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Social Security Trust Fund Cash Flows And Reserves
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Book Synopsis Social Security Trust Fund Cash Flows and Reserves by : David Pattison
Download or read book Social Security Trust Fund Cash Flows and Reserves written by David Pattison and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines the Social Security trust fund reserves and cash flows and their interrelationships with the Treasury's cash management operations and the budget of the rest of the federal government. The article considers the extent to which the trust fund reserves and interest income reflect cash transactions between the trust funds and the public and are not, as some commenters have asserted, just accounting fictions. It also considers whether, under the Social Security system's self-financing framework, an improvement in trust fund finances can help relieve the accumulated debt commitments of the rest of the federal government.
Book Synopsis Social Security by : United States. General Accounting Office
Download or read book Social Security written by United States. General Accounting Office and published by . This book was released on 1989 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Security by : Christine A. Scott
Download or read book Social Security written by Christine A. Scott and published by . This book was released on 2005 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Social Security program is financed primarily through taxes, which are deposited in the U.S. Treasury and credited to the Social Security trust fund. Any revenues credited to the trust fund in excess of costs (benefits payments and administrative costs) are invested in special U.S. obligations (debt instruments of the U.S. government). The Social Security trust fund represents funds dedicated to pay current and future Social Security benefits. However, it is useful to view the trust fund in two ways: (1) as a balance of an internal federal accounting concept, and (2) as the accumulated holdings of Social Security programs. For internal accounting purposes, ceratin accounts within the U.S. Treasury are designated by law as trust funds in order to properly track revenues dedicated to certain purposes (or expenditures). There are a number of trust funds in the U.S. Treasury including those for Social Security, Medicare, unemployment compensation, and federal employee retirement. The monies in the Social Security trust fund in the U.S. Treasury are owned by the U.S. government, which can (by changing the law) raise or lower revenues to the trust fund, or payments from the trust fund. By law, any positive annual balance (or cash flow surplus) in the Social Security trust fund must be invested in U.S. government obligations. The accumulated holdings of U.S. obligations are often viewed as being similar to assets held by any other trust on behalf of the beneficiaries. However, the holdings of the Social Security trust fund differ from those of private trusts because: (1) the types of investments it may hold are limited; and (2) the U.S. government is both the buyer and seller of investments. This paper will review some of the basics of how the Social Security program is funded, and how the Social Security trust fund works.
Download or read book Social Security written by William Morton and published by Createspace Independent Publishing Platform. This book was released on 2017-10-09 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Social Security program pays monthly cash benefits to retired or disabled workers and their family members and to the family members of deceased workers. Program income and outgo are accounted for in two separate trust funds authorized under Title II of the Social Security Act: the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability Insurance (DI) Trust Fund. Projections show that the OASI fund will remain solvent until 2035, whereas the DI fund will remain solvent until 2028, meaning that each trust fund can pay benefits scheduled under current law in full and on time up to that point. Following the depletion of trust fund reserves (2028 for DI and 2035 for OASI), continuing income to each fund is projected to cover 93% of DI scheduled benefits and 75% of OASI scheduled benefits. The two trust funds are legally distinct and do not have authority to borrow from each other. However, Congress has authorized the shifting of funds between OASI and DI in the past to address shortfalls in a particular fund. Therefore, this CRS report discusses the operations of the OASI and DI trust funds on a combined basis, referring to them collectively as the Social Security trust funds. On a combined basis, the trust funds are projected to remain solvent until 2034. Following depletion of combined trust fund reserves at that point, continuing income is projected to cover 77% of scheduled benefits. Social Security is financed by payroll taxes paid by covered workers and their employers, federal income taxes paid by some beneficiaries on a portion of their benefits, and interest income from the Social Security trust fund investments. Social Security tax revenues are invested in U.S. government securities (special issues) held by the trust funds, and these securities earn interest. The tax revenues exchanged for the U.S. government securities are deposited into the General Fund of the Treasury and are indistinguishable from revenues in the General Fund that come from other sources. Because the assets held by the trust funds are U.S. government securities, the trust fund balance represents the amount of money owed to the Social Security trust funds by the General Fund of the Treasury. Funds needed to pay Social Security benefits and administrative expenses come from the redemption or sale of U.S. government securities held by the trust funds. The Social Security trust funds represent funds dedicated to pay current and future Social Security benefits. However, it is useful to view the trust funds in two ways: (1) as an internal federal accounting concept and (2) as the accumulated holdings of the Social Security program. By law, Social Security tax revenues must be invested in U.S. government obligations (debt instruments of the U.S. government). The accumulated holdings of U.S. government obligations are often viewed as being similar to assets held by any other trust on behalf of the beneficiaries. However, the holdings of the Social Security trust funds differ from those of private trusts because (1) the types of investments the trust funds may hold are limited and (2) the U.S. government is both the buyer and seller of the investments. This report covers how the Social Security program is financed and how the Social Security trust funds work.
