If you consolidate the books of the federal government and you're looking at this is a liability to the federal government, Social Security, that transaction nets to zero. And OMB's own publication says that [the trust funds are] just a bookkeeping convention. It's really not any asset that can really pay off those benefits. those benefits. Next chart. Basically that transaction of netting the trust fund asset against the treasury liability in S to zero. But by the way, the Trust fund does exist. (14:10–14:18)
CLAIM
Asserts that the Office of Management and Budget states trust funds are bookkeeping conventions, not real assets.
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