On the recordJuly 13, 2005
it is a very simple idea and they have been told for years that money is in the trust fund. In a technical legalistic sense maybe it is in the trust fund, but in any practical sense it is not. That money has been taken away and an IOU left in its place. That is like a person writing an IOU to themself. The only way that IOU can be redeemed is by raising taxes on the American people. People who are entering the job force today, if we do not do something to try to make up that IOU, their payroll taxes are going to have to be increased 43 percent and what is that going to do to younger families and job creation in America.
Source
govinfo.gov
