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B-164031(4) 1 (1974-09-26)

handle is hein.gao/gaobabkva0001 and id is 1 raw text is: W CNot to be released outside the Genera C).3 Aceountfg Office except on the basis of specific approva, LER by the Office of Congressional Relations. COMPTROLLER GENERAL OF THE UNITED STATES~ ....4.. 7 WASHINGTON, O.C. =US4 B-164o3 1(4) RELEASEDSEP 26 1974 The Honorable Jack T. Brinkley House of Representatives K Dear Mr. Brinkley: In response to your June 12, 1974, request concerning the status of the Social Security trust funds and statements attributed to the Commissioner of Social Security on this subject, we have reviewed the 1973 and 1974 Annual Reports of the Board of Trustees of the Fed- eral Old-Age and Survivors Insurance and Disability Insurance trust funds, which are enclosed. We also reviewed the newspaper articles and the transcript of statements made by the Commissioner of Social Security to reporters of the Washington Star-News. SUMMARY OF 1974 TRUST FUND REPORT The 1974 trust fund report contains both short- and long-range estimates of the financial status of the trust funds. The short-range estimates cover July 1, 1973, through December 1978 and the long- range estimates cover 1974 through 2048. The projected serious underfinancing of the Old-Age and Survivors Insurance and Dis- ability Insurance systems is reflected in the long-range estimates. Short-range estimates Under existing law Social Security benefits increase on the basis of rises in the Consumer Price Index (a measure of the cost of liv- ing). In 1975, and in each year thereafter that immediately follows a year in which an automatic benefit increase becomes effective, the taxable earnings or contribution base ($13, 200 in 1974) will also be automatically increased to help pay for the increased benefits. This contribution base is also the base on which the wage earner's future benefits are calculated. The short-range estimates are based on alternative assumptions about projected increases in benefits and in the contribution and bene- fit base. Under one set of assumptions, the combined income for the Old-Age and Survivors Insurance and Disability Insurance trust funds is expected to exceed the combined disbursements each year for 1974 through 1978. This will result in a $1. 6 billion increase in the com- bined assets of the two trust funds during December 31, 1973, to December 31, 1978. ~ Ic010^

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