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Social Security: The President's Proposal

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Report Type Reports and Testimonies
Report Date Nov. 9, 1999
Report No. T-HEHS/AIMD-00-43
Subject
Summary:

The President's Social Security transfer proposal, embodied in S. 1831 and H.R. 3165, would not in any way reform the basic Social Security program, although the administration is committed to long-term reform. The proposal seeks to increase the likelihood that projected unified surpluses would be preserved for Social Security and debt reduction. It would provide additional program funding by transferring general funds to the Old Age and Survivors Insurance and Disability Insurance trust funds. This shift in program financing would reduce publicly held debt but would not modify the program's underlying commitments for the future. The proposed transfer, by extending trust fund solvency, could create complacency about the program's financing, making it more difficult to engage in substantive program reform.

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