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Topic: Social Security Trust Fund

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	FAQ 24. Trust Fund/General Fund
		Social Security contributions which are not needed to pay current benefits are invested in government securities which are required by law to have maturity dates with due regard to the needs of the trust funds.
		The investments of the trust funds in government securities are an investment in the same way that the purchase of government securities by private investors is an investment that earns interest.
		Social Security's trust funds are managed by a Board of Trustees that reports to the American public on the financial status of the trust funds each year.
	www.network-democracy.org /social-security/ff/faq/trust.html (1563 words)

	Defaulting on the Social Security Trust Fund Bonds: Winners and Losers, by Dean Baker, CEPR, July 2001 (Site not responding. Last check: 2007-10-20)
		This has important implications for the calculated the gains and loses from defaulting on the trust fund, since the fund is continuing to accumulate bonds in the mean time.
		The net loss for an average household in the bottom quintile as a result of a default on the trust fund would be $2654, an amount equal to 21.4 percent of their projected annual income.
		The projections of tax incidence for a 2002 default on trust fund bonds assume that the allocation between these three taxes is the average projected over the period 2003-2011 (75.1 percent personal income taxes, 13.9 percent corporate income taxes, and 11 percent excise taxes).
	cepr.net /publications/social_security_2001_07_23.htm (2835 words)

	AARP Issues Blog: Social Security Trust Fund (Site not responding. Last check: 2007-10-20)
		A sizeable shortfall between Social Security income and Social Security benefit entitlements should not be acceptable to the public or policymakers, and action is needed to restore the programâs long-term solvency.
		Tomorrow, the Social Security Trustees are scheduled to release their annual report presenting the current and projected financial status of the Social Security trust fund (last year's report is here).
		However, keep in mind that trust fund investments are indeed backed by the full faith and credit of the federal government and that private accounts would hurt the financial health of Social Security and pose a threat to the retirement security of millions of Americans and their families.
	aarp.typepad.com /socialsecurity/social_security_trust_fund/index.html (1109 words)

	FRB: Testimony, Greenspan -- On investing the social security trust fund in equities -- March 3, 1999
		For example, the implicit real rate of return on social security contributions was almost 10 percent for those born in 1905, and was about 6 percent for those born in 1920.
		Consequently, the ratio of the number of workers contributing to social security to the number of beneficiaries has declined to the point that maintaining the annuity value of benefits on retirement at a level well in excess of accumulated contributions has become increasingly unlikely.
		Having the trust fund invest in private securities most likely would increase its rate of return, although the increase might be less than historical rates of return would suggest, and certainly would be less on a properly risk-adjusted basis.
	www.federalreserve.gov /boarddocs/testimony/1999/19990303.htm (2551 words)

	Trust Fund FAQs
		The Social Security Trust Funds are the Old-Age and Survivors Insurance (OASI) and the Disability Insurance (DI) Trust Funds.
		By law, all income to the trust funds that is not immediately needed to pay expenses is invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government.
		All securities held by the trust funds are "special issues." Such securities are available only to the trust funds.
	www.ssa.gov /OACT/ProgData/fundFAQ.html (1076 words)

	Grandfather Trust Fund & Deficit Report - by MWHodges
		Trust funds include many different special trust accounts: such as the social security trust fund, the federal employee retirement fund, federal hospital trust fund, railroad retirement fund, military retirement fund, employee life insurance fund, etc.
		The practice of siphoning-off trust fund surpluses to spend on non-trust stuff is a way of camouflaging general government deficit spending, making it appear to be in surplus when it's really in deficit - - - or making it appear that a huge deficit is just a modest deficit.
		Trust in Government and the future of Social Security cannot be advanced by such actions.
	home.att.net /~mwhodges/deficit-trusts.htm (3730 words)