Book Synopsis Social Security by : William R. Morton
Download or read book Social Security written by William R. Morton and published by Createspace Independent Publishing Platform. This book was released on 2017-10-09 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Social Security trust funds are projected to become exhausted in 2041, according to the 2008 Social Security Trustees Report. If Congress does not act before then, the trust funds would be unable to pay full Social Security benefits on time. If full Social Security benefits could not be paid on time, the lives of millions of people who rely on Social Security could be disrupted. The consequences of waiting to act are also serious. By 2041, the benefit cuts and tax increases required to achieve long-range solvency are projected to be about twice as large as those needed today. The Social Security Act does not specify what would happen to benefits if the trust funds became insolvent. However, it is clear that full Social Security benefits could not be paid on time because the Antideficiency Act prohibits government spending in excess of available funds. After insolvency, Social Security would continue to receive tax income, from which some benefits could be paid. Either full benefit checks would be paid on a delayed schedule or reduced benefits would be paid on time. In either case, Social Security beneficiaries and qualifying applicants would remain legally entitled to full benefits and could take legal action to claim the balance of their benefits. The legal conflict between benefit entitlement and the Antideficiency Act would need to be resolved either by Congress or by the courts. Social Security solvency could be restored by cutting Social Security's spending, increasing its income, or some combination of the two. Over the long range (i.e., over the next 75 years), the Social Security trustees estimate that the trust funds have a shortfall of $4.3 trillion in present value terms, or 1.7% of taxable payroll. The sooner Congress acts to fill this gap, the smaller the changes to Social Security need to be, because earlier changes could be spread to a larger number of workers and beneficiaries over a longer period of time. If Congress waits until the moment of insolvency to act, the trust funds' annual deficits could be eliminated with benefit cuts of about 22% in 2041 that will gradually rise to about 25% by 2082. Congress could also eliminate annual deficits by raising the Social Security payroll tax rate from 12.40% to 15.94% in 2041, then gradually increasing it to 16.60% by 2082. To maintain annual balance after 2082, larger benefit reductions or tax increases would be required. Prompt action to restore Social Security solvency would be advantageous. The trustees project that the combined trust funds will begin to run annual cash-flow deficits in 2017, requiring the redemption of government bonds accumulated in earlier years. The Disability Insurance (DI) trust fund is already running cash-flow deficits. Cash-flow deficits do not affect Social Security directly, but the redemption of the trust fund bonds puts pressure on the overall federal budget, which is in deficit. Earlier changes would allow workers and beneficiaries time to adjust their retirement plans. Finally, if Congress were to act today, the benefit cuts or tax increases necessary to restore solvency until 2082 would be about half as large as those needed if Congress waited until the trust funds became insolvent to act. This report will be updated as events warrant.
