Sunday, March 14, 2010

Social Security

The Social Security Administration holds about $2.5 trillion in U.S. bonds. This year, they will cash in about $29 billion in order to pay benefits.

That's the good news.

The bad news?

According to Barbara Kennelly, a former Democratic congresswoman from Connecticut who is now president of the National Committee to Preserve Social Security and Medicare:

"Those bonds are protected by the full faith and credit of the United States of America," Kennelly said. "They're as solid as what we owe China and Japan."

1 comment:

Old NFO said...

Ohhhhh.... NOT good...