17.9% of $13.562 trillion dept held by Social Security Trust Fund.

[deminks]

China holds 9.5%. Perspective.


http://www.huffingtonpost.com/sen-don-riegle/post_1901_b_845106.html


Why aren't our 'leaders' talking about how to pay us back? Why are they putting Social Security on the chopping block when it does not contribute to the deficit? Where is Al's "lock box"? Why is Social Security being used as a slush fund?

[tishaLA]

1. Anthony Wiener tweeted about this last week

And it deserves to be disseminated widely. The pretense among the baggers is that we are perennially in debt to China, but the truth is that we are dramatically in debt to our own seniors.

[PDJane]

2. Yes. Congratulations.

The reason for the social security cuts and medicare cuts is that, if it's framed correctly, that money will not have to be paid back to the 'American people' that the conservatives are so fond of blathering about. It's theft, and a fine way to decrease the debt. It's vicious, and it will only work if one assumes that the people don't catch on...or if there is a police state already in place.

[TheKentuckian]

3. They can mack us and call it "renegotiate" instead of default, though they are defaulting.

Go "renegotiate" with China, fuckers.

[madrchsod]

4. remember this is just those two programs

we also owe ourselves on our usa,state,and local bond issues. let`s not forget the veterans benefits and the va health care.

add all the money that we owe ourselves make`s the money we owe china a mere drop in the bucket.

[Igel]

5. Because so much of the debt is held by the SSA.

That will have to be paid back.

If you want to have a balanced budget, you need to reduce other spending. If you need to plop $300 billion into the SSA, that money comes from someplace.

If you don't care about balancing the budget, then you securitize the debt and sell it off to the public or to other countries. Otherwise instead of selling $600 billion in T-bills you have to sell $900 billion. The market might not like that. It also means that that interest rate is negotiable, instead of fixed and self-contained.

[SDuderstadt]

6. You do realize that, by federal law...

the SS account surplus is required to be invested in U.S. Treasury securities, right?

[sinkingfeeling]

7. Please fix your subject line. Shouldn't that 'dept ' be 'debt'?

[deminks]

8. Yes, you are right, but it is too late for me to fix.

:dunce:

[damntexdem]

9. Wait till I turn 66 -- then I want to call in the loan.

I'm afraid that the U.S. government won't be good for it in the long run. ;-)