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My Economics Lesson of the Day

So today in Econ. my teacher said a few interesting things that I jotted down (See: https://collegemindset.wordpress.com/2012/08/16/oil-boom-2012/). One of those things concerned Social Security. During the time of the baby boom, the government increased Social Security tax in order to have enough money for their retirement. They put 3 trillion dollars into the Social Security fund, but politicians became greedy and began to take money out of the fund, replacing it with government IOU’s. Now the government owes its own program 3.4 trillion dollars, and because of this debt, there won’t be enough Social Security money for younger generations. If you don’t know how much a trillion is, I’ll give you an idea. 1 trillion seconds ago, was 32,000 years.

I also learned that the government bought over 1,000 toilet seats for their aircrafts. If you go to Lowes, you can probably buy a toilet seat for about $29.99. Can you guess how much the government paid for each one? Each toilet seat was $500, yet we are 16 trillion dollars in debt. I hope those were some luxury, bullet-proof toilet seats that can transform into tanks.

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