“At the age of 17, in 1959, I was taught the truth in a high school civics class. The program is not funded in terms of any insurance program.  First, the Supreme Court of the United States in 1960 declared that the Social Security program is not an insurance program. The case was Fleming v. Nestor.  Second, there is no money in the Social Security Trust Fund. There is merely a stack of IOUs issued by the Treasury Department.  There is no money in this fund. The government has spent every dime.  To get money to pay beneficiaries, the SSA must turn in some of those IOUs to the Treasury. The Treasury must then use money out of the General Fund to pay the SSA its money.”

http://www.garynorth.com/public/11875.cfm

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