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The article focuses on federal funding assistance to public transportation agencies is provided primarily through the public transportation program administered by the Department of Transportation's Federal Transit Administration (FTA). It mentions Infrastructure Investment and Jobs Act funds public transportation from the mass transit account of the Highway Trust Fund. It also mentions nominal increase in annual federal funding for public transportation.

Social Security's receipts and expenditures are accounted for through two federal trust funds: the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability Insurance (DI) Trust Fund. Under their intermediate assumptions and under current law, the Social Security trustees project that the OASI trust fund will become depleted in 2033 and the DI trust fund will become depleted in 2057. Although the two funds are legally separate, they are often considered in combination. The trustees project that the combined Social Security trust funds will become depleted in 2034 (under different assumptions and projection methods, the Congressional Budget Office projected in 2021 that the combined trust funds will become insolvent in 2032). At that point, the combined trust funds would become insolvent, because incoming tax revenue would be sufficient to pay only about 78% of scheduled benefits. Insolvency does not mean that Social Security will be completely broke and unable to pay any benefits. The 2021 intermediate assumptions reflect the trustees' understanding of the status of the Social Security trust funds at the start of 2021. Unlike the previous year's report, the 2021 estimates do include potential effects of Coronavirus Disease 2019 (COVID-19). Although the report includes impacts from COVID-19, the impacts are confined to the near term. The trustees acknowledge that effects from the pandemic, especially in the long term, are subject to a high level of uncertainty. If a trust fund became depleted and current receipts were insufficient to cover current expenditures, there would be a conflict between two federal laws. Under the Social Security Act, beneficiaries would still be legally entitled to their full scheduled benefits. However, the Antideficiency Act prohibits government spending in excess of available funds, so the Social Security Administration (SSA) would not have legal authority to pay full Social Security benefits on time. It is unclear what specific actions SSA would take if a trust fund were insolvent. After depletion, the trust funds would continue to receive tax revenues, from which a majority of scheduled benefits could be paid. One option would be to pay full benefits on a delayed schedule; another would be to make timely but reduced payments. Social Security beneficiaries would remain legally entitled to full, timely benefits and could take legal action to claim the balance of their benefits. Maintaining financial balance after trust fund insolvency would require substantial reductions in Social Security benefits, substantial increases in tax revenues, or some combination of the two. The trustees project that following depletion of the combined funds in 2034, Congress could restore balance by reducing scheduled benefits by about 22%; the required reduction would grow gradually to 26% by 2095. An alternative could be for Congress to raise the Social Security payroll tax rate from 12.4% to 15.8% following depletion in 2034, then gradually increase it to 16.7% by 2095. Trust-fund insolvency could be avoided if expenditures were reduced or receipts increased sufficiently. The sooner adjustment to Social Security policy is undertaken, the less abrupt the changes would need to be, because they could be spread over a longer period and would therefore affect a larger number of workers and beneficiaries. As well, enacting adjustment to Social Security policy sooner, rather than later, would give workers and beneficiaries more time to plan and adjust their work and savings behavior. [ABSTRACT FROM AUTHOR]

The Social Security program pays monthly cash benefits to retired or disabled workers and their family members and to the family members of deceased workers. Program income and outgo are accounted for in two separate trust funds authorized under Title II of the Social Security Act: the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability Insurance (DI) Trust Fund. Projections show the OASI fund remaining solvent until 2033, whereas the DI fund is projected to remain solvent until 2057, meaning that each trust fund is projected to be able to pay benefits scheduled under current law in full and on time up to that point. Following the depletion of trust fund reserves (2057 for DI and 2033 for OASI), continuing income to each fund is projected to cover 91% of DI scheduled benefits and 76% of OASI scheduled benefits. The two trust funds are legally distinct and do not have authority to borrow from each other. However, Congress has authorized the shifting of funds between OASI and DI in the past to address shortfalls in a particular fund. Therefore, this CRS report discusses the operations of the OASI and DI trust funds on a combined basis (referring to them collectively as the Social Security trust funds) and also covers combined financial projections over a 75-year period (i.e., 2021-2095). On a combined basis, the trust funds are projected to remain solvent until 2034. Following depletion of combined trust fund reserves at that point, continuing income is projected to cover 78% of scheduled benefits. Social Security is financed by payroll taxes paid by covered workers and their employers, federal income taxes paid by some beneficiaries on a portion of their benefits, and interest income from the Social Security trust fund investments. Social Security tax revenues are invested in U.S. government securities (special issues) held by the trust funds, and these securities earn interest. The tax revenues exchanged for the U.S. government securities are deposited into the General Fund of the Treasury and are indistinguishable from revenues in the General Fund that come from other sources. Because the assets held by the trust funds are U.S. government securities, the trust fund balance represents the amount of money owed to the Social Security trust funds by the General Fund of the Treasury. Funds needed to pay Social Security benefits and administrative expenses come from the redemption or sale of U.S. government securities held by the trust funds. The Social Security trust funds represent funds dedicated to pay current and future Social Security benefits. However, it is useful to view the trust funds in two ways: (1) as an internal federal accounting concept and (2) as the accumulated holdings of the Social Security program. By law, Social Security tax revenues must be invested in U.S. government obligations (debt instruments of the U.S. government). The accumulated holdings of U.S. government obligations are often viewed as being similar to assets held by any other trust on behalf of the beneficiaries. However, the holdings of the Social Security trust funds differ from those of private trusts because (1) the types of investments the trust funds may hold are limited and (2) the U.S. government is both the buyer and seller of the investments. This report covers how the Social Security program is financed and how the Social Security trust funds work. The report also covers the projected financial operations of the trust funds using data from the 2021 Annual Report of the Board of Trustees. The 2021 annual report reflects the trustees' understanding of the OASDI program at the start of 2021 and presents projected program and financial information for a 75-year period (2021-2095). [ABSTRACT FROM AUTHOR]

