ECON Social Security funds barreling toward insolvency without a fix

[20Gauge]

And while SSI is administered by the Social Security Administration (SSA) it is NOT paid for out of social security funds.

SSI is funded from general tax revenue that comes from various taxes including personal and corporate income taxes.

SS Retirement, Disability and Survivor benefits are funded by specific payroll withholding taxes such as FICA and SECA. SSI is NOT funded from these payroll withholding taxes.

Very true. As there is no SS Trust fund like many think. That went away in 1969?

BUT

They like games in the government, so they track it like it was a trust fund, even though it does not exist anymore. Thus their ability to raise taxes to "save" the trust fund.....

It is all a game.....

 

[Kris Gandillon]

Very true. As there is no SS Trust fund like many think. That went away in 1969?

BUT

They like games in the government, so they track it like it was a trust fund, even though it does not exist anymore. Thus their ability to raise taxes to "save" the trust fund.....

It is all a game.....

According to the Social Security Administration, the Trust Funds do still exist. One is for the Old Age and Survivor Insurance (OASI) and the other is for Disability Insurance (DI).

The link below is updated and current as of May 2024.

Summary: Actuarial Status of the Social Security Trust Funds

Social Security Administration Research, Statistics, and Policy Analysis

www.ssa.gov