Here is one more from the Social Security Administration itself.
From a paper entitled "SSA's
FY 2010 Performance and Accountability Report," published by the Social Securuiy Administration:
Page 111 "The U.S. Treasury does not set aside financial assets to cover its liabilities associated with the OASI and DI Trust Funds. The cash received from the OASI and DI Trust Funds for investment in these securities is used by the U.S. Treasury for general Government purposes. Treasury special securities provide the OASI and DI Trust Funds with authority to draw upon the U.S. Treasury to make future benefit payments . When the OASI and DI Trust funds require redemption of these securities to make expenditures, the Government finances those expenditures out of accumulated cash balances,by raising taxes, or other receipts, by borrowing from the public or repaying less debt, or by curtailing other expenditures. THIS IS THE SAME WAY THAT THE GOVERNMENT FINANCES ALL OTHER EXPENDITURES."
Posted by Don Levit on 8/7/2011 12:33:58 PM
It's great to read something that's both enjoayble and provides pragmatisdc solutions.