SSA Chief Actuary Opposes Accrual Accounting

USA Today reports that Social Security's Chief Actuary, Stephen Goss, has come out against accrual accounting for Social Security. Under accrual accounting Social Security's future obligations would have to be shown on government accounting reports, much as private corporations include their own future obligations to their retirees in their financial reports. Some accountants are recommending accrual accounting for Social Security. Part of this may simply a desire for higher accounting standards, but others seem to have an ulterior motive of making Social Security seem dangerously unstable. The Bush Administration opposes accrual accounting for Social Security.