SS is an accounting game—to call it “solvent” assumes a whole bunch of stuff which is just not true.
See post 12.
This is all funny money.
“Solvent” is a term that applies to going concerns—social security is a pure Ponzi scheme—it will “collapse” when the government collapses—not one day before and not one day after....
Social Security is technically a benefit based on insurance payment contributions (as in the Federal Insurance Contributions Act - FICA). When the accumulated payout become more than your ‘contributions’ it’s then just a defined benefit like most any other annuity.
It sounds like a Ponzi scheme but it DOES pay out, like you say as long as the Federal Government exists, even when the influx payments don’t meet the payouts. Ponzi schemes don’t do that (ala Bernie Madoff). Of course, as you say, it all goes to shit if this government fails. :0(