Investing in the Private Market: Hearing Before the Subcommittee on Social Security of the Committee on Ways and Means, House of Representatives, One Hundred Sixth Congress, First Session, March 3, 1999, Volume 4

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Page 1 - FORMATTING REQUIREMENTS: Each statement presented for printing to the Committee by a witness, any written statement or exhibit submitted for the printed record or any written comments in response to a request for written comments must conform to the guidelines listed below. Any statement or exhibit not in compliance with these guidelines...
Page 50 - Such investments would increase the return earned by the reserves and reduce the size of future benefit cuts and payroll tax increases. Shifting trust fund investments from government securities to private assets, however, would have no direct or immediate effect on national saving, investment, the capital stock, or production. Private savers would earn somewhat lower returns because their portfolios would contain fewer common stocks and more government bonds— those that the trust funds no longer...
Page 109 - Security trust fund assets in equities, as the [Clinton-Gore] administration and others have proposed, would arguably put at risk the efficiency of our capital markets and thus our economy.
Page 51 - The first tier of such an institutional structure should be the creation of an independent agency charged with managing the trust fund's investments. This board — which could be called the Social Security Reserve Board (SSRB) — could be modeled after the Federal Reserve Board, which for over eight decades has successfully performed two politically charged tasks — controlling growth of the money supply and regulating private banks — without succumbing to political pressures. Like the governors...
Page 1 - Any statement or exhibit not in compliance with these guidelines will not be printed, but will be maintained in the Committee files for review and use by the Committee. 1. All statements and any accompanying exhibits for printing must be submitted on an IBM compatible 3.5-inch diskette in WordPerfect 5.1 format, typed in single space and may not exceed a total of 10 pages including attachments.
Page 87 - I and the presidential scholars will be happy to answer any of your questions. (The prepared statement follows :) STATEMENT OF FREDERICK S.
Page 70 - Assistant Secretary for Tax Policy, US Department of the Treasury Mr. Chairman and Members of the Committee...
Page 50 - General revenues have been used in Social Security in limited ways. The allocation of revenues from income taxation of Social Security benefits is an application of general revenues. So were payments made to provide Social Security earnings credits for the military. In addition, when minimum Social Security benefits were eliminated in 1981, they were preserved for those born before 1920 and financed through a general revenue transfer.
Page 49 - Further legislation in 1983, together with improved economic performance, subsequently led to the steady growth of reserves. By the end of 1998, the program had built up reserves of $741 billion, roughly twice annual benefits. Under current policy, these reserves are projected to grow to more than $2.5 trillion — about 3.4 times annual benefits — by 2010. As reserves have grown, the loss of income to Social Security from restricting its investment to relatively low-yielding special Treasury issues...
Page 145 - Mr. Chairman and distinguished members of the committee, I am grateful for the opportunity to appear before you today to report on the status of our Navy.

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