Social Security provides monthly cash benefits to retired or disabled workers and their family members, and to the family members of deceased workers. Among the beneficiary population, 84.5% are retired or disabled workers; family members of retired, disabled, or deceased workers make up the remainder. In July 2021, approximately 65.0 million beneficiaries received a total of $93.4 billion in benefit payments for the month; the average monthly benefit was $1,436. Workers become eligible for Social Security benefits for themselves and their family members by working in Social Security-covered employment. For 2021, an estimated 94% of workers will work in paid employment or self-employment covered by Social Security, and their earnings are subject to the Social Security payroll tax. Employers and employees each pay 6.2% of covered earnings, up to an annual limit on taxable earnings ($142,800 in 2021). Among other requirements, a worker generally needs 40 earnings credits (10 years of covered employment) to be eligible for a Social Security retired-worker benefit. Fewer earnings credits are needed to qualify for a disabled-worker benefit; the number needed varies depending on the age of the worker when he or she became disabled. A worker's initial monthly benefit is based on his or her career-average earnings in covered employment. Social Security retired-worker benefits are first payable at the age of 62, subject to a permanent reduction for early retirement. Full (unreduced) retirement benefits are first payable at the full retirement age (FRA), which is increasing gradually from 65 to 67 under a law enacted by Congress in 1983. The FRA will reach 67 for persons born in 1960 or later (i.e., persons who become eligible for retirement benefits at the age of 62 in 2022 or later). In addition to payroll taxes, Social Security is financed by federal income taxes that some beneficiaries pay on a portion of their benefits and by interest income that is earned on the Treasury securities held by the Social Security trust funds. In 2020, the Social Security trust funds had receipts totaling $1,118 billion, expenditures totaling $1,107 billion, and accumulated assets (U.S. Treasury securities) totaling about $2.9 trillion. Over the program's 86-year history, it has collected roughly $24.1 trillion and paid out $21.2 trillion, leaving asset reserves of about $2.9 trillion at the end of 2020 in its two trust funds. Projections by the trustees show that, based on the program's current financing and benefit structure, benefits scheduled under current law can be paid in full and on time until 2034 (under the intermediate set of assumptions). Projections also show that Social Security expenditures are estimated to exceed income by at least 20% over the next 75 years. Restoring long-range trust fund solvency and other policy objectives (such as increasing benefits for certain beneficiaries) have made Social Security reform an issue of ongoing congressional interest. This report provides an overview of Social Security financing and benefits under current law. Specifically, the report covers the origins and a brief history of the program; Social Security financing and the status of the trust funds; how Social Security benefits are computed; the types of Social Security benefits available to workers and their family members; the basic eligibility requirements for each type of benefit; the scheduled increase in the Social Security retirement age; and the federal income taxation of Social Security benefits. [ABSTRACT FROM AUTHOR]

The article discusses the U.S. Congressional Research Service report which presents current data on ownership of U.S. Treasury securities and major holders of federal debt by country. It mentions that federal debt represents the accumulated balance of borrowing by the federal government, and the gross debt is composed of debt held by the public and intragovernmental debt held by federal trust funds.

