Congress has less than a decade to fix Social Security before it runs short of cash
10 months, 3 weeks ago

Congress has less than a decade to fix Social Security before it runs short of cash

NPR  

Congress has less than a decade to fix Social Security before it runs short of cash Social Security benefits are facing an automatic cut in less than 10 years unless changes are adopted. STEVE INSKEEP, HOST: We hear this from time to time, an assertion that Congress has only a few years to fix Social Security. With tens of millions of baby boomers retiring and starting to draw benefits, and fewer people in the workforce paying taxes for each retiree, Social Security is expected to run short of cash in just over nine years. HORSLEY: Congress could patch the hole in Social Security's finances by either raising taxes, reducing benefits or some combination of the two.

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History of this topic

They've just signed Social Security's death warrant — are you ready?
2 weeks, 5 days ago

They've just signed Social Security's death warrant — are you ready?

Raw Story  

Tuesday night, Donald Trump stood before the nation and, with the full backing of billionaires like Elon Musk, laid the groundwork for the biggest heist in American history — the rapid, systematic destruction of Social Security, disguised as “reform.” We saw the formal announcement of it during Trump’s State of the Union address, and the DOGE announcement earlier in the …

Hiltzik: Social Security is in Trump's crosshairs
3 weeks, 4 days ago

Hiltzik: Social Security is in Trump's crosshairs

LA Times  

Perhaps the most frequently cited quote from Donald Trump relevant to his purported efforts to root out government waste has been “we’re not touching Social Security,” or variations thereof. Its press release about the reduction referred to the program’s “bloated workforce.” To anyone who knows anything about the Social Security Administration, calling its workforce “bloated” sounds like a sick joke. …

Elon Musk Calls Social Security 'The Biggest Ponzi Scheme Of All Time'
3 weeks, 6 days ago

Elon Musk Calls Social Security 'The Biggest Ponzi Scheme Of All Time'

Huff Post  

LOADING ERROR LOADING Elon Musk is calling Social Security a “Ponzi scheme,” prompting suspicion that the world’s richest man is merely hoping to privatize a social safety net that has existed since the 1930s — and has kept millions of elderly, poor and disabled Americans from destitution. The billionaire argued Friday on “The Joe Rogan Experience” podcast that the United …

Social Security says higher payments are on the way for millions of former public workers
1 month ago

Social Security says higher payments are on the way for millions of former public workers

Associated Press  

WASHINGTON — More than 3.2 million Social Security recipients who received pensions from their time as teachers, firefighters, police officers and other public service jobs will soon see a boost in their benefits. The Social Security Administration announced it would immediately begin processing retroactive payments and will send increased monthly payments to people affected by the Windfall Elimination Provision and …

Trump official calls Social Security ‘wrong’ as administration lays groundwork for massive cuts
1 month, 1 week ago

Trump official calls Social Security ‘wrong’ as administration lays groundwork for massive cuts

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Donald Trump and Elon Musk are ramping up baseless claims …

Higher Social Security payments coming for millions of people from bill that Biden signed
Trending News
2 months, 3 weeks ago

Higher Social Security payments coming for millions of people from bill that Biden signed

Associated Press  

WASHINGTON — President Joe Biden on Sunday signed into law a measure that boosts Social Security payments for current and former public employees, affecting nearly 3 million people who receive pensions from their time as teachers, firefighters, police officers and in other public service jobs. The bill rescinds two provisions — the Windfall Elimination Provision and the Government Pension Offset …

Millions to Get Bigger Social Security Checks If Biden Signs New Bill
3 months, 1 week ago

Millions to Get Bigger Social Security Checks If Biden Signs New Bill

Live Mint  

Millions of Americans may see their Social Security benefits increase under a bill headed to President Joe Biden’s desk — though critics warn that the measure comes at the cost of pushing the fund further toward insolvency. If signed by the president before the new Congress convenes on Jan. 3, the law would boost Social Security payments to more than …