Book Synopsis Report of the National Commission on Social Security Reform by : United States. National Commission on Social Security Reform
Download or read book Report of the National Commission on Social Security Reform written by United States. National Commission on Social Security Reform and published by . This book was released on 1983 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Impacts of Social Security Trust Fund Policies on Family Income by : Patricia Ruggles
Download or read book Impacts of Social Security Trust Fund Policies on Family Income written by Patricia Ruggles and published by . This book was released on 1989 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting for Social Security and Its Reform by : Howell E. Jackson
Download or read book Accounting for Social Security and Its Reform written by Howell E. Jackson and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: How well did the Social Security system do last year? According to the most recent annual report prepared by system's Board of Trustees, the Social Security trust funds showed a $165.4 billion net increase in assets in 2002 and reported accumulated reserves of nearly $1.4 trillion by year end. Unfortunately, these glowing reports are a cash-flow illusion, revealing only the difference between the system's annual cash receipts and its yearly payments for benefits and administrative expenses. Were the finances of the Social Security system restated under principles of accrual accounting, which recognizes commitments to make future payments when those obligations are actually incurred, the Social Security trust funds would have had to report a loss of several hundred billion dollars in 2002. Moreover, as of December 31, 2002, an accrual-based balance sheet of the Social Security system would have revealed more than $14.0 trillion of accrued liabilities to Social Security participants and beneficiaries. Even allowing for the system's $1.4 trillion of accumulated reserves as well as the value of excess future taxes to be paid by current participants over the rest of their working lives, the Social Security trust funds had unfunded obligations on the order of $10.5 trillion as of year-end 2002. This implicit debt of the Social Security system is several times greater than the explicit debt burden of the federal government and is growing by hundreds of billions of dollars each year. In addition to misrepresenting the magnitude of the Social Security system's looming financial crisis, the current accounting system for Social Security distorts public debate over Social Security reform proposals and confuses the relationship between Social Security and the rest of the federal budget. Accrual accounting, in contrast, would provide a clearer picture of the true state of the Social Security's current financial shortfall and the extent to which the system's burden on future generations is increasing each year. Accrual accounting would also create political incentives for our leaders to address Social Security's difficulties in a timely manner, and enhance the quality of public debate over the relative merits of competing reform proposals.
Book Synopsis Raiding the Trust Fund by : Allen W. Smith
Download or read book Raiding the Trust Fund written by Allen W. Smith and published by Ironwood Publications (FL). This book was released on 2015-09-29 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: The money's gone! Social Security doesn't have $2.7 trillion stashed away for paying benefits, as so many people believe. It cannot pay benefits for another 20 years, as is often claimed. In fact, Social Security does not have enough money to pay full benefits, even for 2014, without borrowing money from China or another of our creditors. How can this be? Wasn't Social Security fixed by the Social Security Amendments of 1983, which included a large increase in payroll taxes? That's what we were told at the time. President Reagan signed that legislation into law with great fanfare on April 20, 1983. With his comments at the signing ceremony, Reagan gave the impression that it was a proud day for America. But, instead of being a proud day for America, as Reagan implied, the day the new legislation was signed into law, turned out to be a day of shame for the United States. The Social Security Amendments of 1983 laid the foundation for 30 years of government embezzlement of Social Security funds. The money was used to pay for wars, tax cuts for the rich, and other government programs. The payroll tax hike of 1983 generated a total of $2.7 trillion in surplus Social Security revenue. This surplus revenue was supposed to be saved and invested in marketable U.S. Treasury bonds, which would be held in the trust fund until the baby boomers began to retire in about 2010. But not one dime of that money ever made its way to the Social Security trust fund. The 1983 legislation was sold to the public, and to Congress, as a long-term fix for Social Security. With the help of Alan Greenspan, Reagan was a super salesman, who could have sold almost anything to the public-even a scam. And that's exactly what he was selling. Reagan intended to use the surplus Social Security revenue to replace revenue lost because of his unaffordable income tax cuts. Instead of being set aside for the retirement of the baby boomers, as was the intent of the legislation, the extra Social Security revenue was deposited directly into the general fund just like income tax revenue. From the very beginning, Reagan and his advisors had no intention of saving and investing the new revenue for the retirement of the baby boomers. They needed additional general tax revenue, and an increase in the payroll tax would be much easier to enact than higher income taxes. Also, the potential to get vast amounts of revenue was much greater with a payroll tax increase than from an income tax increase. The baby boomers, the largest generation of Americans who ever lived, were already making large contributions to the Social Security fund. Like all previous generations, prior to 1983, the boomers were being required to pay the full cost of benefits paid to the previous generation. But, the proposed new legislation would hit the boomers with a double whammy. In addition to paying for their parents' benefits, the new law would require the baby boomers to also pay enough additional taxes to prepay the cost of their own benefits. This would generate a potential gold mine of surplus revenue that could be tapped and used for other purposes. But none of the $2.7 trillion in additional Social Security revenue was ever saved or invested in anything. The actual surplus money was replaced with nonmarketable government IOUs, which cannot be converted into cash or used to pay Social Security benefits. It would have been bad enough if only Reagan had looted Social Security money. But George H.W. Bush, Bill Clinton, and George W. Bush all followed in Reagan's footsteps and spent all of the Social Security surplus revenue for non-Social Security purposes, just like Reagan. This book is a must read for all who care about the future of Social Security and the integrity of their government.
