The Social Security Trust Funds are the Old-Age and Survivors Insurance (OASI) and the Disability Insurance (DI) Trust Funds. These funds are accounts maintained by the Department of the Treasury. They serve two purposes: (1) they provide a mechanism for keeping track of all income to and disbursements from the trust funds, and (2) the assets of the funds provide automatic spending authority. To clarify the second point, no legislation is needed to spend a portion of trust fund assets on benefits or administrative costs (the Social Security Act limits expenditures to benefits and administrative costs).
Benefits to retired workers and their families, and to families of deceased workers, are paid from the OASI Trust Fund. Benefits to disabled workers and their families are paid from the DI Trust Fund.
A Board of Trustees oversees the financial operations of the trust funds. The Board reports annually to the Congress on the financial and actuarial status of the trust funds. http://www.ssa.gov/OACT/ProgData/fundFAQ.html
The Social Security Trust Fund is the United States federal government's means of accounting for taxpayers' contributions in excess of those necessary to pay current obligations. The Social Security system is a pay-as-you-go system, meaning that payments to current retirees come from current tax payments into the system. Because of the policy choice made in 1983, the tax has been greater than necessary to pay for current obligations. The surplus is accounted for in the Social Security trust fund, currently near $1.2 trillion. http://en.wikipedia.org/wiki/Social_Security_Trust_Fund
With Love,
CtrlAltDel aka Dave
C4/5 Complete - 28 Years Post
Texas, USA
Brian Stocker <[EMAIL PROTECTED]> wrote:
David K. Kelmer wrote:
Supplemental Security Disability Income, for legitimate disabilities, not conjured up disabilities rammed through the system by firms like the frequently advertised Binder&Binder, is a good part of the system. Supplemental Security income, for those down on their luck, is also a good program. The problem with so many of these programs is that they are not based on your Social Security account. These programs are available to people who have not put one cent into their account.Both SSDI and SSI are programs run by the Social Security Administration.With Love,I recieve ssdi what is the difference is this better than ss ?
For example, a Hmong refugee and the relatives that are subsequently brought over can all earn monthly payments from the aforementioned programs.
Anybody feel as I do that any aid given as welfare should come from different programs. I can imagine that if these drains on the system did not exist, the system may not be as close to critical.
I think welfare, by the way, is a fantastic program for those who are down on their luck (emphasize last 4 words) it is a terrible program for a lifestyle.
Finally, brothers and sisters on wheels, I have heard many times by respected folks that there is no pile of money sitting somewhere representing SS. It comes from Uncle Sam's piggy bank, just as all other expenditures do.
Have a great day and thanx for the opportunity to share thoughts
I do not know if these welfare aspects of Social Security were in the original system, however I suspect they were not. Anybody know?
