...The surplus is accounted for in the Social Security Trust Fund. As of the end of calendar year 2004, the accumulated surplus stood at approximately $1.7 trillion.  Projections are that current receipts will continue to exceed expenditures until 2018 or 2019. Thereafter, there will be a shortfall that will be made up by withdrawals from the Trust Fund, although the Trust Fund will continue to show net growth until 2025 because of the interest generated by its bonds.  The Trust Fund will gradually be drawn upon to cover the difference between tax receipts and benefit payments. It will be completely depleted by 2042 (according to the Social Security Administration) or 2052 (according to the Congressional Budget Office). However, if the US economy performs better than the economic assumptions and projections used by the SSA and CBO, the trust funds may remain solvent indefinitely.
On February 2, 2005, President George W. Bush made Social Security a prominent theme of his State of the Union Address. One consequence was increased public attention to the nature of the Social Security Trust Fund. Unlike a typical private pension plan, the Social Security Trust Fund does not hold any marketable assets to secure workers' paid-in contributions. Instead, it holds non-negotiable United States Treasury bonds and U.S. securities backed "by the full faith and credit of the government". The Office of Management and Budget has described the distinction as follows:
These [Trust Fund] balances are available to finance future benefit payments and other Trust Fund expenditures – but only in a bookkeeping sense.... They do not consist of real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury that, when redeemed, will have to be financed by raising taxes, borrowing from the public, or reducing benefits or other expenditures. The existence of large Trust Fund balances, therefore, does not, by itself, have any impact on the Government’s ability to pay benefits. (from FY 2000 Budget, Analytical Perspectives, p. 337)
[QUOTE=BrooklynBound]The surplus of receipts over disbursements in say, 2006.[/QUOTE]
Hmmm...every year I get a financial summary/report from all my mutual funds and financial institutions detailing where my money is, and how it is performing...haven't seen one from the US Government recently.
[QUOTE=Greenwave81]Hmmm...every year I get a financial summary/report from all my mutual funds and financial institutions detailing where my money is, and how it is performing...haven't seen one from the US Government recently.