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The federal government can borrow money from Social Security funds, but it must pay the money back plus interest. Social Security: 20% Cuts to Your Payments May Come Sooner Than ExpectedLearn: 4...
At the end of 2009, the Trust Fund stood at $2.5 trillion. The $2.5 trillion amount owed by the federal government to the Social Security Trust Fund is also a component of the U.S. National Debt, which stood at $15.7 trillion as of May 2012. [18] By 2017, the government had borrowed nearly $2.8 trillion against the Social Security Trust Fund.
The CRFB noted that when Social Security’s long-term projections are calculated, it is assumed this $2.8 trillion will be repaid, so this borrowing from the program’s trust fund isn’t the ...
The "Social Security Trust Fund" comprises two separate funds that hold federal government debt obligations related to what are traditionally thought of as Social Security benefits. The larger of these funds is the Old-Age and Survivors Insurance (OASI) Trust Fund, which holds in trust special interest-bearing federal government securities ...
This debt mainly represents obligations to Social Security recipients and retired federal government employees, including military. In the United States, intragovernmental holdings are primarily composed of the Medicare trust funds, the Social Security Trust Fund, and Federal Financing Bank securities. A small amount of marketable securities ...
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."
The economic damage would worsen as recipients of social security benefits, government contracts, and other government payments cut back on spending in response to the freeze in their revenue. [ 46 ] The 2013 crisis was temporarily resolved on February 4, 2013, when President Barack Obama signed the No Budget, No Pay Act of 2013 which suspended ...
The government needs to make significant changes to get Social Security in a good place, and to do so, they need to keep the purpose and goal of the critical program top of mind.