"By the way, we don't have a trust in Social Security. It's called, pay-as-you-go. See, some people think there's a Social Security trust where we've taken your money, and we've held it for you, and then when you retire, we give it back to you. No, what happens is we take your money, we pay money out for the promises for those people who have retired, and if we've got anything left over, we spend it on things other than Social Security. That's just the way it works. It's been working that way for a long period of time. And what's left are a pile of IOUs, paper."
He is telling the world that the extra money we have been into Social Security which, in turn, has been invested in Treasury Bonds is worthless. Does the world not realize that the bonds they are buying from out government are worthless? Why isn't the mainstream press calling the president on this?