Social security never made any sense to me anyway. Why not just make the economy healthy so that people can save into old age? Perhaps invest a little into financial literacy so someone doesn't blow all their savings in Vegas when they're 45. It's frustrating the the government's like, "You can't spend that money. We don't think you're smart enough to plan for the future, but we're ethical enough we'll keep it for you and return it to you when you're old and grouchy."
this post was submitted on 15 Nov 2023
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The federal government is the sole issuer of currency. When the federal government spends, it credits recipients accounts with the press of a keystroke. The money is created from nowhere. When the federal government collects taxes (social security, etc) it debits the accounts of taxpayers effectively deleting that money from existence. If the government issued social security payments that exceeded the amount it collected, it would be creating money, which is one of its functions.
This is not at all how the federal reserve and treasury department work.
The fed does create money, but not directly. They control the reserve rate, which determines how much banks can lend over backed deposits, which in turn affects the amount of currency (not just physical but also digital) in circulation.
They can also issue or absord treasury notes and bonds to impact money supply, though this is fairly small compared to the first method.
Lastly, the treasury can print physical, paper or coinage money. This called "fiat currency" by the way. This, however, accounts for an even smaller portion of the moneg supply than bonds.
In short, the government cannot, does not, and will not simply "create money from nowhere."
Please avoid posting false information.
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