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, 1981U.S. Government Printing Office, 1981 - 38 pages |
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Page 3
... believe Mr. Myers is scheduled to go first and be our first witness . If that is agreeable to Mr. Stalnecker , we will proceed in that order . Mr. Myers , welcome to the committee . STATEMENT OF ROBERT J. MYERS , DEPUTY COMMISSIONER FOR ...
... believe Mr. Myers is scheduled to go first and be our first witness . If that is agreeable to Mr. Stalnecker , we will proceed in that order . Mr. Myers , welcome to the committee . STATEMENT OF ROBERT J. MYERS , DEPUTY COMMISSIONER FOR ...
Page 13
... believe that the long - range investment policies governing the social security trust funds , and other trust funds , should not be dictated by the happenstance of current relationships between short - term and long - term interest ...
... believe that the long - range investment policies governing the social security trust funds , and other trust funds , should not be dictated by the happenstance of current relationships between short - term and long - term interest ...
Page 14
... believe that the selection of maturities should be based on the expected cash needs of the funds . A statutory requirement that the funds be invested in short - term issues and rolled over as they mature would result in excessive ...
... believe that the selection of maturities should be based on the expected cash needs of the funds . A statutory requirement that the funds be invested in short - term issues and rolled over as they mature would result in excessive ...
Page 18
... believe it would not . How do you answer that ? Mr. MYERS . Mr. Chairman , if the trust funds obtained this higher interest return in the manner that you describe , this would , of course , make the system sounder . In other words , it ...
... believe it would not . How do you answer that ? Mr. MYERS . Mr. Chairman , if the trust funds obtained this higher interest return in the manner that you describe , this would , of course , make the system sounder . In other words , it ...
Page 20
... believe you have not quite answered my question , the other question . If the social security trust fund gets a billion dollars more , where does it come from ? Do you borrow it ? Do you have to raise taxes to get it ? How would that be ...
... believe you have not quite answered my question , the other question . If the social security trust fund gets a billion dollars more , where does it come from ? Do you borrow it ? Do you have to raise taxes to get it ? How would that be ...
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Common terms and phrases
$1 billion 8.4 percent actuarial ARCHER average coupon rate average market yield average market-yield rate benefits billion dollars bonds borrow cash needs certificates Chairman PICKLE CONGRESS THE LIBRARY current high interest durations until maturity effective rates ended June 30 Federal funds deficit Government obligations high interest rates higher than short-term highest current yield increase the deficit Insurance Trust Fund interest basis interest income investment experience investment managers investment policy investment procedure J. J. PICKLE JACOBS June 30 LIBRARY OF CONGRES LIBRARY OF CONGRESS long-term rates lower managing trustee market rates maturity dates MYERS OASDI OASI obligations issued Old-Age and Survivors prudent investor question rate of return redemption rity Secretary security trust funds sell short-term rates Social Security Administration social security fund social security trust special issues STALNECKER statement subcommittee total portfolio Treasury securities trust fund assets trust fund investment unified budget yielding securities
Popular passages
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...