Social Security Trust Fund - Lock Box
Lawmakers regularly use Social Security’s so-called “excess funds” – those monies not immediately needed – for purposes other than to pay out benefits. Because the Trust Fund is a part of the unified federal budget, it is completely legal for Congress to use the funds as they see fit and to replace them with mere IOU’s. TSCL believes that this practice is fundamentally unfair to Social Security’s current and future beneficiaries.
With Social Security’s Trust Funds set to expire in 2034, TSCL believes that it is now more important than ever for lawmakers to end this irresponsible practice. We support the creation of a “lock-box,” which would protect the monies in the Social Security Trust Fund by locking them out of the unified federal budget. Legislation like the Social Security Lock-Box Act would do just that, and we will work with lawmakers in the 115th Congress to pass it into law.