Friedberg states Social Security trust fund holds only a $4 trillion IOU from the US government, not actual assets.
“People don't realize this, but Social Security is an independent trust fund that's set up, and it holds one asset. That asset is an IOU from the US government to that From tax.”
Friedberg warns Social Security projected to run out of money within five to ten years.
“A bunch of programs are gonna run out of money, including social security, which is projected to run out of money sometime between, call it five and ten years from now.”