Word: budgets
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Dates: during 1990-1999
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Clinton can claim a budget surplus even as the nation sinks deeper into red ink because federal bookkeeping allows counting the assets in government trust funds, predominantly surplus Social Security revenue, as part of the nation's spending pool...
America's pay-as-you-go Social Security system takes in more money through Taxes than it doles out to current recipients, and the extra money is stored in a trust fund. Budget allocations for federal spending make use of the yearly additions to this accumulated revenue...
...declaring a budget surplus and allocating it is preserving Social Security, the President accomplishes a policy coup: he does nothing while claiming to have ameliorated a major problem. Clinton will simply restore to its coffers the Same money that allowed him to proclaim a surplus. His mantra of "sav[ing] Social Security first" has widespread political appeal, says Paul Gigot of The Wall Street Journal, because "few Americans know how Social Security works...
...face of such inefficiency, jubilation over the budget surplus bears reconsidering. The disappearing deficit signals neither an end to overextended government nor a solution to the coming Social Security crisis. President Clinton's suggestion of "reserving" extra revenue does not address the long-term solvency of the federal retirement benefits program...
According to Knowles' annual budget letter tothe Faculty, more than 40 percent of tenuredappointments have come from internal promotions inthe last three years, compared with under 30percent in the previous three-year period...