US Senate passes Social Security benefits boost for many public service retirees
3 months, 1 week ago

US Senate passes Social Security benefits boost for many public service retirees

Hindustan Times  

The Senate passed legislation early Saturday to boost Social Security payments for millions of people, pushing a longtime priority for former public employees through Congress in one of its last acts for the year. The bill repeals two provisions — the Windfall Elimination Provision and the Government Pension Offset — that limit Social Security benefits for certain recipients if they …

Senate passes Social Security benefits boost for many public service retirees
3 months, 1 week ago

Senate passes Social Security benefits boost for many public service retirees

Associated Press  

WASHINGTON — The Senate passed legislation early Saturday to boost Social Security payments for millions of people, pushing a longtime priority for former public employees through Congress in one of its last acts for the year. The bipartisan bill, which next heads to President Joe Biden, will eliminate longtime reductions to Social Security benefits for nearly 3 million people who …

Letters to the Editor: Righting a Social Security wrong — but for how long?
3 months, 1 week ago

Letters to the Editor: Righting a Social Security wrong — but for how long?

LA Times  

If the Senate passes a new law and President Biden signs it, some people doing without Social Security benefits would receive them. To the editor: If the U.S. Senate votes to pass the Social Security Fairness Act, it will be righting an egregious wrong inflicted on millions of hard-working people for way too long. We all know that the Social …

Senate begins final push to expand Social Security benefits for millions of people
3 months, 2 weeks ago

Senate begins final push to expand Social Security benefits for millions of people

LA Times  

The Social Security Fairness Act needs support from at least 60 senators to pass Congress. The Senate is pushing toward a vote on legislation that would provide full Social Security benefits to millions of people, setting up potential passage in the final days of the lame-duck Congress. Senate Majority Leader Chuck Schumer said Thursday he would begin the process for …

Here's what happens when the world's richest man buys the presidency
3 months, 2 weeks ago

Here's what happens when the world's richest man buys the presidency

Raw Story  

In 1935, President Franklin Roosevelt created Social Security, an insurance contract between Americans and the federal government that pays out on certain life events. Trump’s GOP will be making “hard” choices, meaning they will be cutting benefits, in order to fund tax cuts for wealthy donors. Musk and Ramaswamy went to Capitol Hill last week to talk up their plans …

Senate begins final push to expand Social Security benefits for millions of people
3 months, 2 weeks ago

Senate begins final push to expand Social Security benefits for millions of people

Associated Press  

WASHINGTON — The Senate is pushing toward a vote on legislation that would provide full Social Security benefits to millions of people, setting up potential passage in the final days of the lame-duck Congress. Senate Majority Leader Chuck Schumer, D-N.Y., said Thursday he would begin the process for a final vote on the bill, known as the Social Security Fairness …

Trump promised he won't cut Social Security. Should you trust him?
3 months, 2 weeks ago

Trump promised he won't cut Social Security. Should you trust him?

LA Times  

Hello and happy Tuesday. “We know that the Social Security trust fund is going to run out of money, and that means something has to happen,” said Alan Auerbach, a professor of economics and law at UC Berkeley. Digging a deeper hole Despite that chilling reality, Trump’s only detailed plan on Social Security so far is one that would put …

Letters to the Editor: Social Security can be fixed easily, but it would upset the rich
3 months, 3 weeks ago

Letters to the Editor: Social Security can be fixed easily, but it would upset the rich

LA Times  

To the editor: The final votes from the 2024 election have barely been tallied, the inauguration is more than a month away, and President-elect Donald Trump’s close allies are already going after Social Security. This is how to fix Social Security’s insolvency problem: Everyone should pay the tax on all their income — no loopholes for the rich. Sen. Mike …

What to know about the congressional push to expand some Social Security benefits
4 months, 1 week ago

What to know about the congressional push to expand some Social Security benefits

