Retirement

There is no surplus in the Social Security trust‼️‼️‼️

Following is a comment that appears on this blog:

Wow apparently you must run Social Security because you know more than they do – sorry, but even the Board of Trustees is stating there is a surplus – maybe you should read the report and not just make up stuff

Well no, the Trustees do not state there is a surplus. In fact the word “surplus” appears only once in the entire 2018 report and not in connection with the trust reserves.

There never has been a surplus, all the money in the trust has always been committed to earned benefits and even then dependent on a steady flow of incoming taxes.

Up until 2010 there were excess payroll taxes over what was needed to pay current benefits and up until 2018 interest on the bonds held in the trust (plus taxes) was more was needed to pay benefits and expenses.

Now all taxes are used, all interest is used and the bonds are starting to be redeemed. THERE IS NO SURPLUS‼️

If Social Security was repealed today for there to be a surplus, the trust would have to have sufficient funds to pay all benefits now in a pay status plus all the benefits already accrued by every single American. That is many, many trillions of dollars.

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