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  • social security trust fund

    CBO Report Estimates 2014 Deficit at Half a Trillion Dollars: Why The Real Deficit Number is Actually Higher

    Today the Congressional Budget Office (CBO) released its updated projections for the 2014 federal budget. CBO reports the 2014 deficit at $492 billion, just shy of a half a trillion dollars. However, this estimate should be taken with a heap of salt: It is arguably misleading to the extent that … More

    Social Security Disability Insurance Program Requires Immediate Reform

    The Social Security Disability Insurance (SSDI) trust fund is projected to run dry in just two years. Absent legislation to address the disability program’s impending insolvency, benefits for all disability recipients will be cut by 21 percent beginning in 2016. For short-sighted policymakers, redirecting funds from the Old Age Social … More

    Obama Needlessly Scares Seniors: Social Security Checks and the Debt Limit

    President Obama is needlessly scaring seniors by suggesting that their Social Security benefit checks may not arrive on time if the U.S. runs out of borrowing authority at the debt limit. The 57 million Americans who receive Social Security benefits should know that their benefits will not be affected—unless President … More

    Social Security Turns 78: What Was It Meant to Do?

    When President Franklin D. Roosevelt signed Social Security into law on August 14, 1935, he referred to it as “a law which will give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age.” But today’s Social … More

    Social Security’s Unfunded Obligation Rises by $1 Trillion

    Contrary to claims by cheerful news sources, Social Security’s deficit outlook is not “unchanged” or “no worse.” Social Security’s unfunded obligation rose by $1 trillion according to the latest trustees’ report. U.S. taxpayers now owe $12.3 trillion to pay scheduled benefits—in addition to what Social Security can hope to collect … More

    Retirement: Delaying It Brings Many Benefits

    Too many healthy seniors retire early at a loss to their wealth and to society. Meanwhile, Social Security is in dire need of reform. Delaying the age of retirement for those able to continue working means a big income boost for seniors, less strain on Social Security, and more economic … More

    Presidential Race Puts Social Security Reform Back on National Agenda

    Social Security took center stage at last night’s Republican presidential debate, emerging as a key issue among candidates at the Ronald Reagan Presidential Library in California. Not since President Bush’s ill-fated attempt to reform the social insurance program in 2005 have Republicans talked this much about Social Security. Of course, … More

    Social Security is Adding to the Debt Now

    Sen. Harry Reid (D-NV) just doesn’t have a strong grasp of the facts when it comes to Social Security and the debt. Yesterday, at a campaign rally calling on Congress to “Back Off” Social Security Reid again repeated his line that: “Social Security has not contributed one penny to the … More

    We Can't Afford to "Leave Social Security Alone"

    This year Social Security will pay out $45 billion more in benefits than it collects in taxes. And this is not the first year Social Security has had an operating deficit. Last year, Social Security paid out $37 billion more in benefits than it collected in taxes. And this year … More

    Can You Call it 'Social Security' if it's Built on Nothing but Monopoly Money?

    Social Security faces the serious danger of failing to live up to its name due to its unfunded obligations. Last week, the Social Security and Medicare trustees issued their report on the fiscal outlook for the program. We reported that: Social Security has a $7.9 trillion shortfall (up $0.1 trillion … More