The most obvious way Social Security is like a pension plan is that the rich are trying to destroy it, just like Hostess Brands wrecked the retirement plans of its bakers. But there are other similarities. Since 1983, we have all paid in a lot more money in FICA taxes than needed to fund current payments on the theory that it would be there for baby boomers when it was needed.
|By: Phoenix Woman Saturday June 23, 2012 6:45 am|
“That is, we can’t have a Social Security crisis without a general fiscal crisis – unless Congress declares that debts to foreign bondholders must be honored, but that promises to older Americans, who have spent most of their working lives paying extra payroll taxes to build up the trust fund, don’t count.”
|By: Jon Walker Monday April 23, 2012 2:55 pm|
The new Social Security Trustees report was released today. The report found that the Social Security trust fund is now projected to be exhausted in 2033, three years earlier than last year’s projections. Once the trust fund is exhausted the program is still projected to be able to pay 75% of benefits in perpetuity, based on continuing payroll taxes. The reports illustrates the importance of economic factors outside typical Social Security policy issues.
|By: Jon Walker Monday April 23, 2012 10:20 am|
The Social Security Administration will release its annual report today, projecting how long the Trust Fund will last. But the report must make assumptions about many things that could easily change. For example, Gallup polls show that over 150 million people want to come to America to work. Different immigration policies, full employment policies, maternity leave and many other factors could affect the Social Security projectins.
|By: Dean Baker Tuesday April 10, 2012 6:59 am|
Today’s column by Robert Samuelson tries to tell us that Franklin Roosevelt would be appalled by the current state of the Social Security program. Of course, he produces not a single iota of evidence to support this position, although it is very clear that Samuelson doesn’t like Social Security.
|By: masaccio Thursday August 11, 2011 2:30 pm|
You thought you were paying excess FICA so there would be money when you retired. No. You were paying excess FICA so rich people and their corporations could have massive tax cuts. S&P should have limited its downgrade to the bonds in the Social Security Trust Fund. Those are never going to pay off.
|By: Jon Walker Sunday August 7, 2011 8:35 am|
The Congressional Budget Office is out with a new report about the projected long term solvency of Social Security. The report reaffirms the basic fact that it will be roughly 27 years until the Social Security Trust Fund is exhausted.
|By: masaccio Wednesday July 13, 2011 4:28 pm|
The President of the United States threatened Social Security beneficiaries, the old, the weak and the disabled, saying that if Congress can’t manage to fix the debt ceiling, he won’t promise to pay them, and veterans, among others. We know he doesn’t see the difference between the government of a Sovereign Nation in control of its own currency, and a family living on $40,000 in a rented apartment, worrying about bills. That ignorant Republican talking point is now being wielded as a threat to the old and the disabled, and to veterans, among others.