Associated Press  

WASHINGTON — The House has passed legislation that would provide full Social Security benefits to millions of people, pushing it one step closer to becoming law. Decades in the making, the bill would repeal two federal policies — the Windfall Elimination Provision and the Government Pension Offset — that currently limit Social Security payouts for roughly 2.8 million people, according …

Trump plans would decimate Social Security in just 6 years: new study
5 months, 1 week ago

Trump plans would decimate Social Security in just 6 years: new study

Raw Story  

Social Security could be drained of cash in just six years if Donald Trump becomes president in 2025, a report by the Committee for a Responsible Federal Budget warned Monday. NOW READ: Not even ‘Fox and Friends’ can hide Trump’s dementia Deporting undocumented immigrants, many of which have payroll taxes taken from their wages, would cost millions of dollars, the …

Experts: Analysis shows Trump proposal would "dramatically worsen Social Security’s finances"
5 months, 1 week ago

Experts: Analysis shows Trump proposal would "dramatically worsen Social Security’s finances"

Salon  

Social Security funds could run out in the next six years if former President Donald Trump wins in November, according to a new report from the bipartisan group Committee for a Responsible Federal Budget. Trump’s policies would add over $2.3 trillion to Social Security’s deficit between 2026 and 2033 and — and cause a 33% cut to benefits in 2035, …

Despite having no investments, Tim Walz will be fine in retirement. What about the rest of us?
6 months, 2 weeks ago

Despite having no investments, Tim Walz will be fine in retirement. What about the rest of us?

Salon  

Democratic vice presidential nominee Tim Walz's finances made headlines after his financial disclosures showed he owns no stocks or bonds. "The employer will pay into a pension as you're working," said Pamela J. Sams, financial adviser and chartered retirement planning counselor at Jackson Sams Wealth Strategies. "I think, for the most part, when people have pensions, they feel a little …

Congress has just over a decade to fix Social Security before cash runs out
10 months, 3 weeks ago

Congress has just over a decade to fix Social Security before cash runs out

Daily Mail  

Social Security is expected to run short on funds by 2035, according to a new report. Social Security relies on its trust funds to provide monthly benefit checks to around 70 million Americans. While Martin O'Malley, Commissioner of Social Security, said this was 'good news' for beneficiaries, he urged Congress to take steps to 'extend the financial health of the …

Medicare and Social Security go-broke dates are pushed back in a ‘measure of good news’
10 months, 3 weeks ago

Medicare and Social Security go-broke dates are pushed back in a ‘measure of good news’

Associated Press  

WASHINGTON — The go-broke dates for Medicare and Social Security have been pushed back as an improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday. Meanwhile, Social Security’s trust funds — which cover old age and disability recipients — will be unable to pay full benefits beginning in 2035, …

'Social Security is on the ballot,' say advocates as Trump threatens cuts
1 year ago

'Social Security is on the ballot,' say advocates as Trump threatens cuts

Raw Story  

With U.S. President Joe Biden's proposed 2025 budget released by the White House Monday just after former President Donald Trump issued his latest threat to slash Social Security and other safety net programs, economic justice groups said the choice between the two 2024 candidates could not be clearer. While Trump's answer was "largely gibberish," according to former National Economic Council …

Social Security benefits will increase by 3.2% in 2024 as inflation moderates
1 year, 5 months ago

Social Security benefits will increase by 3.2% in 2024 as inflation moderates

Associated Press  

WASHINGTON — Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year’s historic boost and reflecting moderating consumer prices. “Compared to last year’s 8.7% increase, this is going to feel small and the perception is that its not keeping up with the inflation and the higher costs that retirees are …

The Social Security cost-of-living adjustment is coming -- but it won’t be as big as this year’s
1 year, 5 months ago

The Social Security cost-of-living adjustment is coming -- but it won’t be as big as this year’s

Associated Press  

WASHINGTON — Looking ahead to retirement next spring, Karla Abbott finds comfort in the cost-of-living increase that millions of Social Security recipients get each year. Still, she said Social Security’s annual cost-of-living increases provide some support as she and her husband plan out their non-working years. “This is an important system, and we need to restore its solvency, because if …

