By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer
PARKERSBURG, W.Va. – The retirement nest egg of an entire generation is stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration.
It's time to start cashing them in.
For more than two decades, Social Security collected more money in payroll taxes than it paid out in benefits — billions more each year.
Not anymore. This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes — nearly $29 billion more.
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Comment: It is a complete illusion to believe that somewhere the money paid into social security is "stashed away". The simple truth is that collectively we always live from what is CURRENTLY produced.
Backgrounder: Will Savings Save US?
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