Every time you pick up your paycheck on Friday morning there is a deduction called "social security" payments. This has been deducted every Friday from paychecks across the country for many decades.
As you know when a person reaches a set retirement age in our country they become eligible for a monthly social security check.
Every month up until this year there has been a surplus in social security income (money collected from pay checks) compared to what has been paid out. (the monthly checks people receive)
The government has always told us that this surplus is savings that they will use in the future when the baby boomers retire and there is far less income coming in and far greater payments going out.
What many people do not know is that every year the government spends this surplus. They take the money, use it, then replace it with an I.O.U. There is a drawer in the White House that is the social security fund. It is a file full of pieces of paper that say I.O.U.
Jim Carey explains this situation here.