Speaker of US House
Congressman Paul Ryan
H-232 The Capitol
Washington D.C. 20515
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US Debit Obligation is $13,562 Trillion
The Obligation To Social Security Is $753 Trillion
Huffington Post 04/05/2011 04:02 pm ET | Updated Jun 05, 2011
Pay Back the Money Borrowed From Social Security?
By Sen. Don Riegle , Lori Hansen Riegle
Throughout its 75 year history, Social Security has provided critical economic security to millions of retirees, families, children and the disabled.
Social Security is paid for by the dedicated contributions of workers and their employers, has administrative costs of less than one percent, and
since it cannot borrow to fund its operations, Social Security does not contribute to the deficit. No wonder that Americans from all walks of life
consistently and overwhelmingly support our nation’s most successful social insurance program — a level of support that is not achieved by other
Social Security currently has a $2.6 trillion surplus which has been building up since the 1983 amendments and is intended to help absorb the
retirement of the baby boomers. This surplus is invested in US Treasury securities that are backed by the full faith and credit of the US government.
According to the Social Security Trustees 2010 report, Social Security can pay full benefits until 2037, at which time, if nothing were done to
strengthen its financing, Social Security would still be able to pay about 78 percent of benefits. This quarter of a century means there is time to
strengthen its financing without cutting benefits for future beneficiaries. The American people will insist that Congress do what is needed for
the program to pay full benefits and protect these benefits they were promised and have earned.
Pay Back Social Security — The Government Has Borrowed More from Social Security than any Other Entity or Foreign Government
Another argument made by Social Security opponents to raise fear about the national debt is how much our government has borrowed from China.
They never mention how much our government has borrowed from Social Security. In fact, the government has borrowed more from the Social Security
surplus than it has from any other source in the world, including China. As a result, Social Security now “owns” nearly 18 percent of the federal
debt, making it the largest single holder of US debt. The government owes almost twice as much to Social Security as it does to China and Hong Kong.
Why aren’t the opponents worried about paying back Social Security — why aren’t they talking about repaying this debt to the American people?
According to the U.S. Treasury Department’s “Monthly Statement of the Public Debt of the United States” (9.30.10), the total debt
was $13.562 trillion and was held as follows:
US Holders of Debt
42.1 % — US Individuals and Institutions
17.9 % — Social Security Trust Fund
6.0 % — US Civil Service Retirement Fund
2.1 % — US Military Retirement Fund
Foreign Holders of Debt
11.7 % — Oil Exporting Countries
9.5 % — China and Hong Kong
6.3 % — Japan
1.4 % — United Kingdom
1.3 % — Brazil
1.6 % — All other foreign countries
TABLE OF CONTENTS
Walters v Berryhill USDC, EDC
Placing US In Temporary Custody of NATO
The request of the Social Security Administration for an unauthorized discussion on some issues
and threat to cut off my retirement check and apparently went on the garnish $144.00 a month from disability check