Thursday, August 25, 2011

Our National Debt

Here's a link to a very interesting summary of our national debt. http://www.businessinsider.com/to-whom-does-the-us-government-really-owe-money-2011-3 The heart of this article is the pie chart showing to whom the debt is owed.



 Notice first that 68% of the debt is owed to Americans in one form or another. The largest category by far is American individual and institutional investment in America. Much of this investment is through private retirement funds.

But one of the most interesting figures is the 17.9% owed to the Social Security Trust Fund. That fund is fed by the Social Security taxes levied against American incomes. Why should the US owe money to that Fund. The answer, of course, is that the Bush Administration borrowed from the Fund in order to finance wars. So is Social Security really the problem? Basically, the money was stolen from you and I and now the conservative side of our government doesn't want to pay it back.

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