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Social Security has always held nothing but treasury bonds. As long as there's a national debt nothing else makes sense. Why put cash in a 'savings account' when you're paying on debt at higher interest? In any case, the law has said that's what happens from day one of the program.
Funding from the trust fund is therefore an illusion. Always has been. Social Security will, however, always be fully funded as long as the US government can tax and borrow, and Congress chooses to fund it....
What burns my butt is all the politicians of both parties who accuse the other of 'raiding' social security. The raiding has always been 100% and always automatic. And what really burns my butt is the increases in FICA tax that are justified as insuring the 'future solvency' of the program. The money has always been spent immediately, some for current SS benefits, and the rest to help finance the current deficit. The surplus FICA money was never anything but a disguised income tax, and a very regressive one. It never did a damned thing for future benefits.
Politicians sure do lie a lot.
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