Social Security News 04-24-12

SSW/SSSC mention **

Business Week (NAT)

Aging workforce strains Social Security, Medicare 

04-23-12

Stephen Ohlemacher

"No one is saying you don't have to maintain it," said Eric Kingson, co-chair of the Strengthen Social Security Campaign and a professor of social work at Syracuse University. "What I worry about is reducing he benefit structure or radically changing the system."

http://www.businessweek.com/ap/2012-04/D9UAM0BO0.htm

 

Also appeared in:

 

The Daily Herald: http://www.dailyherald.com/article/20120423/business/704239831/

 

Fox News: http://www.foxnews.com/politics/2012/04/23/finance-reports-to-reveal-how-aging-workforce-straining-social-security/

 

SSW/SSSC mention **

 

PBS News Hour (NAT)

Social Security Slated to Run Dry in 2033, Trustees Warn

04-23-12

Ray Suarez

Social Security will exhaust its trust fund in 2033 -- three years earlier than previous projections, the program's trustees announced Monday. Ray Suarez, Nancy Altman of Social Security Works and the Heritage Foundation's David John discuss its long-term health amid a retiring baby boomer population and a weakened economy.

http://www.pbs.org/newshour/bb/business/jan-june12/socialsecurity_04-23.html

 

SSW/SSSC mention **

 

Financial Planning (NAT)

Debate on Social Security Shortfall Continues

04-23-12

“The most important take-aways from the 2012 Trustees Report will be that Social Security has a large and growing surplus,” according to a commentary from Nancy Altman and Eric Kingson, co-director of Social Security Works, an advocacy group leading up to the trustees report. “With modest legislated increases in revenue, it will continue to pay those benefits for the next century and beyond.”

http://www.financial-planning.com/news/social-security-FSI-2678498-1.html

 

Salon (NAT)

A radical tax solution

04-24-12

Michael Lind

Generally these plans call not only for closing loopholes that disproportionately benefit the rich, like the home mortgage interest deduction, but also for cutting essential government benefits for the middle class, like Social Security and Medicare.  Alan Simpson famously mocked Social Security as “a milk cow with 310 million tits.”

http://www.salon.com/2012/04/24/a_radical_tax_solution/

 

Reuters (NAT)

Is Social Security really exhausted? Not at all

04-24-12

Mark Miller

It's rare to see a federal official publicly beg reporters to get a story right, but the commissioner of the Social Security Administration seemed ready to get down on his hands and

http://www.reuters.com/article/2012/04/24/us-column-socialsecurity-idUSBRE83N11H20120424

 

Examiner (DC)

Social Security defenders say media misreads annual Trustees report

04-24-12

Two other defenders of Social Security, Nancy Altman and Eric Kingson, co-directors of Social Security Works, would argue with Ohlemacher's take on the the fund. The most important points to take away from the 2012 Trustees Report, they write, will be this: Social Security "has a large and growing surplus; that without any Congressional action, Social Security will continue to pay benefits to America’s eligible working families for decades; and that with modest legislated increases in revenue, it will continue to pay those benefits for the next century and beyond."

http://www.examiner.com/article/social-security-defenders-say-media-misreads-annual-trustees-report#ixzz1sz5993aC

 

NBC Politics (NAT)

Social Security trustees see earlier fund depletion date

04-24-12

Tom Curry

The trustees of the Social Security system said Monday the fund that helps sustain retiree and survivors’ benefits will become exhausted in 2033, three years sooner than they projected last year.

http://nbcpolitics.msnbc.msn.com/_news/2012/04/23/11355323-social-security-trustees-see-earlier-fund-depletion-date?lite

 

Huffington Post (NAT)

Preserving Social Security

04-23-12

Sen. Tom Harkin

Social Security is the most successful program in our nation's history. It is not in crisis. With sensible steps, like those in my legislation, we can make the program stronger and ensure greater financial security in retirement for generations to come.

http://www.huffingtonpost.com/sen-tom-harkin/preserving-social-securit_b_1446798.html

 

The Christian Science Monitor (NAT)

Social Security fund: Cash gone in 2033

04-24-12

Ricardo Alonso-Zaldivar and Stephen Ohlemacher

Social Security fund will run out three years earlier than earlier projections due to boomer retirements, weak economy. If Social Security fund runs out, retirees will get 75 percent of promised benefits.

http://www.csmonitor.com/Business/Latest-News-Wires/2012/0424/Social-Security-fund-Cash-gone-in-2033

 

NY Daily News (NY)

Social Security finances worsen: trust funds will run dry in 2033, trustees’ report says 

04-23-12

Staff

High energy prices and an economy that has been slow to rebound are worsening Social Security’s finances, shortening the life of the trust funds that support program by three years, the government said Monday.

http://www.nydailynews.com/news/money/social-security-finances-worsen-trust-funds-run-dry-2033-trustees-report-article-1.1066156

 

EconoSpeak (NAT)

