You accurately describe the FICA tax cut, but that isn't why the fund went into deficit, as the lost revenue was made up by revenue from the general fund. It was because of the weak job market. If you include the interest that the trust fund earns on its bonds, I think the fund was still cash-flow positive even so. However, in a few years that will no longer be true, barring some changes to the system, which is why the trust fund is projected to be exhausted in 20 years.
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