Book Synopsis Privatizing Social Security by : Martin Feldstein
Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
Book Synopsis Social Security Reform by : Peter A. Diamond
Download or read book Social Security Reform written by Peter A. Diamond and published by OUP Oxford. This book was released on 2002 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Also considered are the risks in the political process."--BOOK JACKET.
Book Synopsis International Reserves and Foreign Currency Liquidity by : International Monetary Fund. Statistics Dept.
Download or read book International Reserves and Foreign Currency Liquidity written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2015-01-07 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.
Book Synopsis Retooling Social Security for the 21st Century by : C. Eugene Steuerle
Download or read book Retooling Social Security for the 21st Century written by C. Eugene Steuerle and published by The Urban Insitute. This book was released on 1994 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Study of the Social Security debate arguing that Social Security needs reform and offering a blueprint for implementing them to meet today's and tomorrow's needs.
Book Synopsis Social Security in an Era of Retrenchment by : Kathryn L. Moore
Download or read book Social Security in an Era of Retrenchment written by Kathryn L. Moore and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security's income, including interest income on the Social Security trust funds' reserves, currently exceeds costs. The system, however, is facing a long-term deficit. Specifically, the Social Security Trustees project that, unless the Social Security Act is amended, by 2033 the system's reserves will be depleted, and its income will only be sufficient to cover about 75 percent of scheduled benefits. This article addresses two questions related to the funding of Social Security. Part I discusses what would happen if the Social Security trust funds were exhausted. Part II discusses whether Congress could amend the Social Security Act to reduce retroactively scheduled but unpaid Social Security benefits.
Book Synopsis A Glossary of Terms Used in the Federal Budget Process by :
Download or read book A Glossary of Terms Used in the Federal Budget Process written by and published by DIANE Publishing. This book was released on 1993-12 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: A basic reference document for persons interested in the federal budget-making process. Emphasizes budget terms in addition to relevant economic and accounting terms to help the user appreciate the dynamics of the budget process. Also distinguishes between any differences in budgetary and non-budgetary meanings of terms. Over 300 terms defined. Index. Appendices: overview of the federal budget process, budget functional classification, and more.
Book Synopsis Treasury Single Account by : Israel Fainboim Yaker
Download or read book Treasury Single Account written by Israel Fainboim Yaker and published by International Monetary Fund. This book was released on 2010-06-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: A treasury single account (TSA) is an essential tool for consolidating and managing governments’ cash resources, thus minimizing borrowing costs. In countries with fragmented government banking arrangements, the establishment of a TSA should receive priority in the public financial management reform agenda. Drawing on the lessons of the Fund’s work in several countries in establishing a TSA, this paper explains its concept, essential features, and potential benefits. It also presents alternative models and approaches for designing a TSA that take into account specific country contexts as well as the preconditions and desirable sequencing for its successful implementation. Finally, the paper includes country examples from different regions in support of the analysis and recommendations.
Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System
Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
