For those questions to Chairman Greenspan we talked about Wednesday evening, some helpful documentation …
First the president’s view: “The money — payroll taxes going into the Social Security are spent. They’re spent on benefits and they’re spent on government programs. There is no trust.”
Second, the Greenspan Commission’s view: “The National Commission believes that the investment procedures followed by the trust funds in the past generally have been proper and appropriate. The monies available have generally been invested appropriately in Government obligations at interest rates which are equitable to both the trust funds and the General Fund of the Treasury and have not — as is sometimes alleged — been spent for other purposes outside of the Social Security program.”
And another interesting passage: “The National Commission believes that changes in the Social Security program should be made only for programmatic reasons, and not for purposes of balancing the budget.”
(ed.note: Special thanks to reader DS.)
