Social Security tops among agencies in managing money
Social Security was tops among the 24 largest federal agencies in an annual report card on financial management, released in April by a U.S. House of Representatives subcommittee.
The report by the House Subcommittee on Government Efficiency, Financial Management and Intergovernmental Relations grades each agency’s progress in achieving good financial management. For the last fiscal year, the Social Security Administration received a “B,” while the overall government grade was a “D.”
U.S. Comptroller General David Walker said the ratings are important because “without accurate financial information, we will never have financial accountability.”
The programs administered by the Social Security Administration account for more than 25 percent of the federal budget, and for about 5 percent of the nation’s gross domestic product. The Social Security programs pay monthly benefits to more than 45 million Americans, including 32 million retirees and their families, and about 7 million disabled workers and their family members, and about 7 million survivors of workers who have died.
Jo Anne Barnhart, Commissioner of Social Security, said her agency is committed to providing the best possible service to the American public, including reliable and accurate financial management. Social Security is proud of the fact that administrative costs have always stayed less than one percent of total costs!