The article explains the investment practices for the U.S. Social Security trust fund. Topics discussed include the requirement under Social Security Act for Social Security tax revenues to be invested in special nonmarketable federal public-debt obligations or special issues, guidelines for investment such as purchasing obligations at the issue price or at the market price for outstanding obligations, and aim of legislation to alter the practices to increase interest income to the funds.

Social Security's receipts and expenditures are accounted for through two federal trust funds: the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability Insurance (DI) Trust Fund. Under their intermediate assumptions and under current law, the Social Security trustees project that the DI trust fund will become depleted in 2052 and the OASI trust fund will become depleted in 2034. Although the two funds are legally separate, they are often considered in combination. The trustees project that the combined Social Security trust funds will become depleted in 2035. At that point, the combined trust funds would become insolvent, because incoming tax revenue would be sufficient to pay only about 80% of scheduled benefits. If a trust fund became depleted and current receipts were insufficient to cover current expenditures, there would be a conflict between two federal laws. Under the Social Security Act, beneficiaries would still be legally entitled to their full scheduled benefits. However, the Antideficiency Act prohibits government spending in excess of available funds, so the Social Security Administration (SSA) would not have legal authority to pay full Social Security benefits on time. It is unclear what specific actions SSA would take if a trust fund were insolvent. After depletion, the trust funds would continue to receive tax revenues, from which a majority of scheduled benefits could be paid. One option would be to pay full benefits on a delayed schedule; another would be to make timely but reduced payments. Social Security beneficiaries would remain legally entitled to full, timely benefits and could take legal action to claim the balance of their benefits. Maintaining financial balance after trust fund insolvency would require substantial reductions in Social Security benefits, substantial increases in tax revenues, or some combination of the two. The trustees project that following depletion of the combined funds in 2035, Congress could restore balance by reducing scheduled benefits by about 20%; the required reduction would grow gradually to 25% by 2093. An alternative could be for Congress to raise the Social Security payroll tax rate from 12.4% to 15.60% following depletion in 2035, then gradually increase it to 16.50% by 2093. Trust-fund insolvency could be avoided if expenditures were reduced or receipts increased sufficiently. The sooner Congress acts to adjust Social Security policy, the less abrupt the changes would need to be, because they could be spread over a longer period and would therefore affect a larger number of workers and beneficiaries. Even if changes were not implemented immediately, enacting them sooner would give workers and beneficiaries more time to plan and adjust their work and savings behavior. [ABSTRACT FROM AUTHOR]

The article offers information on a report from the U.S. Congressional Research Service on Social Security in the U.S. Topics discussed include workers' eligibility for the Social Security benefits by working in Social Security-covered employment, financing of the Social Security by federal income taxes, the status of the trust funds, the scheduled increase in the Social Security retirement age, and the federal income taxation of Social Security benefits.

The article focuses on the U.S. Federal Civil Aviation Programs which are funded under Federal Aviation Administration (FAA). Topics discussed include programs are funded primarily through a special trust fund, the Airport and Airway Trust Fund (AATF), Airport Improvement Program (AIP) provides federal grants-in-aid for projects such as new runways and taxiways and certain aviation programs are administered by the Department of Transportation (DOT) Office of the Secretary.

The article focuses on Trust Fund Investment Practices of the U.S. Railroad Retirement Board (RRB) which administers retirement, survivor, disability, unemployment, and sickness insurance for railroad workers. Topics discussed include Congress structured the Trust in an effort to ensure investment independence and limit political interference, Trust's assets are invested in a diversified portfolio to minimize investment risk and increase in Railroad Retirement Tier II tax rates.

The article offers information on the funding of the Social Security program which pays monthly cash benefits to retired or disabled workers. Topic include details on the trust funds authorized under Title II of the Social Security Act comprising Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability Insurance (DI) Trust Fund.

The article offers information on the U.S. Social Security Trust Funds. It mentions that receipts and expenditures of Social Security is accounted from Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the Federal Disability Insurance (DI) Trust Fund; Social Security Administration's take on the same; and maintaining financial balance after trust fund insolvency.

The article focuses on the suspension of the debt limit declared by the U.S. Treasury due to the debt limit reached at the end of December 2012. It talks about the payments were made in the form of securities and trust funds. It tells about the decision to handle debt limits in the future using taxes of the same amount as stated in the Budget Control Act.

The article discusses need for states with outstanding loans from the Unemployment Trust Fund (UTF) to repay them fully by the November 10 following the second consecutive January 1, otherwise the state will face an effective federal tax increase. Topics include reduction of state unemployment tax credit applied against federal unemployment tax; need for state to altered its state law to increase the solvency with the UTF; and increased FUTA rates for states during recession.