tag:blogger.com,1999:blog-19246708.post3621664928957418565..comments2024-03-28T19:48:01.698-04:00Comments on Social Security News: Congressional Hearing On Social Security FundingUnknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-19246708.post-71735199837896788412011-06-25T12:40:57.076-04:002011-06-25T12:40:57.076-04:00Riiiight. This has been the case since time immem...Riiiight. This has been the case since time immemorial. Nice that you have discovered it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19246708.post-17395665000551516222011-06-24T13:12:03.910-04:002011-06-24T13:12:03.910-04:00THe FASAB is the accounting advisor for the federa...THe FASAB is the accounting advisor for the federal government.<br />In a paper published June 21, 2011 entitled "Revisions to Identifying and Reporting Earmarked Funds: Amending Statement of Federal Financial Accounting Standards 27:"<br />page 35 "Investments in Treasury securities for funds from dedicated collections should be accompanied by a note that explains the following issues:<br />The U.S. Government does not set aside assets to pay future expenditures associated with funds from dedicated collections. Instead, the cash generated from such funds is used by the U.S. Treasury for general Government purposes.<br />Treasury securities are issued to the fund as evidence of dedicated collections and provide the fund with the authority to draw upon the U.S. Treasury for future authorized expenditures.<br />Treasury securities held by a fund from dedicated collections are an asset of the fund and a liability of the U.S. Treasury, so they are eliminated in consolidation for the U.S. Government-wide financial statements.<br />When the fund from dedicated collections redeems its Treasury securities to make expenditures, THE U.S. TREASURY WILL FINANCE THOSE EXPENDITURES IN THE SAME MANNER THAT IT FINANCES ALL OTHER EXPENDITURES."<br />http://www.fasab.gov/pdffiles/exposure_ef_2011.pdf.<br />Don LevitDon Levithttps://www.blogger.com/profile/02497731736648561272noreply@blogger.comtag:blogger.com,1999:blog-19246708.post-16716162112196724182011-06-24T11:14:33.497-04:002011-06-24T11:14:33.497-04:00Check out an evaluation of Social Security Solvenc...Check out an evaluation of Social Security Solvency at http://timargues.blogspot.comTimhttps://www.blogger.com/profile/16924995149385702148noreply@blogger.com