6,868,532,515,279.65 $4,278,034,317,017.68
Total Public Debt Outstanding
$11,146,566,832,297.33
Some in our country think that Social Security is a trust fund
in other words there's a pile of money being accumulated…
because you put money in the government saves it for you
and then when you retire you get it out…
That's just simply not true
The money, payroll taxes going into Social Security, are spent
They're spent on benefits and they're spent on government programs
There is no trust
We're on the ultimate pay-as-you-go system…
The only thing Social Security has is a pile of IOUs
from one part of government to the next…
therefore when you have more retirees living longer for greater benefits
with fewer people paying in
the system inevitably will go into the red
George W Bush
If there’s trillions of dollars difference
between publicly outstanding debt investors can buy and selland non-marketable intragovernmental debt
who is it owed to
who has to pay how much more back and when
and why would those who know or should and don’t
let the country borrow trillions from itself
and why are most Americans unaware?
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