Black People Politics : False Fiscal cliff

Clyde C Coger Jr

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In the Spirit of Sankofa,



...My apologies Corvo, if our side-bar dialog distracted from the Thread; didn't mean too:)


Peace In,
 

Shikamaru

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Again, it appears we touch and agree on certain basis of facts... Due Process, Entitlement, Benefits without Rights...

More importantly, the below highlighted sentiment attracted my attention to provide input toward fruitful, fact finding, dialog:




And so far, we've done pretty good, lol... thanks for indulging.

Peace In,

Thank-you for the engagement.
 

Shikamaru

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Myth

Q1. Which political party took Social Security from the independent trust fund and put it into the general fund so that Congress could spend it?

A1: There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."


Most likely this question comes from a confusion between the financing of the Social Security program and the way the Social Security Trust Fund is treated in federal budget accounting. Starting in 1969 (due to action by the Johnson Administration in 1968) the transactions to the Trust Fund were included in what is known as the "unified budget." This means that every function of the federal government is included in a single budget. This is sometimes described by saying that the Social Security Trust Funds are "on-budget." This budget treatment of the Social Security Trust Fund continued until 1990 when the Trust Funds were again taken "off-budget." This means only that they are shown as a separate account in the federal budget. But whether the Trust Funds are "on-budget" or "off-budget" is primarily a question of accounting practices--it has no effect on the actual operations of the Trust Fund itself.

This contradicts the Supreme Court case Steward Machine Company v. Davis (1937).

The proceeds, when collected, go into the Treasury of the United States like internal-revenue collections generally. § 905 (a). They are not earmarked in any way.

Covo, from what source did you pull that information? Was it from the Social Security Administration?

This will be like publications from the Internal Revenue Service. They at least post in their information that this is the opinion of the IRS. Tax Court opinions may differ from the opinion of the IRS.

Is this all opinions ultimately? Yes, but some opinions have more weight than others on operations.

The "on-budget", "off-budget" dealio makes a difference if we are discussing the balance sheet of government through its CAFR or Comprehensive Annual Financial Report.

The budget is only a small portion of the accountancy of government.

There is the term duplicity.
 

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