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The Social Security Trust Fund Surplus
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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 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 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 Social Security Taxes by : David Koitz
Download or read book Social Security Taxes written by David Koitz and published by . This book was released on 1997 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Understanding SSI (Supplemental Security Income) by :
Download or read book Understanding SSI (Supplemental Security Income) written by and published by DIANE Publishing. This book was released on 1998-03 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication informs advocates & others in interested agencies & organizations about supplemental security income (SSI) eligibility requirements & processes. It will assist you in helping people apply for, establish eligibility for, & continue to receive SSI benefits for as long as they remain eligible. This publication can also be used as a training manual & as a reference tool. Discusses those who are blind or disabled, living arrangements, overpayments, the appeals process, application process, eligibility requirements, SSI resources, documents you will need when you apply, work incentives, & much more.
Author :United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security and Family Policy Publisher : ISBN 13 : Total Pages :196 pages Book Rating :4.0/5 (1 download)
Book Synopsis Long-term Status of the Social Security Trust Funds by : United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security and Family Policy
Download or read book Long-term Status of the Social Security Trust Funds written by United States. Congress. Senate. Committee on Finance. Subcommittee on Social Security and Family Policy and published by . This book was released on 1988 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Security's Looming Surpluses by : Carolyn L. Weaver
Download or read book Social Security's Looming Surpluses written by Carolyn L. Weaver and published by American Enterprise Institute. This book was released on 1990 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the economic consequences of the Social Security Trust Fund surpluses.
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.
Book Synopsis The Social Security Surplus by : David Koitz
Download or read book The Social Security Surplus written by David Koitz and published by . This book was released on 1988 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Is the Social Security Trust Fund Worth Anything? by : Kent Andrew Smetters
Download or read book Is the Social Security Trust Fund Worth Anything? written by Kent Andrew Smetters and published by . This book was released on 2003 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: With over $1 trillion in assets, the U.S. Social Security trust fund is the largest pension reserve in the world, and potentially a model for other developed countries facing future financing problems. But are those assets actually worth anything?' This question has generated a heated debate in the U.S. as policymakers debate options for Social Security reform, with the understanding that the characterization of the trust fund influences these decisions. Some observers claim that the trust fund is not worth anything while others argue that it is valuable. However, different reasons are given for the same position. This paper provides a unified conceptual framework for thinking rigorously about the assets accumulated in the trust fund. Multiple perspectives of the trust fund are identified and are summarized under two categories: (I) storage technology arguments and (II) ownership arguments. Storage technology arguments focuses on whether the trust fund surpluses actually reduce the level of debt held by the public or, alternatively, are used to hide' smaller on-budget surpluses. Ownership arguments focus on property rights, i.e., how trust fund credits should be allocated regardless of whether they reduce the debt held by the public. Only the storage technology argument can be empirically tested, as we do herein. We find that there is no empirical evidence supporting the claim that trust fund assets have reduced the level of debt held by the public. In fact, the evidence suggests just the opposite: trust fund assets have probably increased the level of debt held by the public. Moreover, the adoption of a unified budget' framework in the late 1960s appears to play a statistically significant role in this result. We show how this counterintuitive result can be explained by a simple split the dollar game' where competition between two political parties exploits the ignorance of voters who don't understand that the government's reported budget surplus actually includes the off-budget' Social Security surplus. To be sure based on a limited annual time series (1949 2002) and so the results should be interpreted with caution. But the empirical tests are, if anything, biased toward finding a reduction in the level of debt held by the public, and not the increase that we find.
Author :United States. Congress. House Committee on Finance. Subcommittee on Social Security and Family Policy Publisher : ISBN 13 : Total Pages :184 pages Book Rating :4.0/5 ( download)
Book Synopsis Long-term Status of the Social Security Trust Funds by : United States. Congress. House Committee on Finance. Subcommittee on Social Security and Family Policy
Download or read book Long-term Status of the Social Security Trust Funds written by United States. Congress. House Committee on Finance. Subcommittee on Social Security and Family Policy and published by . This book was released on 1988 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on the Budget. Task Force on Economic Policy, Projections, and Revenues Publisher : ISBN 13 : Total Pages :96 pages Book Rating :4.0/5 ( download)
Book Synopsis Social Security Trust Fund Surpluses by : United States. Congress. House. Committee on the Budget. Task Force on Economic Policy, Projections, and Revenues
Download or read book Social Security Trust Fund Surpluses written by United States. Congress. House. Committee on the Budget. Task Force on Economic Policy, Projections, and Revenues and published by . This book was released on 1989 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Social Security Trust Fund Surplus by : United States. Congress. Joint Economic Committee
Download or read book The Social Security Trust Fund Surplus written by United States. Congress. Joint Economic Committee and published by . This book was released on 1989 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Social Security Primer by : Paul E Peterson
Download or read book The Social Security Primer written by Paul E Peterson and published by Routledge. This book was released on 2016-07-01 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offers a clear understanding of what Social Security has accomplished in the past, challenges it now faces, and possibilities for the future. Outlines the full spectrum of current issues, policies, benefits, and proposed reforms.
Book Synopsis The Social Security Primer by : Wallace C. Peterson
Download or read book The Social Security Primer written by Wallace C. Peterson and published by Routledge. This book was released on 1999 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text offers an understanding of what the US Social Security programme has accomplished in the past, the challenges it faces, and possibilities for the future. Contemporary issues, policies, benefits, and proposed reforms are outlined.
