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Ron Johnson: “The Social Security Trust Fund has $2.77 trillion of U.S…”

Featuring: Ron Johnson, Republican | U.S. Senate, Wisconsin

Senator Johnson at the Budget Committee

Published June 11, 2014 | Video Starts at 01:57

If you put up on the screen, I've got a couple quotes from Office of Management budget report, the 2010 Analytical Perspective, page 345. I just want to read through this and get your action. The balance they're talking about, The Social Security Trust Fund has $2.77 trillion of U.S. government bonds. And OMB's own report says these balances are available for future benefit payments and other trust fund expenditures, but only in a bookkeeping sense. (01:57–02:05)

CLAIM

Asserts the Social Security Trust Fund holds $2.77 trillion in government bonds.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Ron Johnson

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“According to CBO, Medicare will pay out $35 trillion more in benefits than it takes in payroll taxes.”
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“In the next decade, Social Security will have about a $1.5 trillion deficit.”
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“The decade after that, Social Security will have about a $4.7 trillion deficit according to CBO.”
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“About $6 trillion of deficits [for Social Security] over the next 20 years.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 04:20-04:24
“The trust fund is an asset offset by liability netting to zero value to the federal government.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 03:05-03:12
“The only reason they redeem the bonds is because the payroll tax is not covering the benefits.”
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“Where does the treasury get the money to redeem its liability on those bonds?”
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“They float additional government bonds or they have to increase taxes.”
Senator Johnson at the Budget Committee | Uploaded June 11, 2014 | 06:55-06:59