Matthew Yglesias is apparently hot and bothered about the characterization of the SS Trust Fund as lacking assets. His take on the Social Security Trust Fund is incredible. Here is the key part:
"The Social Security trust fund is a very real fund that really contains assets—bonds—that represent lending from Social Security to the rest of the government (ROTG). "
"The only issue with the Social Security Trust Fund is that if you assume ROTG will repay its debts, that means ROTG will need to obtain that many through tax hikes or spending cuts. Conversely, if ROTG avoids tax hikes or spending cuts, that will require additional hikes or cuts from Social Security."
So, to paraphrase, the only issue with the SS Trust Fund is if you assume that the Trust Fund is real then you will be sorely suprised when your taxes go up/non-SS spending is cut/SS benefits are cut to compensate for the fact that the Trust Fund is not real. Great, thanks for clearing that one up. I think this is a post he wishes he could have back.