[1Old Pro]

1) There is no trust fund
2) Yes, by 2018 outflows will exceed inflows meaning the Treasury/budget will have to make up the difference.

[oldcomputerguy]

"meaning the Treasury/budget will have to make up the difference."

By redeeming the bonds that were issued previously. It is only in 2042 or 2052 depending on whom you ask, that they run out of bonds to redeem too. At that point, under current projections, benefits would decline slightly for some period of time.

[WhiteGuy]

"meaning the Treasury/budget will have to make up the difference"

Treasury?

Budget?

Nope, taxpayers.

[Cyber Liberty]

,,,by 2018 outflows will exceed inflows meaning the Treasury/budget will have to make up the difference.

This is the dirty little secret nobody on the left side of the aisle will admit: in 2018, paying off the IOUs will start becoming a huge "non-discretionary" budget item. Ruination of the treasure will happen well before 2042.