Topic: Social Security Benefits

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Five budget realities no politician will talk about (not even Ron Paul)

Ron Paul deserves credit for making the boldest proposals of any candidate in the presidential race. The astonishing reality of the federal government’s budget situation, however, is that even his plans might not be enough to keep Uncle Sam out of bankruptcy. While President Obama offers a $3.8 trillion budget that optimistically might cut the federal deficit to $575 billion by 2018, federal data suggest the United States is already broke. The Federal Reserve estimates that the net value of all private assets, including real estate, stocks, bonds, businesses, cash, etc., is $57 trillion. But the Treasury Department estimates the federal government’s net worth is a negative $61 trillion. Here are five budget realities that no candidate wants to acknowledge:
Election 101: Where the GOP candidates stand on the economy

With more than 13 million Americans out of work and wage increases so modest they’re failing to keep up with inflation, voters have put the economy and jobs at the top of their checklist of presidential issues.
What can Congress do to create jobs? Five Democratic proposals.

Amid fears that the economy may be headed into a second recession, both Republicans and Democrats say creating jobs is their top priority. But the two parties are far apart on their approaches. Here are the Democrats' top five priorities.
Federal budget mess: Six ways to fix it

Surprise! It turns out America's problem with runaway budget deficits is solvable, after all. That, at least, is the opinion of some prominent think thanks that have been offering ready-made blueprints.
New York gay marriage bill: What would happen if it passes?

New York legislators could vote as early as Wednesday to legalize gay marriage in the state. New York would become the sixth state to permit gay marriage. Here’s a list six things that would – and wouldn’t – happen should the bill pass.

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Tax day horror story: taking your money ... and your identity

The IRS is making it a top priority to crack down on the burgeoning tax day scam of identity fraud. In 2011 the agency thwarted $1.4 billion in fraudulent refunds.
Tax VOX
Just how big is the payroll tax cut?

The payroll tax cut extension will save workers a total of $114 billion this year. That means an average cut of $714 per worker, though some will take home more (and some less).
How payroll tax gridlock in Congress finally came unstuck

A deal to prolong the payroll tax cut has also paved the way for Congress to extend long-term unemployment benefits and the Medicare 'doc fix' to the end of the year.
Saving Money
Retirement plans? Don't forget about state, local taxes.

Retirement plans should include an appraisal of the impact of state and local taxes. Levies on income, benefits, property, purchases, and estate can make a difference in your retirement plans. 
Five budget realities no politician will talk about (not even Ron Paul)

Ron Paul deserves credit for making the boldest proposals of any candidate in the presidential race. The astonishing reality of the federal government’s budget situation, however, is that even his plans might not be enough to keep Uncle Sam out of bankruptcy. While President Obama offers a $3.8 trillion budget that optimistically might cut the federal deficit to $575 billion by 2018, federal data suggest the United States is already broke. The Federal Reserve estimates that the net value of all private assets, including real estate, stocks, bonds, businesses, cash, etc., is $57 trillion. But the Treasury Department estimates the federal government’s net worth is a negative $61 trillion. Here are five budget realities that no candidate wants to acknowledge:
Robert Reich
Obama is no 'food stamp president'

Mitt Romney and Newt Gingrich agree that President Obama is turning America into “European-style welfare culture,” pointing to a rise in the number of citizens relying on federal aid. Here's why they have it backwards.
Tax VOX
Tax-deferred 401(k) plans good news for workers

While lower-wage workers get less of a tax benefit than their higher-paid colleagues, their wages fall by much less for every dollar their employer contributes to their retirement plan.
Election 101: Where the GOP candidates stand on the economy

With more than 13 million Americans out of work and wage increases so modest they’re failing to keep up with inflation, voters have put the economy and jobs at the top of their checklist of presidential issues.
Why John Boehner can still win the tax-cut showdown

House Speaker John Boehner stunned Senate Democrats and Republicans when he said the House would vote down their two-month deal on the payroll tax cut and other measures.
Tax VOX
Payroll tax holiday isn't perfect, but it's better than nothing

The payroll tax cut is far from optimal policy, but the economy still needs the stimulus it provides
Payroll tax cut: why Republicans might back Obama's plan (VIDEO)

President Obama has hit the road to lobby for his plan to extend and expand this year's payroll tax cut 'holiday.' Though concerns remain, Republicans worry that Obama is gaining traction.
Tax VOX
Should Congress extend the payroll tax holiday?

An extended payroll tax holiday would put more money in the pockets of consumers, but it would mean cuts to important programs like Social Security
Super committee failure threatens key tax breaks

Super committee deal would have made it easier for Congress to extend temporary tax breaks that are buoying the economy. The likely debacle of the super committee could trim growth by ending those tax breaks.
Seven days left: Is super committee ball now in Democrats' court?

Following a GOP proposal on the deficit-cutting 'super committee' to raise tax revenues, Republicans say it's the Democrats' turn to show they're serious by making cuts in entitlement spending.
On the Economy
Social Security will not destroy the economy

Social Security is threatened by the deficit committee's budget cuts . But the $2.6 trillion Social Security trust fund isn't nearly as draining or risky as many would have you believe
Medicare premiums taketh what Social Security giveth?

Medicare premiums are slated to rise – by about $10 a month – for most recipients in 2012. These higher Medicare premiums will eat into the extra $39 a month that the average Social Security recipient is expected to get from next year's cost-of-living adjustment.
Social Security increase reduced after Medicare premiums increase

Social Security increase less than previously thought after Medicare premiums: The anticipated 3.6 percent increase in Social Security payout next year will only amount to $29 extra per month on average after an increase of Medicare premiums.
Social Security recipients see 3.5 percent raise

Social Security recipients have not received a raise since 2009. That is set to change in 2012, when Social Security checks will be about 3.5 percent more than the last two years.
Social Security: seniors to see COLA increase in 2012

After an unprecedented two years of no cost-of-living adjustment, Social Security is poised to boost payments in January, a private group calculates. Social Security COLA will be between 3.5 and 3.7 percent.
Robert Reich
The seven biggest economic lies

This nation can't improve unless more Americans know the truth about the economy
President Obama jobs bill fails to pass Senate

President Obama and others expected Republicans to vote against the jobs bill but Obama says, 'we can't take 'no' for an answer.'
Letters to the Editor – Weekly Issue of October 10, 2011

Readers write in to debate the individual mandate in the new health-care law and share thanks for 'gifted and talented' programs in schools.
$3 trillion in deficit reduction from Obama

$3 trillion in deficit cuts from Obama will be paid for with taxes on the wealthy. The $3 trillion plan is a longer-term follow up to the $447 million in tax cuts and public spending that the president announced as part of a short-term stimulus plan.
Robert Reich
What you won't hear about during the 2012 election

Why progressive ideas like wage increases and medicare won't be mentioned during presidential debates
Cuts to Medicare? Progressives anxious ahead of Obama's deficit plan.

President Obama releases his latest deficit-reduction plan Monday. It will contain no changes to Social Security, the White House says, but no such announcement has been made about other entitlement programs.