Op-ed by Bill White, intro includes “The following is an excerpt from "AMERICA'S FISCAL CONSTITUTION: Its Triumph and Collapse" by Bill White.” … Text includes “ … By separating the Social Security trust fund—officially referred to as the Old Age and Survivors Trust Fund—from the rest of the budget, Congress avoided the problems inherent in combining actuarial and traditional budget accounting. A unified annual budget that counted pension fund revenues without an accrual of future liabilities would have been misleading, while one that attempted to do so would have been difficult for nonexperts to comprehend or reconcile with cash accounts. …”
Read the full article on: Houston Chronicle