Nothing but IOU after IOU in the lock box. I don’t even think they try to convince citizens its in the “Lock Box”, the IOU is stuff in a file cabinet far to the corner.
This is how Social Security Works.
1. They steal it from you and your employer and put it in a secure lock box, that congress has the key for.
2. The social security taken from you paycheck is part of your gross income so you pay tax on income you did not get,
3. They spend the money in the secure lock box.
4. They “give” back some of the money when you retire but again it is considered income and is taxed.
They steal it, tax it, spend it and tax it again when they “give” some of it back.
If a private firm did this it would be considered, theft, embezzlement, fraud and a ponzi scheme.