Home 2018-06-12T11:41:34+00:00

No Cause for Alarm from Social Security Trustees Report

The 2018 Social Security Trustees Report confirms that the program’s trust fund is still very much intact, with $2.89 trillion in assets – or $44 billion more than last year. The Trustees say the combined OASDI (Old-age, Survivor, and Disability Insurance) trust fund will remain fully solvent until 2034, after which it can pay 79% of benefits if there are no changes to the program.

“The Trustees have confirmed that Congress has ample time (16 years) to enact modest and manageable changes to Social Security to address the fiscal shortfall. Most Americans agree that raising the payroll wage cap is the easiest and most effective way to strengthen Social Security’s finances, negating the need for harmful benefit cuts like means testing or raising the retirement age,” said Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare.

Banking Industry Wins; Working and Retired Americans Lose

The majority in the House of Representatives just betrayed working Americans by passing reckless banking legislation known as the Economic Growth, Regulatory Relief, and Consumer Protection Act (S 2155). The only accurate part of the title is “regulatory relief,” in that it rolls back crucial regulations on the banking industry enacted after the 2008 financial crisis.

No, No One is Stealing from Social Security

(CNN)There are many myths about Social Security: It’s going bankrupt. It’s a Ponzi scheme. It won’t be there for today’s young people when they retire. There’s no truth in any of them. But one of the most prevalent myths these days is that the federal government is stealing from Social Security. It goes something like this: The President and/or Congress have been raiding the Social Security Old Age and Survivor’s trust fund (also known as the retirement trust fund) to pay for other federal expenses (tanks, roads, bridges, food stamps, etc.) and have never paid it back. The myth, which persists today, goes back at least 50 years and is based on a fundamental misunderstanding of Social Security’s finances.

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