In reality this is true - SS is broke.
In theory however, the money SS was ahead of the game all these years could have (SHOULD HAVE!) been set aside in that “lockbox” for the day when it went upside down.
Just because it’s now paying more than it’s taking does not make it insolvent. The fact that the “lockbox” had been “picked” was robbed and left with nothing inside is what makes it insolvent.
To use / modify your example, if my empty left pocket owes my empty right pocket $1000, I’m only broke if there is no money in my bank account. If there is money in my bank account, I’m in bad shape because I’m drawing down my account but I’m not yet insolvent.
In theory, SS could become solvent again if there was more money being deposited by workers than withdrawn by retirees. Demographics do not suggest that will become the case but it is not impossible.
“Just because it’s now paying more than it’s taking does not make it insolvent. The fact that the “lockbox” had been “picked” was robbed and left with nothing inside is what makes it insolvent.”
There never could have been a lock box filled with mowed lawns and presents for the grand babies. Those goods have to be produced in the year they are consumed.
You are right. There aren’t enough young worker bees to pay for you when you or me when we are a grandpa and grandma to sit around and get a gubmint check.
Demographics don’t support the theory. The milions of taxpaying citizens who were supposed to pay FICA and FUTA taxes were aborted and killed in the womb. We need to import 3rd world illegals to replace them.
At least my parents and uncles are collecting. I won’t see dime one.