“I have just come from the Bureau of Public Debt. I want to thank Van Zeck, Keith Rake, and Susan Chapman. Susan was the tour guide there at the Bureau of Public Debt. I went there because I’m trying to make a point about the Social Security trust. You see, a lot of people in America think there’s a trust, in this sense — that we take your money through payroll taxes and then we hold it for you, and then when you retire, we give it back to you. But that’s not the way
it works. There is no “trust fund,” just IOUs that I saw firsthand, that future generations will pay — will pay for either in higher taxes, or reduced benefits, or cuts to other critical government programs. The office here in Parkersburg stores those IOUs. They’re stacked in a filing cabinet. Imagine — the retirement security for future generations is sitting in a filing cabinet.” — President George W. Bush, 5 April 2005
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