"For the first time in more than a quarter-century, Social Security ran a deficit in 2010: It spent $49 billion dollars more in benefits than it received in revenues, and drew from its trust funds to cover the shortfall. Those funds — a $2.7 trillion buffer built in anticipation of retiring baby boomers — will be exhausted by 2033, the government currently projects.
Why do they persist with the fantasy of the Social Security Trust Fund? There is no Trust Fund! It's a pile of IOUs from the Government that the broke Government must buy back. It's buying these IOUs back with printed money from the Fed which is making all of our money worth less and hiding the fact that the Government does not have the money to keep spending like it is now.