"Dave" wrote
..... A bond is a promise to pay--

Yes but treasury bonds held by the SS admin are the same as those held by
other institutions and foreign governments. I do not believe the US
Government can decide not to honor just those held by SSA. They would have
to default on the others too, which would cause a global economic crisis.
Possible but unlikely.

WASHINGTON (Reuters) - The U.S. Social Security trust fund will exhaust its
assets in 2041 instead of 2042 as forecast last year, while the Medicare
trust fund will be depleted in 2020, rather than 2019, the funds' trustees
said on Wednesday. In addition, the trustees projected Social Security
outlays would outstrip tax income in 2017 instead of 2018 as previously
forecast. . ..When the program's trust fund is exhausted in 2041, tax
revenues would still be sufficient to fund 74 percent of the benefits,...

So, if we do nothing,TWELVE years from now the gummymint will have to BEGIN
redeeming the bonds held by the SSA either by selling bonds to someone else
(borrowing), raising taxes or cutting other programs. Thirty six years from
now it will have to reduce benefits.

Alternately, if we embrace private accounts and start diverting part of SS
taxes into them, we can get in trouble alot sooner.

What a plan!