Posted on 05/01/2005 9:18:58 AM PDT by gibonski
Can anyone tell me when was the first time that congress took the SS surplus into the general fund.
I thought it was Johnson but someone with more knowledge will set me straight if I'm wrong. I always thought when we paid into it that it was in a separate account somewhere waiting for me to get 65. Wow was I ever disillusioned when I learned that it was not that way!
Regards,
TS
http://www.able2know.com/forums/about2118-0-asc-0.html
AHA!!! I was right. A simple google search!
Congressman Billybob
Latest column, " 'L.A. Chappaquiddick,' Starring Hillary Clinton."
Probably about 5 minutes after they set it up.
That particular link doesn't seem too reliable.
IIRC it was under Nixon or Ford -- but I will research and get back to all.
Probably about 5 minutes after before they set it up.
Hope you don't mind my correction.....
I see that. Well I still thought Johnson did it. But now maybe I was wrong. I hate it when that happens.
In early 1968 President Lyndon Johnson made a change in the budget presentation by including Social Security and all other trust funds in a"unified budget." This is likewise sometimes described by saying that Social Security was placed "on-budget."
This 1968 change grew out of the recommendations of a presidential commission appointed by President Johnson in 1967, and known as the President's Commission on Budget Concepts. The concern of this Commission was not specifically with the Social Security Trust Funds, but rather it was an effort to rationalize what the Commission viewed as a confusing budget presentation. At that time, the federal budget consisted of three separate and inconsistent sets of measures, and often budget debates became bogged-down in arguments over which of the three to use.
{snip} This change took effect for the first time in the President's budget proposal for fiscal year 1969, which President Johnson presented to Congress in January 1968. This change in accounting practices did not initially put the President's budget proposal into surplus--it was still projecting an $8 billion deficit. However, it is clear that the budget deficit would have been somewhat larger without this change . . .
{snip} The FY 1969 budget would not be implemented by President Johnson; it would instead be presided over by President Nixon, who took office on January 20,1969. This was 20 days into the 1969 fiscal year. When President Nixon took office, he too adopted the unified budget approach, and it was used by all Presidents thereafter until 1986.
Keep in mind that the Congress in the late 1960s had no independent budget process of its own. Although numerous legislative efforts had been undertaken over the years to produce a budgeting process in the Congress to parallel that of the Administration, most of these efforts proved to have little staying power. It was not until 1974 that Congress put in place the modern procedures that govern federal budgeting for Congressional purposes (as part of the Congressional Budget Impoundment and Control Act enacted in that year). This legislation created both the Congressional Budget Office and the standing budget committees in the House and Senate.
So, traditionally, the way the administration chose to present its budget material defined how the federal budget was presented. When the Congress began its own independent budgeting activities in 1974 it adopted the existing convention of treating Social Security as part of the unified budget.
SOURCE: http://www.ssa.gov/history/BudgetTreatment.html
Oh gee thanks! Makes my day. Sad thing is---I REMEMBER IT!! Cause I was in high school then!! Wow. Well I gradutated in 68 so I guess I listened a lot more than my parents thought.
Oh, thats right it was the commission that was in 1967! ;-)
Thanks for the update! This is what makes FR so great!
Regards,
TS
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