Social Security incoming tax revenue (FICA on your paycheck is for social security and Medicare) used to be greater than what they sent to retirees. That surplus was once hundreds of billions of $$$ per year. The US govt spent it all. Social Security technically owns a bunch of US Treasury bonds, but that really means that the govt borrowed and spent the money already. Back in 2021 Social Security went into deficit. The incoming tax revenue from FICA (your pay stubs) was not enough to cover what they were paying to retirees. So Social Security started cashing in those US Treasury Bonds to cover the difference. The size of the deficit grows each year now. In 2024, Social Security cost 1.48 trillion while only bringing in 1.42 trillion — resulting in a 67 billion decline in funds. The Social Security fund still owns over 2 trillion in US Treasury debt. As they cash in those bonds to cover benefits, the US govt is forced to turn around and borrow even more to cover the deficits. So the 2 trillion "trust fund" is gradually being shifted into just being part of the regular US govt debt. Eventually the "trust fund" will be gone around 2035 and then the US govt will just have a much more massive annual budget deficit to cover the gap for Social Security and Medicare. They will likely rely upon the Fed to print the money (quantitative easing) to fund annual budget deficits of 3 trillion to 5 trillion per year.(Wall Street Mav)