The U.S. Treasury maintains separate funds or accounts for the deposit or transfer of (1) monies owned by the gov't. which are called Federal Funds and (2) monies not owned by the gov't. which are called Trust Funds. Those not owned by the gov't. are "held in trust" for others and cannot be used to finance the budget. Prior to 1969 the federal budget was known as the Administrative Budget and included only those funds owned by the gov't.
In 1969 President Johnson changed the federal budget from an Administrative Budget to a Unified Budget. The Unified Budget combines the Administrative Budget with funds not owned by the gov't. but "held in trust" for others, the largest of which is your contributions to your social security pension. Inclusion of your social security contributions into the Unified Budget gives the impression that social security contributes to the federal deficit. It does not and its inclusion is a violation of the Budget Enforcement Act of 1990. Furthermore the Unified Budget does not include all of the gov'ts. expenditures; excluded are the gov't. required payments to the employee retirement funds and the payment of interest owed on monies borrowed from those retirement funds and from the social security trust funds. Failure to include these expenditures understates and hides the deficit. In 1994 the deficit was hidden by $103 billion. For the 26 year period following adoption of the Unified Budget the deficit has been hidden by over $1.0 trillion.
The erroneous Unified Budget and other false information concerning social security is being reported via the news media. It's been reported that social security pensions are welfare and the cause of the federal deficit; it's been said that there is no money in the social security trust funds and today's young people are paying for the older peoples pension; it's been reported that you get back your contributions to social security in 2 to 3 years. This false information and its source is identified and the truth is revealed by referencing congressional hearings, federal legislation, federal budgets, presidential comments, a General Accounting Office report (GAO-the people's watchdog), committee reports and other government documents. The federal deficit as reported by the government is hidden and understated by billions of dollars annually and is a HOAX on the American people.
Contrary to what you read in the newspapers the gov't. will never be able to balance the budget using the Unified Budget concept. The federal debt will continue to increase and the associated cost of interest will continue to increase using the Unified Budget concept. It is unstoppable. You read that correctly, it is unstoppable under this budget concept.
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There are a number of people who could have written this book, however, their numbers are not large. The subject matter requires an extensive understanding of the government budgeting process and governmental accounting procedures. Mr. Steineger's 12 years experience as Chief Finance Officer in the private sector and 18 years experience in government budgeting and finance, retiring in 1992 as Assistant Auditor Controller for the County of Santa Barbara, provides the unique background for critical analysis and interpretation of the Federal government budgeting practices. While the book may appear to be technical it has been written so that the most novice can understand. Examples and illustrations are used throughout the book to assist in this understanding.From the Author:
The news media erroneously reports that social security pensions contribute to the federal deficit and if we reduce social security pensions we will reduce the deficit. You will learn in this book that social security pensions do not contribute to the deficit but instead hides the deficit.
The Unified Budget created by President Johnson in 1969 is a HOAX. Learn how this HOAX is used to hide the federal deficit and how it will be used to give the ILLUSION of a balance budget. From 1969 to 1995 the President's budget has hidden the federal deficit by over $1.0 trillion.
There are some in congress who realize this HOAX and would like to repeal the Unified Budget, however, they are outnumbered. The unanswered question is whether those who want to keep the Unified Budget do so because: (A) they don't understand or (B) they do understand but are reconciled in their own mind that balancing the budget using the Administrative Budget concept is virtually an impossible task and recognizing it as in impossible task are unable to keep their promises to the voters. Their solution, therefore, is to keep the Unified Budget and continue the HOAX.
The voters in this country are entitled to the truth. If your representative in congress cannot provide the truth then it represents a violation of public trust and he/she should be rejected at the voting booth.
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Book Description Amer Patriot Pub, 1997. Paperback. Book Condition: New. Revised. Bookseller Inventory # DADAX0965747131