Social Security cost-of-living adjustment coming -- but it won't be as big as this year's
1 year, 5 months ago

Social Security cost-of-living adjustment coming -- but it won't be as big as this year's

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Looking ahead to retirement next …

Column: Social Security is perfectly healthy, but there’s one easy way to improve it
1 year, 11 months ago

Column: Social Security is perfectly healthy, but there’s one easy way to improve it

LA Times  

’Tis the season for hand-wringing over the fiscal condition of Social Security. The Committee for a Responsible Federal Budget, which is an offspring of the late private equity billionaire and Social Security foe Peter G. Peterson, declared in the wake of the trustees’ report that “Social Security is 11 years from insolvency.” The annual report lent urgency to a raft …

EXPLAINER: A huge jump in Social Security payments is coming
2 years, 5 months ago

EXPLAINER: A huge jump in Social Security payments is coming

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. On Thursday, the U.S. government is set to announce …

Column: Social Security trustees say the U.S. is rich enough to expand, not shrink, benefits
2 years, 9 months ago

Column: Social Security trustees say the U.S. is rich enough to expand, not shrink, benefits

LA Times  

After passing a huge tax cut for the rich, Senate Republican leader Mitch McConnell blamed Social Security and Medicare for the federal deficit. In 2018, then-Senate Majority Leader Mitch McConnell, identified “entitlements” — that’s Washington-speak for Social Security, Medicare and Medicaid — as “the real drivers of the debt” and called for them to be adjusted “to the demographics of …

Column: Beating dire predictions, Social Security weathered the COVID crisis well
3 years, 6 months ago

Column: Beating dire predictions, Social Security weathered the COVID crisis well

LA Times  

Not long ago, the received wisdom among would-be Social Security pundits was that COVID-19 would absolutely crater the system’s finances. Just two weeks ago, Mitchell said on a Wharton podcast that “it seems that the date of insolvency of SS has crept sooner — perhaps as early as 2029.” Today’s report shows that Social Security remains strong and continues to …

Column: The firing of a wretched Trump appointee opens the door to expanding Social Security
3 years, 8 months ago

Column: The firing of a wretched Trump appointee opens the door to expanding Social Security

LA Times  

With the ouster of a Trump appointee, Social Security could become even more important to your future. Tens of thousands of Social Security Administration employees began work Monday with the sense that a new day was dawning for themselves and the program’s more than 64 million beneficiaries: A Trump-appointed commissioner who had undermined its mission while picking fights with its …

COVID-19 crisis to speed up depletion of Social Security
4 years, 5 months ago

COVID-19 crisis to speed up depletion of Social Security

Al Jazeera  

US retirement and disability trust funds could run dry as early as 2029 and 2023, respectively, a bipartisan research group warns. The economic crisis caused by the coronavirus will dramatically speed up the depletion of the United States’ Social Security programme, a bipartisan think-tank warned on Thursday, outlining how quickly retirement and disability trust funds could run dry depending on …

Column: Following order on payroll tax, Trump threatens to kill Social Security if reelected
4 years, 7 months ago

Column: Following order on payroll tax, Trump threatens to kill Social Security if reelected

LA Times  

With his four executive orders purportedly aimed at relieving Americans of the burdens of the coronavirus, President Trump spun the theme of his administration — “the Art of the Con” — to a higher level. If he’s reelected, Trump said, he will “terminate” the payroll tax. President @realDonaldTrump: If I am victorious on November 3rd I plan to make permanent …

Hiltzik: GOP is using COVID-19 to harm Social Security
4 years, 8 months ago

Hiltzik: GOP is using COVID-19 to harm Social Security

LA Times  

Social Security advocates who breathed a sigh of relief when Senate Republicans rejected President Trump’s demand to place a payroll cut in the latest coronavirus relief bill exhaled too soon. — Nancy Altman, Social Security Works The TRUST Act is a device to tamper with Social Security behind closed doors and in a way that would allow senators and members …

Democrats Have A Big Plan To Fix Social Security. They Might Even Vote On It.
5 years, 6 months ago

Democrats Have A Big Plan To Fix Social Security. They Might Even Vote On It.

