Why Your Views on Social Security Aren’t Being Heard
One key way in which the public's views on
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The history of the Social Security Trust Funds
The original Social Security Trust Funds have a history dating back to 1939, when the federal government decided that it made sense to set money aside to cover future benefits when they become due and payable. A board of trustees was named to oversee the administration and management of the Social Security Trust Funds. All of the trustees as originally contemplated were either cabinet members or members of the federal bureaucracy, with the Treasury Secretary serving as managing trustee and chair of the group. The Secretary of Labor and the chair of the
That arrangement continued in 1956 when the
However, in 1983, major changes to the
What happened to the
According to the 1983 legislation, the two public trustees are to be nominated by the president to serve four-year terms. The
Yet the government has done a terrible job meeting its obligations to name public trustees for the Social Security Trust Funds. After serving an initial term starting in 2000,
President
Why it matters
Without public trustees, the only view that Americans get of
President
The
If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "
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