[cgbg]

Watch this magic trick carefully:

https://www.ssa.gov/oact/progdata/specialissues.html

“The trust funds now hold only special issues”

So what are these “special issues”?

Follow the pea while I move my hands quickly:

https://crsreports.congress.gov/product/pdf/IF/IF10564

“Section 201 of the Social Security Act (42 U.S.C. §401)
requires the managing trustee of the Social Security trust
funds (the Secretary of the Treasury) to invest Social
Security tax revenues in special “nonmarketable” federal
public-debt obligations called special issues”

In other words—Ponzi scheme.

[Tell It Right]

Wow! Thanks for clarifying. I had no clue about the "special issue" treasuries.

Your SSA gov link says "The trust funds now hold only special issues, but they have held public issues in the past.". Any idea when the change happened?