by: Don Jones = Underdog~Heart-Transplant#189-Vanderbilt
3/25/11
3/25/11
Governor Bill Haslam (R)
e-mail > bill.haslam@tn.gov <
Tennessee Web-site > http://tennesseeanytime.org/topics/Elected+Officials <
> http://www.aflcio.org/corporatewatch/paywatch/ <
Congress Q&A: Social Security
By Frances Symes
http://www.congress.org/news/2011/02/28/congress_qa_social_security
"Has Congress ever borrowed funds from the Social Security trust fund since Social Security was originated? If yes, have any of those funds been paid back to Social Security?" — Richmond, Va.
The funding stream for Social Security has once again entered the limelight as political leaders discuss changes to mandatory spending, particularly Social Security, Medicare, and Medicaid, as a necessary part of reviewing government spending. Social Security was set up to be self-sustaining. According to the Congressional Research Service, Social Security benefits are funded from two linked but separate trust funds- the Old-Age and Survivors Insurance trust fund and the Disability Insurance trust fund. When people talk about the Social Security trust fund they often assume the merged operations of the funds, treating them as if there were one collective fund. The primary source of income for the trust funds is the Social Security payroll tax. They also receive income from interest on the trust funds’ assets and from the taxation of Social Security benefits. However, the benefits program has traditionally brought in more than it pays out. In fact, the nation has been supplementing its budgets with surplus funds from the program in recent years. What about the trust fund, you ask? Why aren’t the surpluses, left over after the costs of the program are covered, squirreled away for safekeeping ?