The trust fund loans its money to the government so that it can earn interest until it’s needed for paying benefits. It invests in treasury bills because they’re the safest investment available.
The fund was created because there was a known actuarial shortfall coming with the baby boomers. The fund was a fix for a few decades but the problem needed to be addressed in the future. Congress like always has been too incompetent to address it.
This is a bit of misnomer. Social security trust is limited in what it can invest in so it has typically bought treasury bonds. Because of this the fund has actually for many years earned billions in interest. So the fund hasnt been depleted because of GOP taking money out. It’s been a known issue.
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