SS started out in the red. I really don’t think it was ever self-sustaining.
Someone please correct me if I’m wrong.
Someone please correct me if I’m wrong.
You are absolutely correct. There is no such thing as a "Social Security Fund". Like I said I used the analogy of picture Fort Knox, now picture that filled up with all the money for Social Security, that doesn't exist.
All of the money paid to Social Security recipients comes out of the General Treasury, it is no different than funding the military, paying government salaries, ect...
It is con groups like AARP that are trying to brainwash Seniors that there is some mythical Fort Knox filled with funds that are labeled "The Social Security Fund" all of which is only to be spent on Social Security. Complete con.
Think of a simple x / y graph. At a certain point the money going in towards social security by those working and money being paid out has hit the point where more money is paid out than coming into the Treasury. I don't know how to do graphics but I think this little explanation should sum it up for those not familiar with how Social Security works.
No argument here. The first social security recipient, Ida May Fuller paid a grand total of $22.54 into Social Security between 1937 and 1939. When she died in 1975 at age 101, she had received $22,888.92 in SS benefits. So by that criteria, Social Security did in fact start out in the red. But in terms of current projections, SS costs weren't projected to exceed revenues until 2032. SS Trustees are now reporting that this projection was off by 21 years.