Description: The U.S. Bureau of the Census has rightfully earned a reputation for technical excellence. However, the author has run across an instance where this venerable, distinguished agency went sadly astray - namely, in connection with the number and proportion of employees of state and local governments who are covered by Social Security and Disability Insurance.

Description: This article describes a report by the GAO that was prepared at the request of Congressman Wolff. Robert J. Myers, the author of the article, that the GAO report is “an excellent summary of the various recent studies on the financial problems confronting the OASDI system. Four of the studies have been recently reviewed in The Actuary: An Actuarial Audit of the Social Security System by Kaplan and Weil April 1975, the 1975 Trustees Report June 1975, Report of the Panel on Social Security Financing to the Committee on Finance, U.S. Senate May 1975, and Reports of the Quadrennial Advisory Council on Social Security October 1975. Also considered in the report are editorial comments by The Wall Street Journal which first impelled Congressman Wolff to request the GAO Report.”

Description: This article discusses Social Security amendments of 1983 that include triggering devices based on trust-fund ratios that affect the funding or benefits of the system for both OASDI and Medicare.

Description: Commentary from Robert Myers regarding the apparent success of the actuarial cost estimating procedure for the Social Security program on its 40th anniversary.

Description: Reports on recent month-end fund balances in the Old-Age, Survivors, and Disability Insurance funds. They had been facing a great financial crisis recently and now are in much better financial condition.

Description: Article from The Actuary, May 1985 – Volume No. 19, Issue No. 5 that discusses the current financial status of Social Security.

Description: In 1938 and 1941, tax rulings were issued that Social Security benefits were not subject to income tax. This was done largely on the grounds that they are governmental gratuities probably based on the fact that the benefits and the taxes financing them were in different titles of the Social Security Act. Periodically over the years, proposals were made to include the benefits in taxable income in the same manner as private pensions.

Description: Senate Resolution 350, June 26, 1974, provided for an expert, independent analysis of the actuarial status of the social security system, to be made for the Senate Committee on Finance. Robert Myers provides comments on this report and finds it an excellent example of how an actuarial report should be presented to the public.

Description: Argues that the budget for the Social Security program should not be 'unified'with the rest of the federal budget in evaluating the federal deficit.

Description: The author demonstrates the error in valuing a life annuity by using the amount of an annuity-certain for a period equal to the expectation of life.