tagged w/ Social Security
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It's hard to think of our retirement in concrete terms. We may dream about the day we can leave our respective cubicles and offices for the last time, cast off the lines to our 44-foot schooner and set off to sail around the world. But rarely do we think about how we are realistically going to finance those so-called golden years. How many of us are saving enough? How many of us actually know what that means?
According to YPNation contributor Alex Hertel-Fernandez, too many of us are not and do not... (http://bit.ly/4akOMq) It's time we took control of our financial security for the future--no one else will. But Alex has a proposal for how the government can step up its role in ensuring we are prepared.
"As young workers, we will be left to manage our own retirement savings. Yet, it is overwhelmingly clear we lack the tools and skills necessary to safely invest our money for the future. Recent research has shown that less than one-third of young workers (the lowest of any other age cohort, and lower than previous generations) recognize and understand key financial concepts, such as interest rates, inflation and risk diversification.
Financial literacy is especially low for young women, minorities and those with little educational attainment. If the government expects us to accept the full responsibility for our financial security, it must also democratize access to financial education and literacy."It's hard to think of our retirement in concrete terms. We may dream about the day we... more
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Just hours before YPNation's inaugural event, at which young leaders will debate the sustainability of our current fiscal policy, New America's Marc Goldwein previews his argument.
To slow the bleeding, will take sacrifice, he says. And a lot of it won't be pretty. In other words, it's going to hurt.
"We all agree the United States is not on a sustainable fiscal path. If we continue down our current policy trajectory, debt will reach 100 percent of GDP in the early 2020s, 200 percent in the 2030s, and 800 percent by 2075.
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So what do we do to avert a debt crisis?
Well for one, we go after the drivers. Projected Medicare, Social Security and Medicaid growth (in that order) are responsible for most of the future deficit picture. And their growth is being driven by a combination of an aging population and rapid increases in economy-wide health care costs."Just hours before YPNation's inaugural event, at which young leaders will debate the... more
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In preparation for tomorrow night's panel on fiscal policy (hosted by YPNation in Washington, D.C.), Nicola Moore gives a preview of her argument:
Currently, the federal budget isn’t looking so great. As the non-partisan Congressional Budget Office’s (CBO) recently reported, the government closed the fiscal year by:
-Wracking up a $1.4 trillion deficit, which is about 10 percent of the economy and the largest deficit level in 50 years
-Spending an amount equal to one-fourth of the entire economy, which is also the highest level of spending in 50 years
-Reaching a publicly-held debt level of 55 percent of the economy, which has not been seen since World War II
But if you think that’s bad, you ain’t seen nothing yet.In preparation for tomorrow night's panel on fiscal policy (hosted by YPNation in... more
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President Obama justified the national emergency proclamation with the following words:
By rapidly identifying the virus, implementing public health measures, providing guidance for health professionals and the general public, and developing an effective vaccine, we have taken proactive steps to reduce the impact of the pandemic and protect the health of our citizens. As a nation, we have prepared at all levels of government, and as individuals and communities, taking unprecedented steps to counter the emerging pandemic.
Nevertheless, the 2009 H1N1 pandemic continues to evolve. The rates of illness continue to rise rapidly within many communities across the nation, and the potential exists for the pandemic to overburden health care resources in some localities.
Thus, in recognition of the continuing progression of the pandemic, and in further preparation as a nation, we are taking additional steps to facilitate our response.President Obama justified the national emergency proclamation with the following... more
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Here is one more thing to consider in the debate on "generational theft" and social insurance programs such as Medicare and Social Security: These programs have a trickle down effect, so to speak. And the stark picture one side has painted--namely that we are creating an insurmountable tax burden for the next generations--may not be telling the whole story.
"For instance, social policies that pool and diffuse uncertainty and risk encourage workers to undertake long term investments, such as training, education, or pursuing new employment that better matches their skills. These are activities that will ultimately benefit both the worker and the economy. But they are less likely to be undertaken if individuals do not have a safety net should they fail. The government can insure against risks that private markets cannot."Here is one more thing to consider in the debate on "generational theft" and social... more
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Did you know that the long-term costs of Social Security and Medicare are not reflected in the more than 2000-page long federal budget? YPNation contributor Nicola Moore comments on a cautionary letter sent to Majority Leader Harry Reid.
"Ten Democratic senators recently issued an important call to action for Majority Leader Harry Reid to support efforts to get America’s long-term fiscal imbalance under control. One can only hope Senator Reid listens.
