Political Quotes

“yesterday the President visited the Bureau of Public Debt and promptly announced ``There is no Social Security trust fund, just a bunch of IOUs stacked in an old filing cabinet.'' Well, that may be an old filing cabinet to you, Mr. President; but to middle-class Americans that is their lifetime retirement savings. It may be filled with just IOUs to you, but when you borrowed $700 billion from that trust fund, it was a very opportune filing cabinet because you stuck your hand in there and took $700 billion from the Social Security trust fund to use. It was not an old filing cabinet. It was not just a bunch of IOUs. Those are the taxes that Americans put away; the resources they put away for their life savings, and that is how every President and every Congress has treated it. It is the obligation of this Congress to strengthen Social Security, not to weaken it. For middle-class Americans and for everybody who is saving for their retirement, it is high time we begin to strengthen Social Security by paying back the $700 billion you have borrowed from it. And if you want to talk about IOUs, the IOUs we have run up, which is nearly $2 trillion in debt that now Communist China and Japan own and are our bankers, that would be a good place to see where the IOUs are.”