No one should be surprised to hear that the U.S. is in debt. The average wage earner pays $2,800 per year just in interest payments to U.S. Treasury bond holders. It's important to know how this stuff works.
You've probably heard that it's China. Or maybe you read somewhere that it's Japan. These are both incorrect.
Well then it's got to be the central bank of the U.S. (aka The Federal Reserve). Close but not quite.
The largest lender to the U.S. would be...Social Security.
The United States is in debt to the tune of $2.6 Trillion to the Social Security and Disability Trust Fund.
How did this happen?
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| Social Security Taxes go to Upgrade Air Force One (Photo: Rex Features) |
For three decades the United States has been collecting social security tax payments and spending them on programs other than social security. These include overseas military bases, banker bailouts and fancy conference rooms on the Air Force One jet.
This means that in addition to the 15% social security tax working people already pay, these same workers "owe" $2,600,000,000,000 to social security. This equates to $20,000 in additional tax payments from each worker to repay the SS trust fund.
Will the politicians be able to squeeze another twenty-grand out of everyone in order to make good on their promises to former tax-victims?
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