Can Social Security checks be truly considered a government “pension” fund? No.
Can Social Security checks be delayed if Congress ever fails to increase the government's borrowing authority? Probably not, for political reasons.
The 2012 Social Security trustees report said that assets in Social Security's trust funds totaled $2.7 trillion, and Social Security expenditures totaled $773 billion. Obligations have since risen.
However, no matter what Congress does about the debt limit, Social Security recipients will get their checks.
Note: There is no Social Security lock box; funds are used by government as received in Social Security taxes. So-called Social Security trust funds are actually IOUs, of no no market value. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at twitter.)
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