Social Security 10-23-12

 Huffington Post (NAT)

The Romney-Ryan Budget: A Sketchy Plan that Makes Social Security Less Secure

Terry O’neill

10-22-12

With Election Day two weeks away, my series of posts on the Romney-Ryan budget plan is drawing to a close. Today I'm writing about the changes GOP candidates Mitt Romney and Paul Ryan have in store for Social Security, and in my final post I'll cover other social programs on the chopping block and call attention to who stands to profit should Romney's sketchy deal become reality. First, any meaningful discussion of Social Security calls for the airing of three simple truths: Truth #1 - Social Security has played a major role in reducing poverty in the United States for 75 years.

http://www.huffingtonpost.com/terry-oneill/the-romneyryan-budget-a-s_b_2001601.html?utm_hp_ref=elections-2012

 

Value Walk (Blog)

UPS Officially Supports Fix The Debt, Founded By Bowles & Simpson

Jacob Wolinsky

10-23-12

Regardless of the outcome in November, the US is on the edge of a fiscal cliff, and there is concern whether our politicians can reach an agreement that solves these issues. The lack of political will to fix our debt problem adds to the uncertainty in our economy. Just what we don’t need. That is  why we are supporting Fix the Debt, the organization founded by former US Senator, Alan Simpson and Clinton Chief of Staff, Erskine Bowles. Our goal is to have a bipartisan debt reduction plan drafted when Congress returns in January, and we believe it is realistic to have it passed in early 2013. If solutions are in place to both reduce our deficit and eliminate the threat of a fiscal cliff, the US will be in a much better position for sustained economic growth.

http://www.valuewalk.com/2012/10/ups-officially-supports-fix-the-debt-founded-by-bowles-simpson/

 

Christian Science Monitor (NAT)

More Americans tap retirement funds. Is that OK?

Margaret Price

10-23-12

Tapping a 401(k) retirement account has proved to be quite fruitful for the Davis family of Marietta, Ga. Three years ago – once she could do so without a penalty – Donna Davis started taking withdrawals from her 401(k) and rolling them into a self-directed Individual Retirement Account (IRA). With the funds, the Davises bought houses for rental income. "We're now getting a much higher return with this money than we did when it was in the 401(k)," says her husband, Jay.

http://www.csmonitor.com/Business/2012/1023/More-Americans-tap-retirement-funds.-Is-that-OK

 

The New American (NAT)

Reduction in Social Security Payroll Taxes Due to Expire

Raven Clabough

10-23-12

As it stands, the Social Security tax is already the biggest tax that most workers pay, but in the event that Social Security begins to run a deficit, payroll taxes would have to be increased dramatically, to 20 percent, in order to maintain the system. Politicians who are opposed to the Social Security payroll tax cuts are supported by powerful advocates for seniors, including AARP, who recently submitted a letter to Congress opposing an extension of the payroll tax cut.

http://www.thenewamerican.com/economy/economics/item/13311-reduction-in-social-security-payroll-taxes-due-to-expire

 

Thinking Progress (DC)

How Raising Kobe Bryant’s Taxes Could ‘Fix’ Social Security For The Next 75 Years

Travis Waldron

10-23-12

Put simply, the Social Security cap forces a worker making America’s median income of $50,054 — or any income below $113,700 next year — to pay payroll taxes on 100 percent of their income, while nearly $27.7 million of Bryant’s income is exempt.

Lifting that cap, according to the Congressional Research service, would ensure Social Security’s solvency for the next 75 years while creating a long-term surplus for the program. That’s a far bigger fix than what would result from means testing benefits for the wealthy or raising the retirement age, the two most popular reforms among the “Social Security is broke” consensus

http://thinkprogress.org/economy/2012/10/23/1071031/kobe-bryant-social-security-taxes/

 

Thinking Progress (DC)

Romney Stars in Ad For Candidate Who Says Medicare And Social Security Are Unconstitutional

Rebecca Leber

10-22-12

For the first time this election, Mitt Romney is starring in a campaign ad on behalf of another Republican candidate. Romney’s candidate of choice is none other than Richard Mourdock, the Tea Party favorite in a tight race for a Senate seat, who says things like Medicare and Social Security are unconstitutional.

Romney has stumped for Mourdock before, saying “This is a man that I want to see in Washington” to “actually have the votes to get things changed.” He doubles down on his endorsement with the latest

http://thinkprogress.org/justice/2012/10/22/1059121/romney-mourdock/

 

The Motley Fool (Blog)

What's Happening to Social Security Next Year?

