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→President Lyndon Johnson raids the Social Security Trust Fund to wage the Vietnam War: Econometrics of fair values
===President Lyndon Johnson raids the Social Security Trust Fund to wage the Vietnam War===
===President Lyndon Johnson raids the Social Security Trust Fund to wage the Vietnam War===
President Johnson created the 'unified budget' in the late 1960s to mask the cost of the [[Vietnam War]].<ref>Sunder, S., Econometrics of fair values, ''Accounting Horizons'' 22(1): 111-125.</ref> President Johnson did not want to ask for income tax increases to pay for several ambitious government programs of that era (the Vietnam War, the [[Great Society]] War on Poverty, the [[NASA]] Space Race). Putting surpluses from Social Security overwithholding “on budget” (adding them to the general operating budget of the United States Government) so the overwithholding could be used to pay for other government programs would make the federal budget appear balanced. The resulting debt to Trust Funds would be presented “off budget.”
President Johnson created the 'unified budget' in the late 1960s to mask the cost of the [[Vietnam War]].<ref>Sunder, S., [http://mba.yale.edu/faculty/pdf/SunderS_econometrics.pdf Econometrics of fair values,] ''Accounting Horizons'' 22(1): 111-125.</ref> President Johnson did not want to ask for income tax increases to pay for several ambitious government programs of that era (the Vietnam War, the [[Great Society]] War on Poverty, the [[NASA]] Space Race). Putting surpluses from Social Security overwithholding “on budget” (adding them to the general operating budget of the United States Government) so the overwithholding could be used to pay for other government programs would make the federal budget appear balanced. The resulting debt to Trust Funds would be presented “off budget.”
In 1967 President Johnson appointed a Commission on Federal Budget Concepts which in its October 1967 report proposed a unified budget to do this. Johnson submitted the first unified budget to a Democratic Congress for Fiscal Year 1969 scheduled to begin
In 1967 President Johnson appointed a Commission on Federal Budget Concepts which in its October 1967 report proposed a unified budget to do this. Johnson submitted the first unified budget to a Democratic Congress for Fiscal Year 1969 scheduled to begin