Technically true. No American has a "balance" at the SS fund, but we do each have pension/annuity accounts for promised monthly payments (as you correctly pointed out).
There is no money in US Treasury bonds.
Well. That's where you're wrong. The SS fund owns trillions of U.S. treasury bonds. A year ago that amount was $2.7 trillion. https://www.pgpf.org/blog/2023/05/the-federal-government-has-borrowed-trillions-but-who-owns-all-that-debt, which is more than Japan and China combined own of U.S. treasuries (same link).
Again, U.S. treasury bonds are not actual money. Not even at the very large amount of $2.7 trillion. They are merely a promise by the federal government to collect money from future taxpayers. No? What do you think would be the process for the federal government to redeem the $2.7 million, million dollars in U.S. treasury bonds held by Social Security? I’m not trying to put you on the spot I just do not want to continue to be wrong.
Unfortunately the “bonds” in Social Security are “non marketable”.
What does that mean?
It means Ponzi my FRiend.
The only thing that gives U.S. Treasury Notes any value just like any government bond is the power of the federal government to collect money from future taxpayers. In order to redeem the treasury notes new money must be collected from taxpayers or federal deficit spending exercised. There is no money in the Social Security trust fund just a promise by the government to collect new money from taxpayers. It is wrong to use the $2.7 trillion of treasury notes in the trust fund to demonstrate the solvency of Social Security.