However, because a recent Supreme Court decision (unrelated to Social Security) had raised questions about the constitutionality of appropriating the tax revenues directly to the reserve account, the act did not explicitly earmark those revenues to the account. The act authorized Congress to appropriate funds to the reserve account and separately established a new payroll tax sufficient to provide those funds. The Social Security trust funds date back to the “Old-Age Reserve Account,” established under the 1935 Social Security Act. This article examines the cash flows and reserves from the perspective of not just the trust fund itself but also from that of the rest of the budget. In recent years, attention has focused on the cash flows' effects on the rest of the federal budget. In 2015, reserves are large enough that cash flow will not be a problem for the trust fund for almost 20 years. These cash flows-the tax income, the investment (and redemption) of the securities, the interest on the invested reserves, and the payment of benefits-become critically important when reserves are low relative to benefit payments, as occurred in 1983. The reserves are funded from dedicated tax revenues and interest on accumulated reserve holdings, which are invested in Treasury securities. Social Security benefits are paid from the reserves of the Old-Age, Survivors, and Disability Insurance ( OASDI) trust fund. Old-Age, Survivors, and Disability Insurance
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