When will we see the report of the Social Security Trustees? Last year it was released on July 28. In 2013, it was released on May 31. In 2012, it was released on April 23. When will it be this year? August?
This is ridiculous. I'm sure that the main part of the report, the projections of Social Security's Chief Actuary, was ready months ago. Last year, there were rumors of wrangling behind the scenes. The Republican trustees were pushing some obscure agenda on exactly what the report would say. I never understood what the Republican Trustees were trying to achieve. What little I could understand seemed to amount to nothing anyway. Is there another controversy this year as Republicans push some language that would make the Trust Funds look like they're a little worse off than the language the Democratic Trustees would prefer? If so, it's silly. Virtually no one pay attention to anything other than the bottom line and few people pay attention to that. This isn't legislation where every word can make a difference.
3 comments:
Also, I think the law states that the Trustees Report should be done by April 1. From Title II, Section 201 of the Social Security Act:
"...
It shall be the duty of the Board of Trustees to—
(1) Hold the Trust Funds;
(2) Report to the Congress not later than the first day of April of each year on the operation and status of the Trust Funds during the preceding fiscal year and on their expected operation and status during the next ensuing five fiscal years;
..."
The Trustees Report is sent to Congress and contains the text "The Social Security Act requires that the Board, among other duties, report annually to the Congress on the actuarial status and financial operations of the OASI and DI Trust Funds. The 2014 report is the 74th such report."
So the Trustees Report is done to satisfy duty (2) above, which has a deadline of April 1.
If the duty of the Board of Trustees is to hold the trust funds, why did they lend the monies for so many years to the Treasury to pay for other government expenses?
I thought trust fund monies were to be managed for the beneficiaries by the trustees, not lent out to pay for various other federal expenses.
1. There is only one Republican Trustee. He is one of the two public trustees.
2. Laws and executive procedures have recently changed that have a material effect on the trust funds. Executive order on immigration and the "doc fix" in Medicare.
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