	1998 OASDI Trustees Report on Social Security Trust Fund. (Site not responding. Last check: 2007-10-20)
		The assets of the OASI Trust Fund are expected to increase rapidly during the next 10 years, from 177 percent of annual expenditures at the beginning of 1998 to 323 percent of annual expenditures at the beginning of 2007, based on the intermediate assumptions.
		The assets of the DI Trust Fund are expected to increase rapidly for most of the next 10 years, rising from 131 percent of annual expenditures at the beginning of 1998 to 201 percent of annual expenditures at the beginning of 2004, based on the intermediate assumptions.
		The assets of the combined OASI and DI Trust Funds are estimated to be depleted under present law in 2032 based on the intermediate assumptions.
	www.clinicalfreedom.org /TRUST01.HTM (1127 words)

	Social Security Trust Fund - Wikipedia, the free encyclopedia
		The Social Security Trust Fund is the United States federal government's means of accounting for workers' and employers' paid-in contributions to the Social Security system and benefits paid out to retired or disabled workers or their survivors, as well as administrative expenses.
		Contributions that are in excess of current payments to beneficiaries the amount not yet needed for Social Security purposes, is invested in securities issued by the government; those securities constitute the assets of the Trust Fund.
		Accordingly, the Social Security tax was increased in 1983 so that it would be greater than necessary to pay for current expenditures, thus accumulating a reserve that could be drawn upon when necessary.
	en.wikipedia.org /wiki/Social_Security_Trust_Fund (1411 words)

	Trust Fund Data
		The Social Security Trust Funds are the Old-Age and Survivors Insurance (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund.
		The OASI Trust Fund began in 1937; the DI Trust Fund in 1957.
		These trust funds are managed by the Department of the Treasury.
	www.ssa.gov /OACT/ProgData/funds.html (121 words)

	Social Security Reform Center - Facts
		Created in 1935, Social Security has helped to protect millions of workers from poverty in their senior years, but demographic realities have changed over the past 70 years and are still changing.
		If Social Security doesn't change with them, the system will be unable to meet its promises to tomorrow's retirees and will burden the next generations, our children and grandchildren, with backbreaking taxes.
		Social Security has enough money now to pay for current retirees' benefits, and most reform proponents agree that it wouldn't be fair to change the benefits of those who depend on Social Security or are near retirement.
	www.socialsecurityreform.org /fastfacts/index.cfm (973 words)

	Social Security (Site not responding. Last check: 2007-10-20)
		The trust fund is held by a Board of Trustees composed of the Secretary of the Treasury, the Secretary of Labor, and the Chairman of the Social Security Board, all ex officio.
		The trust fund so held is available for the payment of old-age annuities and survivors insurance benefits and the necessary expenditures incurred by the Social Security Board and the Treasury Department in the administration of the program.
		The trust fund augmented by the anticipated income of the next five fiscal years is ample to assure the payment of benefits and administrative expenses for this period.
	www.wealth4freedom.com /truth/2/SS1.htm (5010 words)

	Social Security's Fictitious Trust Fund
		This means that the common myth that Congress and the president are raiding the trust fund is wrong also.
		So in 2018, when the Social Security program tries to redeem these bonds, the Treasury (having already spent that money over the previous 35 years) won’t be able to repay Social Security from any pre-existing store of cash.
		The Social Security surplus is spent each year regardless of whether the budget is in surplus or deficit.
	www.heritage.org /Press/Commentary/ed111004b.cfm (715 words)

	USATODAY.com - Social Security trust fund sits in West Virginia file cabinet (Site not responding. Last check: 2007-10-20)
		Technically, there are four trust funds in all that are fed by payroll taxes, but the other two relate to Medicare.
		This is done in part to invest available funds at current rates and in part to make sure that Social Security has the cash needed to pay beneficiaries each month.
		By 2042, estimates are that the trust funds will be empty, and the system dependent on the daily tax receipts to meet obligations.
	www.usatoday.com /news/washington/2005-02-28-trust-fund_x.htm?csp= (714 words)

