The Truth About Social Security
To the editors: A surplus exists when FICA [Federal Insurance Contrubitions Act] dollars collected via payroll deduction during the year exceed the Social Security dollars paid out in benefits. Any surplus goes into the Social Security trust fund, which does not hold cash. Instead, the cash is used to buy U.S. Treasury Securities, the cash reverts to the U.S. Treasury, and Congress may spend these funds as it sees fit. The securities that the trust fund holds, result in an increase in the national debt and helps to ensure the viability of the program. A shortfall exists when Social Security dollars paid out in benefits …
