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- Title
The Role of Social Security in the Smoke-and-Mirrors Budget Deficit.
- Authors
Myers, Robert J.
- Abstract
One of the major problems confronting the U.S. is the mammoth budget deficits of the federal government. And to make matters even worse, those who have the fiscal responsibilities in this area usually use a smoke-and-mirrors concept of the budget deficit that significantly understates its real size. This is done by considering the unified income and outgo operations of the federal government, including both on-budget items and off-budget items such as the operations of the Social Security trust funds. This article analyzes the role of Social Security in this process and seeks to find that the real budget deficits of the federal government are significantly higher that the smoke-and-mirrors versions that are widely disseminated. Furthermore, the author documents the significant role of the Old-Age, Survivors, and Disability Insurance and Medicare programs in financing the deficits.
- Subjects
UNITED States; SOCIAL security; TRUST fund management; BUDGET deficits; FEDERAL government; ECONOMIC security; HEALTH insurance
- Publication
Benefits Quarterly, 1994, Vol 10, Issue 1, p17
- ISSN
8756-1263
- Publication type
Article