LIABILITIES, DEBTS, REVENUES, AND EXPENDITURES: ACCOUNTING FOR THE ACTUARIAL BALANCE OF SOCIAL SECURITY.

The article presents views of Howell E. Jackson concerning the financial status of the Old Age Survivors and Disability Insurance program (OASDI or Social Security) in the U.S. The determination of the Social Security's financial status is considered necessary for the modification and reformation of the national retirement policies of the country. One way of identifying the value of its net liabilities is to assume that OASDI will continue to exist. Jackson argued that accrual accounting of promised benefits based on participation to date is the method of summarizing the financial status. He suggests to compare his preferred method of accrual accounting to the present-value calculations in the report.