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The New DU. Reply #8: Actually, there IS a soc. sec. trust fund.
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tubbacheez
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Wed Feb-09-05 07:14 PM
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| 8. Actually, there IS a soc. sec. trust fund. |
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Listening to an NPR show (TTON?) a couple weeks back, I learned that there really IS such a thing as a "Social Security Trust Fund".
But it's not the big horde of cash that one might envision upon hearing that phrase. It's several hundred million dollars in size, and it's just a general fund for rainy days in the Social Security Administration.
It is NOT a collection box for every worker's SS taxes. It is NOT used to pay today's benefits to today's retirees. The pay-as-you-go system has other accounts for these activities.
It however IS considered a juicy prize for any financial services firm that can convince the government to let it "hold" the money for a while.
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