Chuck Saletta

10-23-12

If you're receiving Social Security benefits, your check will rise by 1.7% in 2013, thanks to that program's most recent annual cost-of-living adjustment. The average monthly benefit check to a retiree will increase from around $1,240 to $1,261 -- an increase of $21 per month, or $0.70 per day.

http://www.dailyfinance.com/2012/10/23/whats-happening-to-social-security-next-year/

 

Arizona Daily Sun (AZ)

Social Security fund not going broke

Richard Morse

10-23-12

Monday, a gentleman raved on about how Social Security will be broke in eight years. Not true! The surplus in the trust fund will be used up in 21 years (if nothing is done to extend that), and even then, current contributions from workers will be enough to continue payments to beneficiaries at 75 percent. Tuesday, a guy raved on with anecdotal reports on how his tax dollars are being wasted on people who scam the unemployment insurance game -- false. Scams there may be, but it's not with his tax dollars. The UI dollars come from a state fund that is paid into by employers on behalf of their workers.

http://azdailysun.com/news/opinion/mailbag/social-security-fund-not-going-broke/article_e55ccaa9-5980-5f0b-90fe-b21eebf9ea71.html?comment_form=true

 

Federal Times (NAT)

Postal Service work and Social Security

10-23-12

If you had fewer than 30 years of substantial earnings under Social Security, you’d be subject to the windfall elimination provision. The fewer years of covered service you have, the greater the decrease in your Social Security benefit will be.

http://blogs.federaltimes.com/federal-retirement/2012/10/23/postal-service-work-and-social-security/

 

Palm Beach Post (FL)

Commentary: Romney’s Social Security, tax-cut plans fail the math test

Michael Kinsley

10-18-12

They have also pledged that any changes in Medicare or Social Security will not affect anyone 55 or older. Why oldsters would want to be left out of reform, if it’s going to be so wonderful, is a mystery. So are the details of what Mr. Romney and Rep. Ryan have in mind. But those under 55, Rep. Ryan said in the vice presidential debate, will have “a voluntary choice of making their money work faster for them within the Social Security system.”

http://www.palmbeachpost.com/news/news/opinion/commentary-romneys-social-security-tax-cut-plans-f/nSghf/

 

 

Politics

 

The Hill (DC)

DSCC hits Flake on women's, veterans' issues; McMahon on Social Security

Alexandra Jaffe

10-23-12

In Connecticut, the DSCC targets McMahon's position on Medicare — an increase of $5,000 in fees for seniors, according to the ad — and Social Security — to sunset the program, the ad says. It also notes that McMahon has spent $70 million of her own funds on her two Senate bids, making her one of the highest self-funders ever to run for the Senate. The charge that McMahon would "sunset" Social Security is a favorite of Democrats, and refers to a comment she made at a Tea Party forum about programs like Social Security needing to be reviewed every 10 to 15 years.

http://thehill.com/blogs/ballot-box/senate-races/263491-dscc-hits-flake-on-womens-veterans-issues-mcmahon-on-social-security

 

New Jersey (NJ)

Shmuley-Pascrell debate: Social security, foreign affairs drive wedges in CD9 showdown

S.P. Sullivan

10-22-12

Social security, health care

The two men began drawing distinctions between each other from the first question, which address social security, with Pascrell coming out against raising the national retirement age and any efforts to privatize the program. "We can tweak social security, but I will never vote to privatize social security," Pascrell said. Boteach, meanwhile, said that social security's budget on the federal government has grown far too significantly over the years to ignore. "I'm open to suggestion that we may have to raise the retirement age," Boteach said. We used to have social security at 16 percent of the federal budget back in 1960. Today, it's about close to 25 percent." The two similarly differed on the Affordable Healthcare Act, with Pascrell defending the measure as an imperfect bill that had nonetheless "insured millions of millions of people," while Boteach called for a system through which New Jerseyans could shop for insurance across state lines.

http://www.nj.com/bergen/index.ssf/2012/10/shmuley-pascrell_debate_social_security_foreign_affairs_drive_wedges_in_cd9_debate.html

 

Politico (DC)

Nancy Pelosi move fuels speculation over her future

Jake Sherman, John Bresnahan and Anna Palmer

10-22-12

This time, Nancy Pelosi really has people wondering.

By delaying House Democratic leadership elections until after Thanksgiving, she’s spurred speculation about whether she is going to stay atop the caucus. On top of that, the delay is a reflection of the diminished Democratic hopes of taking control of the House.

http://www.politico.com/news/stories/1012/82723.html

 

The Hill (DC)

GOP: Obama sequester remark could reshape fiscal cliff talks

Jeremy Herb and Erik Wasson

10-23-12

President Obama’s vow at Monday’s debate that the sequestration cuts “will not happen” could come back to haunt him during Congress's lame-duck negotiations on the fiscal cliff if he is reelected.

http://thehill.com/blogs/defcon-hill/budget-appropriations/263523-obama-sequester-remark-could-reshape-fiscal-cliff-negotiations