Here's a tidbit I had not heard: by law, the Social Security Trustees Report must be published by April 1st. It's still not out. From Forbes: "The (still) missing Social Security Annual Report."
The Social Security's trustees' annual report is, by law, supposed to be published by April 1. This year, however, the trustees have postponed its release indefinitely. The program's financial condition continues to remain hidden from public view--and by many accounts will continue to be so until the end of the fiscal year.Could it be that the most transparent Administration ever is holding back the report because it's bleeding red ink? Adjust your tin hats, everyone:
Given the lead times necessary to prepare the trustees' report, it is highly likely that a final draft report was readied by early March to meet the April 1 legal deadline. But the trustees' decision to table that report was clearly unopposed because Social Security currently has no confirmed public trustees. All of its current trustees are ex officio members of the Obama administration, leaving no one to register concern that delay would prevent the public from knowing how rapidly Social Security's finances are deteriorating.Somebody is breaking the law:
Another important reason to be concerned about the delay is that it flouts laws set by Congress about Social Security's reporting requirements. Under the Employee Retirement Income Security Act, private pension plan managers must also file many reports--with the federal government, employees and beneficiaries--under strict reporting deadlines.The Obama administration insists the delay is due to adjustments that need to be made factoring in new policies such as the health care reform bill. But they don't want to publish a report based on pre-legislation assumptions because it will make it too easy to compare the effects of Obamacare on the fiscal health of entitlements.