	Urban Legends Reference Pages: Social Security
		Social Security taxes were never limited to the first $1,400 of annual income, nor was there any provision in the Social Security Act of 1935 to permanently fix the tax rate at 1%.
		Social Security payroll taxes have never been deductible from income for tax purposes, either when the program was originally instituted or at any time since.
		The Social Security Act specifies that the monies in the fund may only "be invested in securities backed by the full faith and credit of the Federal government," such as treasury bills, treasury notes, and treasury bonds, as well as special issue bonds.
	www.snopes.com /politics/taxes/sschanges.asp (2242 words)

	NCPA - Brief Analysis #366, Straight Talk about the Social Security Trust Fund
		Britain's own (second-tier) social security system is also based on the principle of forced saving and (private) investment.
		Thus the issuer of the bonds (the U.S. Treasury) and the holder of the bonds (the Social Security trust fund) are the same entity.
		The actual certificates for the trust fund's special-issue bonds are held in government filing cabinets in Parkersburg, W.Va. But if a fire were to burn down the building tomorrow, or if thieves were to take the filing cabinets away, there would be no harmful consequences for retirees.
	www.ncpa.org /pub/ba/ba366 (1247 words)

	Bush Denies There Is A Social Security Trust Fund!
		The implications of the President's assertions about the Social Security trust fund are quite serious for the 48 million Americans who currently rely on Social Security, and for those who will become recipients in the future.
		Social Security's financial obligations are, according to the Social Security Trustees, backed by the "full faith and credit of the United States".
		If, indeed, there is no Social Security trust - as the President asserts with the political protection of his Congressional majority - then it is clear that the President is heading towards a direct challenge to his own constitutional authority and legal responsibilities to affirm the financial obligations of Social Security.
	www.rense.com /general64/denial.htm (1099 words)

	[PushBack] There Is No Social Security Trust Fund—The Joke’s On You
		Likewise, the Washington dopeler meisters have been telling you that the non-existent social security trust fund will be bankrupted if even a small amount of your taxes are invested in a real bank account for your retirement.
		Most people, and most of the media, don’t realize that social security taxes taken from people’s paychecks are not paid into a social security bank account.
		The Treasury Department will give the Social Security Administration paper IOUs for the 70 billion of excess social security taxes that were supposed to be saved for future retirement benefits.
	www.pushback.com /Wattenburg/articles/socialsecurity.html (1212 words)

	Grandfather Trust Fund Report-articles - by MWHodges
		Answer: by siphoning-off and spending trust fund surpluses which don't belong to the general government, just as if spent retirement savings account on his own consumption while claiming he, himself, is running a surplus and saving her retirement account.
		Answer: siphoning trust fund surpluses, which don't belong to the general government - - just as if your elderly mother's lawyer siphoned-off her retirement savings account to pay down his own credit card debt to others, while bragging that he is paying down his debt.
		While supporters of the Social Security system agree the government will be faced with coming up with actual money to redeem the non-marketable securities, they argue that those securities represent real obligations of the federal government and a failure to redeem the bonds would constitute a default by the government on its obligations.
	mwhodges.home.att.net /cur-year-deficit-trusts.htm (5816 words)

	[No title]
		March 21, 2005 – The reason the Social Security Trust Fund is expected to start showing a deficit in about 2018, rather than a surplus, is because the money paid in – primarily by the baby boomers – has been spent by the politicians.
		But in 2018, the Social Security Trust Fund is projected to have nearly $4 trillion in assets (Board of Trustees 2004).
		Despite the fact that the Social Security trust fund is expected to last through 2034, the costs of the Social Security imbalance will be felt 20 years earlier, when the Social Security Administration begins to redeem its Treasury bonds.
	www.lycos.com /info/social-security--social-security-trust-fund.html (595 words)

	Dean Baker \| Fiction on the Social Security Trust Fund (Site not responding. Last check: 2007-10-20)
		They have gone to great lengths to imply that the trust fund is some bizarre and confusing entity that cannot be relied upon to help sustain Social Security.
		The intention was to build up a large trust fund which the program could then draw upon to pay for the retirement of the baby boom generation.
		I calculated that defaulting on the trust fund would transfer more than $1 trillion from the bottom 95 percent of the income distribution to the richest 5 percent ("Defaulting on the Social Security Trust Fund Bonds: Winners and Losers").
	www.truthout.org /docs_2006/061606N.shtml (993 words)