The Not-So-Secret Weapon of the Campaign to Destroy Social Security: Cynicism

04-24-12

Peter Dorman

Now that you’ve done your homework, here is my take.  For the past thirty years we have seen repeated campaigns to eviscerate Social Security—to privatize it, siphon off its finances, drain it of its essential social insurance character

http://econospeak.blogspot.com/2012/04/not-so-secret-weapon-of-campaign-to.html

 

The Washington Post (DC)

Social Security’s financial forecast gets darker; Medicare’s outlook unchanged

04-23-12

N.C. Aizenman

The government’s annual report shows that the program’s trust fund will be depleted by 2033, three years earlier than projected last year. Medicare’s grim outlook is unchanged.

http://www.washingtonpost.com/national/health-science/social-securitys-financial-forecast-gets-darker-medicares-outlook-unchanged/2012/04/23/gIQA6hdQdT_story.html

 

Financial Planning (NAT)

Debate on Social Security Shortfall Continues

04-23-12

Donna Mitchell

Although the initial outlook is shaky, the reality is actually less dire, especially for Social Security, according to advocates of the retirement insurance program.

http://www.financial-planning.com/news/social-security-FSI-2678498-1.html

 

Chicago Tribune (NAT)

Social Security slipping closer to insolvency, government warns

04-24-12

Noam N. Levey

Social Security would go into the red in 2033 — three years earlier than previously projected — and Medicare by 2024 if trends continue, the federal programs' trustees report. The forecasts add urgency to calls on Washington to tackle the problem as baby boomers begin retiring.

http://www.chicagotribune.com/business/breaking/la-na-medicare-report-20120424,0,4992334.story

 

Politics

 

Huffington Post (NAT)

Paul Ryan Challenged On Budget By Georgetown Faculty

04-24-12

Joining a chorus of Catholic bishops, theologians, priests, and social justice leaders, nearly 90 Georgetown University faculty and administrators have called Representative Paul Ryan (R-Wisc.) to task for his misuse of Catholic social teaching in defending his budget, which hurts the poor. The group sent a letter to Rep. Ryan in advance of his appearance on the Catholic campus on Thursday morning to give the Whittington Lecture. In their letter to Ryan, the scholars make clear they are not objecting to his speaking on campus, but rather his recent comments defending his budget on Christian grounds. “Our problem with Representative Ryan is that he claims his budget is based on Catholic social teaching,” said Jesuit Father Thomas J. Reese, one of the organizers of the letter.

http://www.huffingtonpost.com/2012/04/24/paul-ryan-challenged-by-georgetown-faculty_n_1449437.html

The New Yorker

Congress and Long-Term Unemployment

04-24-12

James Surowiecki

The economic recovery has now lasted nearly three years, but for millions of Americans it hasn’t yet begun...

http://www.newyorker.com/talk/financial/2012/04/30/120430ta_talk_surowiecki

 

Roll Call (DC)

Carney Rebuffs Grassley on Secret Service Probe

04-24-12

Steven T. Dennis

The White House still won t give details on its internal review of the White House advance team following the Secret Service prostitution scandal in Colombia.

http://www.rollcall.com/news/jay_carney_rebuffs_chuck_grassley_on_secret_service_probe-214039-1.html?pos=hftxt

 

Politico (DC)

Obama launches student loan campaign

04-24-12

Donovan Slack

President Barack Obama Tuesday began a three-state White House message effort appealing to a key group he needs for his re-election campaign: Reduced loan interest for college students. Starting in North Carolina — he’ll then continue the swing-state tour through Colorado and Iowa — he said interest rates on some 7.4 million student...

http://www.politico.com/news/stories/0412/75549.html

 

Wall Street Journal (NAT)

Former BP Engineer Faces First Criminal Charges in Gulf Oil Spill

04-24-12

Tom Fowler

The first criminal charges in the Deepwater Horizon accident were filed, accusing a former BP engineer for allegedly destroying evidence.

http://online.wsj.com/article/SB10001424052702303592404577363981888067016.html?mod=WSJ_WSJ_US_News_3

 

The Hill (DC)

Republican senators boycott hearing on Ariz. immigration law

04-24-12

Jordy Yager

Sen. John Cornyn (R-Texas), the ranking member of the subcommittee, called the hearing, “election-year theater.”

http://thehill.com/homenews/senate/223339-gop-boycotts-senate-immigration-hearing

 

CNN (NAT)

The danger of Twitter, Facebook politics

04-24-12

Wesley Donehue

Not always, mind you -- social media will, and should, continue to play an important role in our political discourse. But the trend has grown so quickly; I don't know that anyone has really stopped to consider the implications of moment-by-moment, real-time transparency.

http://www.cnn.com/2012/04/24/opinion/donehue-social-media-politics/index.html?hpt=hp_c1

 

Wall Street Journal (NAT)

Diamond and Saez: High Tax Rates Won't Slow Growth

04-23-12

Peter Diamond & Emmanuel Saez

In The Wall Street Journal, economists Peter Diamond and Emmanuel Saez write that we're not close to the top of the Laffer Curve, and raising tax rates is part of a sensible deficit reduction strategy.

http://online.wsj.com/article/SB10001424052702303425504577353843997820160.html