is not part of the Federal Budget (General Fund). It is a separate account from the General Fund, and has its own source of income ("Payroll Tax"). Social Security payments go in the Social Security Trust Fund (SSTF), and should NOT be counted as general revenue. The SSTF is supposed to be used to pay benefits. But, the Government is under NO OBLIGATION to pay Social Security benefits, and has even borrowed substantially from the SSTF for general operations!
As of August 2010, there is less being paid into the Social Security Trust Fund than is being paid out to beneficiaries. Social Security is now using its "surplus".
the quote above says federal governmnet budget and is from the SSA website.
Well it depends on how you want to frame it. Most reasonable people would say that if you are paying people for a program they paid in to, this is not a part of the budget. To get more technical, it clearly is not a part of the general fund. And there is a SSTF from which these payments are made.
"Presently, the Social Security program is the largest single item in the annual federal government budget. "
the quote above says federal governmnet budget and is from the SSA website
That is incorrect. Social security was off budget until 1968 then on budget until 1983 then off budget but the surplus could be included in the federal budget for deficit reduction until 1990 then OBRA prohibited the surplus from being used in deficit calculations.
That is where it stands now. SS is NOT legally part of the federal budget. Look up OBRA. Everyone involved knows better, but they include the numbers anyway to cover up the true cost of military spending. .
I agree with Marcus, a lot of the article is just garbage.
What's the #1 reason to blame Obama? Lets start there.
OH, the author isn't blaming Obama. Just sharing observations especially designed for the Foxnews crowd.
#73 Amazingly, the U.S. national debt is now up to 16.3 trillion dollars. When Barack Obama first took office the national debt was just 10.6 trillion dollars.
#74 During the first four years of the Obama administration, the U.S. government accumulated about as much debt as it did from the time that George Washington took office to the time that George W. Bush took office.
Pretty amazing that he got reelected. I guess it's because of the 47% that are "takers, not makers."