Huff Post  

LOADING ERROR LOADING WASHINGTON ― For the first time in recent memory, a bill to expand Social Security benefits and close the program’s long-term funding gap looks like it could pass the House of Representatives. And sometime this month, Democratic Connecticut Rep. John Larson’s Social Security 2100 Act may get a hearing before the full House Ways and Means Committee. …

Column: Elizabeth Warren offers a Social Security reform plan that checks a lot of boxes
5 years, 6 months ago

Column: Elizabeth Warren offers a Social Security reform plan that checks a lot of boxes

LA Times  

Congressional progressives lately have been putting forth Social Security reform plans that shore up the system’s finances while improving benefits. Warren told me by email, “63 million Americans rely on monthly Social Security benefits, but current benefits are too small for millions of them to support a decent retirement.” Her $200 monthly increase would “address the current retirement crunch — …

Should you be worried about Social Security and Medicare?
6 years, 9 months ago

Should you be worried about Social Security and Medicare?

Associated Press  

WASHINGTON — An unexpected weakening in the finances of Social Security and Medicare has raised concern about the bedrock programs for the middle class. “What is unusual in the space of one year is to go from something that isn’t supposed to happen for four or five years to something that’s happening right now.” As a result, Social Security and …

Medicare will be dead in 8 years
6 years, 9 months ago

Medicare will be dead in 8 years

Salon  

If you want to know something that annoys the hell out of young working-age Americans, just look online at how much the media devotes to blaming them for their financial stresses. Social Security will be there for Millennials in some form; the only question is if benefits end up being reduced or expanded.” Benesch points out that in the early …

Donald Trump's Budget Betrays His Pledge Not To Cut Social Security
7 years, 10 months ago

Donald Trump's Budget Betrays His Pledge Not To Cut Social Security

Huff Post  

LOADING ERROR LOADING WASHINGTON ― President Donald Trump’s proposed budget for next year would cut Social Security Disability Insurance, despite Trump’s vaunted campaign promise not to make any changes to Social Security. Mick Mulvaney, the director of Trump’s Office of Management and Budget, said that cutting disability insurance doesn’t break Trump’s campaign promise because most people think only of retirement …

Trump’s Budget Chief Is Trying To Make Him Rethink Social Security
8 years ago

Trump’s Budget Chief Is Trying To Make Him Rethink Social Security

Huff Post  

LOADING ERROR LOADING WASHINGTON ― President Donald Trump made it clear during his successful run for office that he didn’t favor meddling with popular retirement programs, despite Republican calls to do just that. Mick Mulvaney, director of the Office of Management and Budget, told conservative radio host Hugh Hewitt on Monday that he’s been trying “to socialize the discussion” around …

Column: Squeezed by congressional skinflints, Social Security axes more services
8 years, 2 months ago

Column: Squeezed by congressional skinflints, Social Security axes more services

LA Times  

Social Security is much beloved by Americans — that’s why it’s often called the “third rail of American politics” — but its enemies on Capitol Hill never rest in trying to make it less beloved. So is the budgetary context: Social Security’s administrative budget has been systematically hollowed out by congressional action for years. The Center on Budget and Policy …

Taking A Stand On Social Security: Clinton's Bold Proposal vs. Trump's Hidden Agenda
8 years, 6 months ago

Taking A Stand On Social Security: Clinton's Bold Proposal vs. Trump's Hidden Agenda

Huff Post  

AARP has asked all candidates to take a stand on the vital issue of Social Security. For that matter, Donald Trump and the Republican Party have taken a Social Security stand, too, though a disturbing one, which they seem to want to keep hidden from view. In addition to expanding Social Security's cash benefits, Clinton and her fellow Democrats are …

