It wasn't all paid out the same day.
Therefore in my layman terms, it was funded.
I didn't even mention trust fund, nor did I imply that there was one.
Money came in, congress took it and replaced it with worthless IOU's.
Repeating my message you are responding to, it could have been put in an investment venue and gained interest.
Of course the money wasn't "locked" up. That was my point.
Just like the General Fund here in California, governors treat it like their personal mad money. Same with the fed gov with the ss and medicare funds.
I'm glad you posted and got your points across, but they hardly addressed what I posted...
In economic and legal terms there never was a genuine trust fund that was funded, nor was it intended that there be one. In point of fact, withholding taxes come in fairly continuously and hit the door on the way out almost immediately, though not necessarily the day they come in.
The points I made weren’t really directed at you. These threads inevitably attract people who want to believe that there was a “lockbox”, “trust fund”, etc. that were somehow looted. Evryone needs to understand, as I believe you do, that this language was used by FDR and his successors as a way of deceiving the public.
Sorry about the confusion.