Social Security can’t deficit spend.
Harry C. Ballantyne 10, Policy Analyst for the Social Security Administration; Monique Morrissey, Economist at Economic Policy Institute; Lawrence Mishel, distinguished fellow the Economic Policy Institute, “Social Security and the Federal Deficit,” epi.org/publication/social_security_and_the_federal_deficit/
Social Security is running a surplus of $77 billion this year1 and amassing a trust fund large enough to last through the peak retirement years of the Baby Boomers. Social Security can only spend what it receives in tax revenues and has accumulated in its trust fund from past surpluses and interest earnings. It cannot add to the deficit if the trust fund is exhausted because the law prohibits it from borrowing (if current revenues and savings in the trust fund are not sufficient to pay promised benefits, these have to be cut). Though modest changes will be needed to put Social Security in balance over the 75-year planning period, the projected shortfall is less than 1% of gross domestic product (GDP).