Nope, all SS benefits are pay as you go, that is why the Right call it a Ponzi Scheme. If those Treasury bonds were ever redeemed the GOP National Debt would have gone down. It never has.And when exactly has even one of those "special" Treasury bonds ever been paid????Fat chance of that ever happening. When there is no longer a yearly SS surplus the benefits will be cut or the payroll tax raised or both. SS is seen by the politicians as a pay as you go fund, there is no "trust fund" except in the imaginary world of financial paper. That is why the GOP want to privatize it.The surplus may be borrowed but must be paid back with interest.
What is Social Security? | National Academy of Social Insurance
Social Security is largely a pay-as-you-go program. This means that today's workers pay Social Security taxes into the program and money flows back out as monthly income to beneficiaries.
That is not exactly what the Social Security Administration says.
"The Social Security trust funds are financial accounts in the U.S. Treasury. There are two separate Social Security trust funds, the Old-Age and Survivors Insurance (OASI) Trust Fund pays retirement and survivors benefits, and the Disability Insurance (DI) Trust Fund pays disability benefits.
Social Security taxes and other income are deposited in these accounts, and Social Security benefits are paid from them. The only purposes for which these trust funds can be used are to pay benefits and program administrative costs.
The Social Security trust funds hold money not needed in the current year to pay benefits and administrative costs and, by law, invest it in special Treasury bonds that are guaranteed by the U.S. Government. A market rate of interest is paid to the trust funds on the bonds they hold, and when those bonds reach maturity or are needed to pay benefits, the Treasury redeems them.
Social Security Administration: What are the Trust Funds?
Answer, never and they never will.
"New bonds are purchased every day from the revenue coming into the government, and they are credited to the trust funds. Similarly, whenever any money is expended from the trust funds, for benefits or for any administrative expenses, this comes from redeeming bonds. So, bonds are issued and redeemed all the time."
Yes, it is a ponzi scheme, but the bonds are issued and redeemed all the time. The problem would be if they redeemed ALL of them at once. When a bond reaches maturity it has to be redeemed. Even a third grader knows that.