Despite a claim to the contrary, Social Security does add to federal budget deficits.
It’s a pay-as-you-go system: Payroll taxes paid by current workers and their employers go to pay benefits to current retirees and other Social Security recipients.
The government, in turn, incurred obligations to repay the bonds, plus interest, to the Social Security trust fund. In other words, money was transferred from the government’s general fund to Social Security. The Treasury has to borrow money to make the transfer.
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