True, but the actual number was quite a bit higher even then. They were excluding Social Security and Medicare. At that time people were paying in more than was going out, but that money was NOT saved. It went into the general fund and they replaced it with a simple Treasury IOU bond. In other words--we have been spending far more than we were takeing in, and this goes back at least as far as Johnson in the 60s. I am not partisan here--it is both parties that sold us out and were irresponsible over a long time.
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