Investment of the Social Security Trust Funds: Hearing Before the Subcommittee on Social Security of the Committee on Ways Ang Means, House of Representatives, Ninety-seventh Congress, First Session, October 16, 1981

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Page 8 - There is hereby authorized to be appropriated to the Account for each fiscal year, beginning with the fiscal year ending June 30, 1937, an amount sufficient as an annual premium to provide for the payments required under this title, such amount to be determined on a reserve basis in accordance with accepted actuarial principles...
Page 14 - Such special obligations shall bear interest at a rate equal to the average rate of interest, computed as to the end of the calendar month next preceding the date of such issue, borne by all marketable interestbearing obligations of the United States then forming a part of the public debt ; except that where such average rate is not a multiple of one-eighth of 1 per centum...
Page 12 - The social security trust funds consist of four separate funds — the Old-Age and Survivors Insurance Trust Fund, the Disability Insurance Trust Fund, the Hospital Insurance Trust Fund, and the Supplementary Medical Insurance Trust Fund.
Page 8 - This method would be open to some objection on the grounds mentioned previously — government entry into private fields of activity. Even more serious is the argument that any use of public funds for such purposes should be under the control of the elected representatives of the people (Congress) rather than...
Page 7 - I am pleased to be here today to discuss the investment policy of the four Social Security trust funds— the Old-Age and Survivors Insurance Trust Fund, the Disability Insurance Trust Fund, the Hospital Insurance Trust Fund, and the Supplementary Medical Insurance Trust Fund.
Page 8 - ... private industrial economy, which would, in effect, result in "socialism by the back-door method." Another practical disadvantage would be the need for a far-reaching and deep-searching investment policy that would permit the trust funds to obtain an adequate rate of interest with reasonable security. Under such a policy the government would, in effect, be setting itself up as a rating organization, since the investment procedures would naturally have to be open to full public view. If no preference...
Page 19 - You have proved your case beyond a peradventure of a doubt. You have quoted statistics, you have proved mathematically that that farm could not possibly flood. "But I just want to ask you one question : Have you ever been down on that farm when it was raining?" I know that the Architect and all the smart people under the employ of the House of Representatives can give you a thousand reasons why this building should be erected. I would only answer with one specific example, and that is : At the Pentagon,...
Page 1 - Chairman PICKLE. The Chair would ask the subcommittee to come to order.
Page 4 - Treasury), (2) the preparation and mailing of benefits checks (which is performed by the Department of the Treasury), and (3) the management of the trust funds (which is performed by the Secretary of the Treasury as managing trustee). The Social Security Administration, a constituent unit of the Department of Health, Education, and Welfare, headed by the Commissioner of Social Security, administers the program.
Page 4 - In 1960, this interest basis was changed to the average market yield rate on obligations not due or callable for at least 4 years from the date of determination. The...

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