There is NO Social Security Fund ... which implies an account with money set aside earning interest...
The only Social Security ‘Fund’ is what is paid out each month to recipients from the General Tax Fund of the U.S Treasury brought in from various taxes upon the people of the U.S. - not just from ‘payroll taxes’ with includes a withholding from your wages... supposedly ‘earmarked’ for each worker ... A BIG LIE.
There is no money lying around in some Social Security lock box tagged to someone’s social security number ... Total Fantasy
There are few larger Amens in this world. The pyramid scheme started flat busted and it has been ever since. If you imagine Socialist Security as an inverted pyramid then you can imagine that we will have bored a black hole, from which not even light can escape, clean through the planet by 2037.
China will meet us halfway as their "one child" population exponentially implodes with each female murdering generation.
Biggest legal Ponzi scheme ever!
Yes, there is. It's a stack of special Treasury bonds in a file cabinet in West Virginia.
What you meant to say is that there are no assets backing those Treasury Bonds other than the federal government's ability to collect the taxes in the future to redeem those bonds.
However, you are correct that there is no "trust fund" accounting on a per-worker basis. What was left over after subtracting each month's benefits from the month's payroll tax collection was simply deposited in the "trust fund". Now that there is no surplus, the shortage must be made up out of the accumulated "trust fund".
The promised monthly benefits have only an tangential relationship to the taxes that you paid. The benefit formula in 2011:
The maximum average monthly earnings subject to the payroll tax in 2011 is $8,900. So, you can see how middle income taxpayers get truly screwed.
Oh, by the way: the latest Social Security Trustee's report -- which was conveniently delayed until after the election -- says that after the "trust fund" is gone, Social Security payroll taxes will only be able to fund 75% of the benefits currently being promised.
Gosh Batman, you say that the fed controls the supply of money and can print it? Who could have thought that up.
sorry. It was unintended.