Tuesday, November 9, 2010

How much does the Fed government owe the SSA Trust Fund?

We all know the famous Social Security Trust Fund does not exist. Over the years Congress has spent every cent that came in and more to over their deficit spending.  They issued Treasury bills, notes and bonds to generate the cash that was not coming in from taxes and FICA. So the government created a bunch of IOU's to cover the money they spent that they didn't have. Have you ever wonder how much Congress would need to put into the Social Security Trust Fund in order to pay back with interest the money they used they spent which should have stayed in the Trust Fund. The answer according to the federal Government was 2.6 Trillion dollars. See for yourself.                                       http://www.ssa.gov/OACT/ProgData/assets.html


William Wombacher, your Central Illinois Disability and Certified Elder Law Attorney (CELA)
www.wombacherlaw.com



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