Mark Neumann: “Such as a negotiable Treasury bond or a CD, something which our senior citizens are very familiar with. In fact, I think…”

“Such as a negotiable Treasury bond or a CD, something which our senior citizens are very familiar with. In fact, I think it is very important that we understand that the money that is being collected for Social Security today, and I have a chart that shows that money we are collecting, $418 billion today for the Social Security trust fund. We are collecting $418 billion for the Social Security trust fund today and we are spending $353 billion on benefits for our senior citizens. That leaves us $65 billion surplus. Let me translate this into English so it is easy for everyone to understand. If we think about this, it is like we are going into the paychecks and collecting $418, like our own checkbook at home. We put $418 in our checkbook and write out a check for $353 and our checkbook is in pretty good shape. We have $65 left in the checkbook. The idea in the Social Security trust fund is that $65 left over, it is actually $65 billion, that money is supposed to go into this savings account. Because we all know that in the not too distant future, as the baby boom generation moves towards retirement, there will not be enough money coming into the Social Security System to pay the Social Security checks back out to our senior citizens.”