The insurrection took place on November 3

Here’s a rerun for you, remember this comment? 

Glenn reply to griffthegrand

“If you think Social Security is not funded by your Govt, you belong on another planet”

I guess maybe you need to book your flight on the next Space X mission with Elon then huh Glenn?

Here on the planet Earth according to the SSA the Social Security program consists of the following two Trust Funds controlled by the Department of Treasury. The fund has automatic spending authority to pay monthly benefits and doesn’t need to make special requests to Congress to pay benefits.

The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way.

Effective as of January 1, 1940, there was created under section 201(a) of Title II, as amended, on the books of the Treasury of the United States, a trust fund to be known as the “Federal Old-Age and Survivors Insurance Trust Fund,” and all amounts credited thereto are made available for the payment of the insurance benefits specified under section 202 as amended. Also known as OASI.

The Disability Insurance (DI) Trust Fund was established through the passage of the Social Security Act Amendments of 1956, and the program became effective on Jan. 1, 1957. Also known as OASDI.

The Social Security program is financed primarily by revenues from payroll or employment taxes received under the Federal Insurance Contributions Act (FICA) and the Self-Employment Contributions Act (SECA) are deposited daily into the OASI Trust Fund held in a separate account at the U.S. Treasury’s, also by federal income taxes paid by some beneficiaries on a portion of their benefits, and interest income from the Social Security trust fund investments. The fund has automatic spending authority to pay monthly benefits and doesn’t need to make special requests to Congress to pay benefits.

By Law Social Security tax revenues are invested in U.S. government securities such as Treasury Bonds (which are government debt securities that are publicly traded), and Special Issues (which are government-backed securities only available to the trust fund) and held by the trust funds, and these securities earn interest. The tax revenues exchanged for the U.S. government securities are deposited into the General Fund of the Treasury and are indistinguishable from revenues in the General Fund that come from other sources. Because the assets held by the trust funds are U.S. government securities, the trust fund balance represents the amount of money owed to the Social Security trust funds by the General Fund of the Treasury. Funds needed to pay Social Security benefits and administrative expenses come from the redemption or sale of U.S. government securities held by the trust funds.

Currently the Social Security trust funds are projected to have asset reserves sufficient to pay full scheduled benefits until 2034 on a combined basis. Considered separately, the OASI Trust Fund is projected to have sufficient asset reserves until 2033 (last year’s report projected 2034 as the depletion year) and the DI Trust Fund is projected to have sufficient asset reserves until 2057.

In 2021, when you work, 85 cents of every Social Security tax dollar you pay goes to a trust fund that pays monthly benefits to current retirees and their families and to surviving spouses and children of workers who have died. About 15 cents goes to a trust fund that pays benefits to people with disabilities and their families. From these trust funds, Social Security also pays the costs of managing the Social Security programs. The Social Security Administration is one of the most efficient agencies in the federal government, and we’re working to make it better every day. Of each Social Security tax dollar you pay, we spend less than one penny to manage the program.

Social Security FAQ

Q26: Has Social Security always taken in more money each year than it needed to pay benefits?

A: No. So far there have been 11 years in which the Social Security program did not take enough in FICA taxes to pay the current year’s benefits. During these years, Trust Fund bonds in the amount of about $24 billion made up the difference. 

Well Glenn, still think the government funds social security?

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