What People Over 50 Aren't Hearing In All This Election Noise
8 years, 8 months ago

What People Over 50 Aren't Hearing In All This Election Noise

Huff Post  

Whether you think America already is great or needs to be made great again, if you are over 60, you may be feeling like wallpaper in this election’s run-up about now: You are there, presumably contributing to the room’s decor, but it’s finally dawning that nobody actually sees you. Here’s how the leading candidates say they will do it, according …

Social Security Still Isn’t Broke, New Report Confirms
8 years, 9 months ago

Social Security Still Isn’t Broke, New Report Confirms

Huff Post  

Treasury Secretary Jack Lew acknowledged Wednesday that Social Security faces financial challenges, but nonetheless said that making benefits more generous should be a priority. Tomohiro Ohsumi/Bloomberg/Getty Images WASHINGTON -- Social Security will be able to pay full benefits until 2034, when it will face a modest gap in funding, the social insurance program’s trustees reported on Wednesday. But in a …

Congress May Have Just Robbed You Of $60,000 In Social Security Benefits
9 years, 4 months ago

Congress May Have Just Robbed You Of $60,000 In Social Security Benefits

Huff Post  

Fuse via Getty Images As a fan of How To Get Away With Murder, I'm hoping that an Annalise Keating will step up and save us from the congressional version of How To Get Away With Robbery of Social Security Recipients. What Congress did was include language in the federal budget bill that changed the options you have about when …

Social Security Advocates Shrug At Budget Deal
9 years, 5 months ago

Social Security Advocates Shrug At Budget Deal

Huff Post  

WASHINGTON -- Advocates for senior citizens said they're neither happy nor unhappy with a congressional budget deal that makes changes to Social Security and Medicare. CBPP/Greenstein: the budget deal will "extend the solvency of SSDI through 2022," preventing benefit cuts https://t.co/cPSRoDpB9V — Adam Jentleson October 27, 2015 Earlier this year, Republicans railed against the possibility of reallocating payroll tax money …

The Social Security Disability Program's In Trouble And Republicans Will Do... Something
9 years, 8 months ago

The Social Security Disability Program's In Trouble And Republicans Will Do... Something

Huff Post  

In this photo taken June 9, 2015, House Ways and Means Committee Chairman Paul Ryan, R-Wis., answers questions during an interview with The Associated Press in his office on Capitol Hill in Washington. WASHINGTON -- Rep. Paul Ryan took center stage of a new Social Security drama on Thursday, with the House Ways and Means Committee he chairs mulling changes …

The quiet Social Security revolution: How Democrats learned to stop loving benefit cuts
9 years, 11 months ago

The quiet Social Security revolution: How Democrats learned to stop loving benefit cuts

Salon  

From the time Social Security was first proposed, the right wing has opposed it. That "young man" to whom he referred is now 72 years old -- and judging by the polls, he's probably thankful for the guaranteed income that Social Security provides. Ronald Reagan's very indiscreet budget chief David Stockman let the cat out of the bag when he …

On Day One, the new Congress launches an attack on Social Security
10 years, 2 months ago

On Day One, the new Congress launches an attack on Social Security

LA Times  

Well, that didn’t take long. The rule hampers an otherwise routine reallocation of Social Security payroll tax income from the old-age program to the disability program. The procedural rule enacted by the House Republican caucus prohibits the reallocation unless it’s accompanied by “benefit cuts or tax increases that improve the solvency of the combined trust funds,” as paraphrased by the …

Top CEOs plan to loot US social programmes
12 years, 2 months ago

Top CEOs plan to loot US social programmes

Al Jazeera  

Margaret Flowers, MD served as Congressional Fellow for Physicians for a National Health Program and is on the board of Healthcare-Now. The real reason for their push to cut spending on important programmes like Social Security and Medicare is so corporate tax rates can be cut further. Discussing US health care reform Social Security and Medicare were not designed for …

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