Consider this Twitter Post
Scary stuff, right? The good news is that it’s a lot of nonsense designed to do what I’m not sure except scare seniors and create more animosity toward Republicans.
The truth is there is no surplus. That $2.9 trillion is the reserve built up to meet the obligations already created and earned under Social Security. The last time there was anything close to a surplus was in 2010 when payroll taxes last exceeded the benefits being paid.
The $2.9 trillion is in the form of special US Treasury bonds which are a debt obligation paying the SS Trust interest each month.
What the Tweet refers to was a vote on a constitutional amendment requiring a balanced budget. Interesting though, the amendment contained this exception for government debt.
This joint resolution proposes a constitutional amendment prohibiting total outlays for a fiscal year from exceeding total receipts for that fiscal year unless Congress authorizes the excess by a three-fifths roll call vote of each chamber. The prohibition excludes outlays for repayment of debt principal and receipts derived from borrowing.