The Administration believes that every young American should have the opportunity to go to a good school and acquire the skills that will be needed to advance in today's high technology society. Today, America's public schools serve some children well. But some schools clearly do not teach adequately, nurture consistently, or offer a fair start in life. Some education initiatives in this budget originated on one side of the political aisle, some on the other. All stress results over promises and accountability over process.
Federal spending is a small part of America's total education spending.
The President's Budget declares that the Federal Government must not spend for spending's sake. The President's Budget shores up Social Security's finances so that this program can continue to provide retirement security for all future retirees. Today, the Social Security program is in surplus. Beginning around 2016, beyond the Government's 10-year planning horizon, the program will begin to run a cash deficit. After 2038, the trust fund will be depleted and payroll taxes at that time will cover only 73 percent of promised benefits.