Quote:
Originally Posted by 2MuchMark
That's not how it works Paul. The US Debt is at about $20 Trillion as you know. While some of that is owed to China and other countries. The US Social Security Trust fund (American Retirement) actually owns most of that debt (about $15 Trillion Dollars). The debt is in Treasury notes and bonds and also in Treasury Inflation-protected securities.
What this means is that about half of the US Treasury debt is owed to the American people (social security, pension, etc.). If the US ever defaulted on its debt as some doofus said it would a few years ago, it's the American people who would be hurt the most. Americans would give up their tax refunds to payback mostly themselves.
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This is exactly what Republicans are trying to force to happen. They are at war with social security because they use it like a tax. They want to spend money working Americans pay into it then turn arou d and try to call it a "entitlement".. As if Social Securty is a entitemen, it's money I and every other working American has paid into for supplemental retirement..
Instead Republicans just want to spend all that money and never pay it back. It's why they are perfectly ok bankrupting our country with debt so they can claim its impossible to pay back SS. Trump's tax cuts moved Social Security's insolvency date by over 10 years.. Roughly 30 years from now..