Tuesday, January 4, 2011

Fact of the Day: The Largest Holder of US Government Debt is Not the Chinese

Of the $14T in US Government debt, $4.6T of it is held by..... surprise...... the US Government itself through "borrowing" from the Social Security "Trust Fund." That's right, your Social Security retirement fund is being confiscated to pay for the day to day operations of the government in exchange for a bunch of promissory notes stored in a filing cabinet in Parkersburg, WV. Does that scare you? It probably should.
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3 comments:

  1. MoneyConeJanuary 4, 2011 at 10:51 AM

    Ah! So that's how we intend to repay the Chinese as well!

    ReplyDelete
  2. Invest It WiselyJanuary 4, 2011 at 11:43 AM

    Have you seen this one, Biz?
    http://dailycapitalist.com/2011/01/03/the-american-dream-the-video/

    ReplyDelete
  3. Everyday TipsJanuary 5, 2011 at 7:54 AM

    This is why I have no faith that Social Security will be available when I am entitled to it. (At least not in the amount we put into it.) I think this little 'debt to ourselves' is part of the reason why SS is expected to be bankrupt by 2030.

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