As the letter notes, America is already $12 trillion in debt and, in the next decade, will dig itself even deeper by adding $10 trillion in deficits."Did you know that the long-term costs of Social Security and Medicare are not... more
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Many people falsely believe that Social Security will run out before they reach retirement.
You've probably spent a lot of time sweating over your 401(k) and IRA. But have you given much thought to the way Social Security will fit into your retirement plans?
You should. In fact, Social Security provides 50% of the income for more than half of married retired couples and about 20% for high earners. Moreover, it's the only source of income you're likely to have that's guaranteed to last for life and keep pace with inflation.Many people falsely believe that Social Security will run out before they reach... more
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More governments putting up red light and speed cameras, a Wisconsin city wants to make it illegal to swear at firemen and police men, the Downsizer Dispatch, problems with social security numbers, beer is good for woman's bones, and another child busted for selling lemonade without a license.
http://www.freemindsmedia.orgMore governments putting up red light and speed cameras, a Wisconsin city wants to... more
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Bill Moyers appeared on "Real Time with Bill Maher" Friday night for a long conversation, much of which focused on health care. When asked by Maher what would be a metaphor that could change the current thinking on health care, Moyers answered "we're all in the same boat." He went on to talk about the moral message that health care reform would send, which is that "we are in this together."
"I don't want to live in a country where am I on a hospital floor getting an operation that costs $25,000, and two floors above me someone is being denied that same surgery because he or she has no money. What kind of a civilization is that?" Moyers said.Bill Moyers appeared on "Real Time with Bill Maher" Friday night for a long... more
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This short documentary explores the life of a 26 year old drug addicted male who has infiltrated the system of Social Security. His government granted health care allows him to receive an absurd amount of schedule 2 narcotics for ultra cheap, in which he sells on a street level to support himself.This short documentary explores the life of a 26 year old drug addicted male who has... more
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The Obama administration raised its estimate on Tuesday of the government’s deficit over the next decade to $9 trillion from $7.1 trillion.The Obama administration raised its estimate on Tuesday of the government’s deficit... more
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The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.The trustees who oversee Social Security are projecting there won't be a cost of... more
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WASHINGTON – Millions of older people face shrinking Social Security checks next year, the first time in a generation that payments would not rise.
The trustees who oversee Social Security are projecting there won't be a cost of living adjustment (COLA) for the next two years. That hasn't happened since automatic increases were adopted in 1975.
By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly.
"I will promise you, they count on that COLA," said Barbara Kennelly, a former Democratic congresswoman from Connecticut who now heads the National Committee to Preserve Social Security and Medicare. "To some people, it might not be a big deal. But to seniors, especially with their health care costs, it is a big deal."
Cost of living adjustments are pegged to inflation, which has been negative this year, largely because energy prices are below 2008 levels.
Advocates say older people still face higher prices because they spend a disproportionate amount of their income on health care, where costs rise faster than inflation. Many also have suffered from declining home values and shrinking stock portfolios just as they are relying on those assets for income.
"For many elderly, they don't feel that inflation is low because their expenses are still going up," said David Certner, legislative policy director for AARP. "Anyone who has savings and investments has seen some serious losses."
About 50 million retired and disabled Americans receive Social Security benefits. The average monthly benefit for retirees is $1,153 this year. All beneficiaries received a 5.8 percent increase in January, the largest since 1982.
More than 32 million people are in the Medicare prescription drug program. Average monthly premiums are set to go from $28 this year to $30 next year, though they vary by plan. About 6 million people in the program have premiums deducted from their monthly Social Security payments, according to the Social Security Administration.
Millions of people with Medicare Part B coverage for doctors' visits also have their premiums deducted from Social Security payments. Part B premiums are expected to rise as well. But under the law, the increase cannot be larger than the increase in Social Security benefits for most recipients.
There is no such hold-harmless provision for drug premiums.
Kennelly's group wants Congress to increase Social Security benefits next year, even though the formula doesn't call for it. She would like to see either a 1 percent increase in monthly payments or a one-time payment of $150.
The cost of a one-time payment, a little less than $8 billion, could be covered by increasing the amount of income subjected to Social Security taxes, Kennelly said. Workers only pay Social Security taxes on the first $106,800 of income, a limit that rises each year with the average national wage.
But the limit only increases if monthly benefits increase.
