For the surpluses of the entitlement program trust funds, covering social security, Medicare, and the retirement benefits of government employees, one would follow a different rule. These trust funds are set up to finance long-term entitlement expenditures.
As the Fed pursues the monetary policy objectives that have been set out for us by Congress – to pursue price stability, maximum employment, and moderate long-term interest rates – it is essential that the public understand our objectives and our actions.