	Forum: Invest Social Security Trust Fund surpluses? - Commentary - The Washington Times, ... (Site not responding. Last check: 2007-10-20)
		If a country were to set up a Social Security system now, the best approach would be to allow workers to direct their contributions into a personal retirement account (PRA) where their funds would be invested in marketable securities.
		This is in contrast to our Social Security system that is basically an insurance plan that provides only a safety net during the life of a participant and spouse and makes no claim to create assets for future generations.
		The earnings on the Special Account plus a gradual redemption of the Special Purpose Bonds would meet the gap between Social Security's income and outgo for many years beyond the 2042 date that is now estimated as the year when the paper assets of the Trust Fund are exhausted.
	www.washtimes.com /commentary/20060819-095337-9000r.htm (963 words)

	The Social Security Fraud (September 2001)
		He had the temerity to say that the Social Security Trust Fund has no tangible assets.
		The Social Security Trust Fund is credited for that money in the form of nonnegotiable bonds that purportedly earn interest.
		From the start, Social Security propagandists, led by Franklin Roosevelt, have tried to make the American people believe the system was like any private-sector pension program.
	www.fff.org /comment/ed0901j.asp (658 words)

	#6 - Trust Fund? What Trust Fund?
		Americans may believe that when they pay their Social Security taxes, the federal government sets that money aside to finance their public pension benefits.
		* The Trust Fund is stored inside the locked bottom drawer of a gray filing cabinet controlled by employees of the U.S. Bureau of Public Debt.
		In reality, they are merely IOUs that obligate tomorrow's Congresses to finance the Treasury's future Social Security checks by raising taxes, approving increased federal borrowing or cutting retirement benefits.
	www.nationalcenter.org /TPSocialSecurity6.html (447 words)

	The Amazing Disappearing Trust Fund (washingtonpost.com)
		Blogger Josh Marshall, who's been rallying the left on Social Security, has no doubt what Bush is saying: "We and many others had predicted that the president's angle here was to default on the Treasury bonds sitting in the Social Security Trust Fund.
		The only reason it's been socially acceptable to keep such a high, regressive tax on the books is that the system it was ostensibly keeping alive for the future returns money in a highly progressive way.
		In 2018, when the Social Security program goes into the red, the government will have to find more money to meet that debt, and its only options will be to raise taxes, cut spending or borrow massive amounts of money.
	www.washingtonpost.com /wp-dyn/articles/A16984-2005Feb11.html (3693 words)

	Bush: Social Security trust fund ‘just IOUs’ - Politics - MSNBC.com
		Bush is facing an uphill battle in his effort to persuade the public that Social Security reform is needed and that private retirement accounts should be part of the solution.
		Democrats said the Bureau of Public Debt — the latest stop on Bush’s nationwide Social Security road tour — was a fitting location because they contend that the president’s plan will weigh the nation down in debt.
		In 2041, the trust funds will be empty, and benefits will have to be cut.
	www.msnbc.msn.com /id/7393649 (718 words)

	Social Security Choice: America, meet your Social Security "Trust Fund"
		Sponsored by the Club for Growth, this site seeks to promote “The Ownership Society” by advocating personal accounts for Social Security.
		NOW is on the wrong side of the Social Security Debate »
		USA Today, last week, published this picture of the Social Security Trust fund — and pointed out how it is not a fund, but an accounting device.
	www.socialsecuritychoice.org /archives/2005/03/america_meet_yo_1.php (129 words)

	The DeMint plan to raid the Social Security trust fund
		Social Security provides the primary life insurance protection for most children
		Saving Social Security with stocks: The promises don't add up
		1. The House bill has not been introduced yet, but one of its co-sponsors (Clay Shaw) has described the bill as double-counting the surplus funds, not only financing private accounts but also going into the trust fund.
	www.epi.org /content.cfm/webfeatures_snapshots_20050706 (202 words)

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