Critics argue that Social Security recipients shouldn't get an increase when inflation is negative. They note that recipients got a big increase in January — after energy prices had started to fall. They also note that Social Security recipients received one-time $250 payments in the spring as part of the government's economic stimulus package.
Consumer prices are down from 2008 levels, giving Social Security recipients more purchasing power, even if their benefits stay the same, said Andrew G. Biggs, a resident scholar at the American Enterprise Institute, a Washington think tank.
"Seniors may perceive that they are being hurt because there is no COLA, but they are in fact not getting hurt," Biggs said. "Congress has to be able to tell people they are not getting everything they want."
Social Security is also facing long-term financial problems.WASHINGTON – Millions of older people face shrinking Social Security checks next... more
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The elder Americans who have been active in the protests at the Town Halls may have another reason to feel uneasy about ObamaAmerica. It could become another rallying point to oust Democrats in the coming 2010 elections and even carry over to 2012.
For the first time since 1975, elderly Americans will not receive a cost of living adjustment (COLA) for the next two years. Meanwhile Medicare premiums are scheduled to rise.The elder Americans who have been active in the protests at the Town Halls may have... more
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The debate over health care has captured everyone's attention, but it appears the next big government program that needs to be addressed will be Social Security. That's the focus of the July 30 article "The next great bailout: Social Security" by Allan Sloan, Fortune's senior editor at large.
Those who've been paying attention have long known there is no money in the Social Security Trust Fund -- it's all been spent. Thus, former Vice President Al Gore's famous assessment that Social Security receipts should be placed in a "lockbox" was actually correct.
Given that so few people really understand the Ponzi nature of the current Social Security financing scheme -- created in 1983 by a commission chaired by none other than the world's greatest serial blower of bubbles, Alan Greenspan -- I decided to reprise Sloan's article. (The Social Security problem is especially important because it likely will put additional pressure on the dollar and on bonds, and exacerbate the funding crisis down the road.)
The story begins: "In Washington these days, the only topics of discussion seem to be how many trillions to throw at health care and the recession, and whom on Wall Street to pillory next. But watch out. Lurking just below the surface is a bailout candidate that may soon emerge like the great white shark in 'Jaws': Social Security.
"Perhaps as early as this year, Social Security, at $680 billion the nation's biggest social program, will be transformed from an operation that's helped finance the rest of the government for 25 years into a cash drain that will need money from the Treasury. In other words, a bailout."The debate over health care has captured everyone's attention, but it appears the next... more
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This short documentary explores the life of a 26 year old drug addicted male who has infiltrated the system of Social Security. His government granted health care allows him to receive an absurd amount of schedule 2 narcotics for ultra cheap, in which he sells on a street level to support himself.This short documentary explores the life of a 26 year old drug addicted male who has... more
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“The situation is much worse than people realize, especially because of the problems brought on by the recession, near depression,” said Bachus, R-Vestavia Hills, in an interview with the Tuscaloosa News editorial board.“The situation is much worse than people realize, especially because of the problems... more
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Hopefully you do not open everything sent to you in your email. Here is the Snopes scoop on some of the most recent messages circulating.Hopefully you do not open everything sent to you in your email. Here is the Snopes... more
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The nation's wealth gap is widening amid an uproar about lofty pay packages in the financial world.
Executives and other highly compensated employees now receive more than one-third of all pay in the U.S., according to a Wall Street Journal analysis of Social Security Administration data -- without counting billions of dollars more in pay that remains off federal radar screens that measure wages and salaries.
Highly paid employees received nearly $2.1 trillion of the $6.4 trillion in total U.S. pay in 2007, the latest figures available. The compensation numbers don't include incentive stock options, unexercised stock options, unvested restricted ...The nation's wealth gap is widening amid an uproar about lofty pay packages in the... more
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In a paper published last week, two Carnegie Mellon professors unveiled a method for cracking the code of Social Security numbers (http://www.informationweek.com/news/security/privacy/showArticle.jhtml?articleID=218400854). Given a person's birth date and the state where he or she was born along with public records of deceased people born around the same time, the researchers wrote an algorithm that predicted a person's SSN with startling accuracy. The biggest question raised by their paper isn't how our country came to rely on such an insecure identification system. The mystery is how it took so long for anyone to break such a ridiculously elementary system.In a paper published last week, two Carnegie Mellon professors unveiled a method for... more
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