Contents Pages by Subject

Social Security

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AP

Social Security taxes "ought to be held sacrosanct. When you start to signal that the (Social Security) tax levels are negotiable, you end up in long-term trouble, I think, in terms of making absolutely certain that the entitlement funding streams ar

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AP

Judges who hear Social Security disability cases are facing a growing number of violent threats from claimants angry over being denied benefits or frustrated at lengthy delays in processing claims. There were at least 80 threats to kill or harm admin

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McClatchy News (video)

Young Americans might not get full Social Security retirement benefits until they reach age 70 if some trial balloons that prominent lawmakers of both parties are floating become law. No one who's slated to receive benefits in the next decade or t

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By Karl Denninger, The Market Ticker

Now the interesting part of the game begins.... This year, for the first time since the 1980s, when Congress last overhauled Social Security, the retirement program is projected to pay out more in benefits than it collects in taxes -- nearly $29 bil

News Link • Global Reported By Lauren Roseman
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AP

The retirement nest egg of an entire generation is stashed as $2.5 trillion in IOUs from the federal government, payable to the Social Security Administration. It's time to start cashing them in as it is projected to pay out more than it collects in

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godlikeproductions.com

Social Security to start cashing Uncle Sam's IOUs AP By STEPHEN OHLEMACHER, Associated Press Writer Stephen Ohlemacher, Associated Press Writer – 2 mins ago PARKERSBURG, W.Va. – The retirement nest egg of an entire generation is stashed away in

News Link • Global Reported By Phennommennonn GLP
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godlikeproductions.com

A little–noticed law could soon result in smaller Social Security checks for hundreds of thousands of the elderly and disabled who owe the U.S. money from defaulted loans and other debts more than a decade old. Social Security benefits are off–lim

News Link • Global Reported By Phennommennonn GLP
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by Ellen E. Schultz, Wall Street Journal, Yahoo

A little–noticed law could soon result in smaller Social Security checks for hundreds of thousands of the elderly and disabled who owe the U.S. money from defaulted loans and other debts more than a decade old. Social Security benefits are off–limits

News Link • Global Reported By Lauren Roseman
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godlikeproductions.com

Bob Chapman on Radio Liberty; damning show part 1 http://www.youtube.com/watch?v=ISvqPPivKzw part 2 http://www.youtube.com/watch?v=LgdAifO6o94 part 3 http://www.youtube.com/watch?v=Vq-8SCi0L2A part 4 http://www.youtube.com/watch?v=jRurnjqnCXY pa

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Bruce Krasting via Economic Policy Journal

The Social Security Trust Fund reported an August net deficit of $5.865 Billion. This is the largest monthly deficit in nineteen years. Base on recent years data it was not surprising the Fund ran a deficit in August. But the magnitude of the shortfall was a surprise to me. This deficit is now the seventh in the past twelve months. That pace has never been seen before. We deal with very big numbers these days. 100rds of billions and trillions are how we measure things. So a $6b monthly deficit for the Fund would appear to be a ho-hum. That is not correct. This is an important number. The Actuarial analysis of the Fund is misdirected. Their focus is based on the future value. It should be focused on the here and now. In the June annual report the Trustees concluded that the Fund would be broke in 2037. This conclusion is so far into the future that it is easy for everyone involved to say, “this is a next year problem, health care comes first”. Stephen Goss the Fund’s head honcho s

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AP

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 2 years. That hasn’t happened since automatic increases were adopted in 1975.

 

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The Market Ticker

The CBO's annual Social Security Update is out, and its pretty ugly: This is pretty ugly; we were not supposed to have a negative income-to-outlay view on Social Security for another decade or so. Well, the recession fixed that. Tax receipts are in the toilet but outlays sure aren't. This is a major problem - everyone wants to point to the "zero hour" for Social Security when the "trust fund" goes negative, as is shown in this graph: This, unfortunately, is terribly misleading. The Social Security "Trust Fund" contains nothing other than IOUs. That is, it does not contain money, it contains "special" Treasury Bonds that form part of the "public debt." How much? According to Treasury, about $4.3 trillion dollars worth.

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MSN Money

Here's a frightening prediction: The public pension system's trust fund could go into the red in the next year, far sooner than expected. Will it get the next huge bailout? 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. 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.)

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