In the past 30 years, U.S. life expectancy has increased by an average of five years. Since 1935, when Social Security was first enacted, it has increased by almost 18 years. It’s no wonder that Americans are working more years as they enjoy longer, healthier lives thanks to improved healthcare and technology. Unfortunately, the federal government hasn’t altered its plans to match the growing number of entitlement beneficiaries hitting their 80s and 90s. The default payment methods definitive of many entitlement programs are hurting America’s economy and pushing the United …
According to a new analysis from USA Today, American households are now on the hook for $534,000 to pay for the county’s debt and the unfunded obligations, or excess costs, for programs like Social Security and Medicare. USA Today reveals the eye-popping numbers for the federal government’s mounting fiscal problems. A staggering $5.3 trillion was added to the government’s tab last year, putting the overall figure at an astonishing $61.6 trillion. The report offers fresh evidence that the time to act is now. Entitlement programs, in particular, are driving the …
As Speaker John Boehner (R-OH) pushes the debt ceiling debate back another month, Americans remain skeptical about how such legislation can really help solve the current financial crisis. And while much ado has been made regarding the vote, it is really beside the main point of our economic distress. When considering the nation’s $14 trillion debt and bankrupting out-of-control entitlement spending, it is ridiculous to focus on how much more to spend rather than how much to save.
On Sunday, May 22, the team at Heritage Libertad hosted their monthly talk show on WEBR Fairfax public radio. The bilingual show – with the first half in Spanish and the second half in English – featured commentary on a broad range of topics. The English segment covered the economy, debt ceiling, the Heritage budget plan, and included a special interview with Rep. Peter Roskam (R – Ill.), Chief Deputy Whip in the House, who discussed energy prices. In addition to drilling, can more be done to bring down oil …
How Will This Report Affect the Social Security Debate? The debate about whether Social Security faces a problem and needs to be fixed is over. The 2011 trustees report, which was released this afternoon, shows that the program already faces massive permanent annual deficits. In 2010, Social Security spent $49 billion more in benefits that it took in from its payroll tax. This year, that deficit will be approximately $46 billion. Now is the time to focus on solutions. Instead of just blindly defending the current program, both Congress and …
Fellow Americans: Today, I am excited to announce the release of The Heritage Foundation’s comprehensive agenda that sets a new course for the size and scope of the federal government. The new report, “Saving the American Dream: Heritage’s Plan to Fix the Debt, Cut Spending, and Restore Prosperity,” lays out specific policy recommendations in Social Security, Medicare, Medicaid, health insurance, the tax code and federal spending. Saving the American Dream envisions real solutions for staving off America’s potential decline while strengthening the economy for current and future generations. We are …
America needs to change course. Our current direction is fiscally and economically unsustainable and politically and culturally bankrupting. It is threatening the well-being and future of our country. House Budget Committee Chairman Paul Ryan’s (R–WI) budget proposal, for the first time in recent memory, sets our nation on a different and better path. It tackles the massive spending excesses of the recent past and the entitlement crisis that is beginning to command our fiscal future. It rejects the politics of government dependence, massively higher taxes and the inevitability of national …
There are two sides to our federal debt crisis—an economic one and a civic one—and both demand attention. As lawmakers in Washington focus their attention on the budget, they would be wise to remember the policy objectives behind their necessary reforms. They must ask: Are we a nation of citizens or subjects? America is at a tipping point. Social Security, Medicare and Medicaid, if left unchecked, will devastate our economy and cause irreparable damage to our way of life, all in just a few short years. Alison Fraser, Heritage’s Director …
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 debt or the deficit.” As FactCheck.org has certified, this is just plain false. The reality is that Social Security added $37 billion to the debt last year and will add another $45 billion to the debt today. Reid and the …
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 is far from the last that Social Security will run an operating deficit. Looking forward, the Congressional Budget Office estimates that Social Security will run a more than $600 billion operating deficit over the next ten years. Every year between …
