Originally Posted by
Houston Techsan
The debt is due to borrowing, including from the Social Security trust fund. But Social Security in and of itself is just a liability like any other account payable or a demand deposit at a bank. It is owed because we have deposited our money over the years. Now there is some amount of "freebie" in Social Security like letting a non working spouse take money out based upon the other spouse's contributions. Also there is Supplemental Income which is given to people who never contribute. But you can't paint a broad swath and blame the debt on people who are just getting back what they put in -- some don't even get that, especially if you are in a higher income bracket. The percentage of your pre retirement earnings you receive is lower the higher your earnings. So there is even some welfare built into the straight system.