I learned that three presidents caused most of the National Debt we have today: Ronald Reagan, who increased the National Debt more than $300 billion in two years; George H. W. Bush, who added another $700 billion in two years, and the last Bush that increased the National Debt by more than $5 trillion in eight years.
This means that President Obama came into office with a National Debt that was more than 10 trillion and the annual interest payment on that debt was about $400 billion or $1.2 trillion since he’s been in office, and the GOP and the Tea Party make it sounds as if the National Debt is his fault.
How many people in the US think of Social Security as a burden on the taxpayer? I admit, until I read a piece from the AARP Bulletin’s Social Security’s Enduring Truths by James Roosevelt Jr., the grandson of President Franklin D. Roosevelt, who gave us Social Security, I thought the taxpayer was responsible to pay for Social Security of the program went broke.
However, I learned that was not the fact, which I will explain in Free to Lie – Part 3.
Meanwhile, did you know that China has a Social Security system?
In fact, China’s social security system is broken down into five distinct categories, which are:
2. Medical insurance
3. Unemployment insurance
4. Maternity insurance
5. Occupational injury insurance
To learn more, visit “China Briefing” and read Adam Livermore’s “Understanding China’s Social Security System”.
To subscribe to “iLook China”, look for the “Subscribe” button at the top of the screen in the menu bar, click on it then follow directions.