not quite.
social security is still solvent and is projected to be so for decades, and can be made solvent again in the future easily just by raising the cap on contributions
the part that's confusing is that social security works as a massive country-wide pension, and doesn't leave cash on hand to depreciate; it buys T-bills (recognized as the safest interest-bearing security on the planet).
so with shady accounting practices, you can pretend the social security has less money than it does or that it pays into the federal budget (which it doesn't unless you think your 401(k) pays into the federal budget)