Quoted: a lot of it is actually owed to social security. during Vietnam the .gov came up with a great idea, borrow from the surplus of money going into social security and leave IOU notes so that they could pay it back later. still hasnt happened over 30 years later.
|
EXACTLY CORRECT!!!
So, for the past someodd years Social Security has been "pay as you go", paying current SS recipients from current revenue. But the system was supposed to save the money, invest, make a nestegg for future retirees... people our age. But when we retire we will find just IOU's, the surplus not invested.
They say they invested... but it was not loaned to business or put back into the economy, growning it. Rather this is like saving for a big vacation or retirement. You put money away and now it comes time to use it. You open the safe and there are all these little slips of paper, IOU's. You say, honey, where's the vacation money? She said, Oh, I borrowed it.. see this one here? I bought shoes to go with that dress I wore to the party at Frank and Angie's. And this one, I spent that for the living room furniture. Don't worry honey, the money is still there, I just owe it to you.
So, when the baby boomers retire, there won't be enough money to pay up.
NO WONDER the democrats want our guns. They don't want a civil war between the workers and the retirees and the government that squandered it.
I don't know about you, but I don't think the younger generation today wants to pay 80% of their income to the government to pay off the retired baby boomers.