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Politics : PRESIDENT GEORGE W. BUSH
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To: Kenneth E. Phillipps who wrote (545583)2/26/2004 11:22:06 AM
From: George Coyne  Read Replies (1) of 769670
 
thisnation.com

Starting in 1969, Congress began reporting Social Security receipts and expenditures as part of its "unified budget." Because the Social Security program has historically run surpluses each year, this had the effect of making the overall budget look more in balance than it actually was. The "extra" Social Security dollars offset additional expenses, giving the appearance of a balanced budget. However, the Social Security system is a standalone program funded by it's own tax revenues, and is therefore not technically part of the government's operating budget. While Social Security revenues have been considered "on-budget," the program itself is independent of the rest of the federal budget and, in that sense, remains officially "off-budget."

Do you ever tire of displaying your ignorance?
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