| Social Security |
[May. 4th, 2005|03:48 pm] |
I was reading the transcript of Bush's press conference and this quote jumped out at me:
Now, it's very important for our fellow citizens to understand there is not a bank account here in Washington, D.C., where we take your payroll taxes and hold it for you and then give it back to you when you retire.
Our system is called pay as you go. You pay into the system through your payroll taxes and the government spends it. It spends the money on the current retirees and with the money left over, it funds other government programs.
And all that's left behind is file cabinets full of IOUs. |
|
|