Huffington Post (NAT)
Social Security Cut Of $750 Million Could End Up Costing $6 Billion
“First they voted to end Medicare. Now they have proposed slashing almost $800 million from Social Security’s operating budget,” said Becerra, the top Democrat on the House Ways and Means Committee's Social Security panel. “What’s worse, the bulk of this reckless cut would shortchange Social Security’s ability to fight waste, fraud and abuse. In the end, as much as $6 billion of the taxpayers’ money could be lost. Social Security’s money should be going towards the benefits of those who have earned it.”
The Hill (DC)
GOP cuts to Social Security budget would increase wasteful spending: actuary
Propose GOP cuts to the Social Security Administration's operating budget would actually increase wasteful spending over time, the SSA actuary said in a letter Thursday.
The Disagreement Behind Our Economic Platform
Finally, I would have objected to eliminating the payroll tax since the Social Security and Medicare are effectively insurance programs run through the government. While they do not have to be based (especially Social Security) on what people pay into the program; that is how they were established. We could change the mechanism of funding to just say that everything comes from general revenue, but I would certainly not try to make that change lightly. People do feel that they paid for their benefits, which is in fact to a very large extent true.
GOP Says Coverage For The Uninsured Is No Longer The Priority
By "Western European," McConnell means government-run or primarily government-run. Western European countries also pretty much don't have people who don't have health insurance. And by the way, there are closer to 50 million Americans without health insurance; 30 million is the number the health law is estimated likely to cover.
But McConnell isn't the only top Republican saying covering the uninsured should no longer be the top priority.
Think Progress (Blog)
House GOP’s Cuts To Social Security Could Cost Taxpayers Almost $6 Billion
A House Republican plan to slash funding for a Social Security program would cost taxpayers far more than it would save, according to a letter from Social Security’s chief actuary. The Republican plan, which is focused on a program meant to ensure that beneficiaries are not overpaid, would cut more than $800 million below the level agreed to in the Budget Control Act, the spending agreement passed during last year’s debt limit negotiations.
Think Progress (Blog)
Democratic Senator Proposes New Type Of Retirement Plan
Harkin’s new USA Retirement Funds — based in part on a forthcoming Center for American Progress proposal, as well as the work of the Pension Rights Center — combines some of the best elements of defined-contribution plans and defined-benefit plans to deliver a portable, cost-effective, and stable level of benefits for retirees at a constant cost to employers.
Associated Press (NAT)
August blasts Revenue Department
A Republican legislator called for an investigation into the inadvertent release of Social Security and tax identification numbers by the Wisconsin Revenue Department.
Rep. Tyler August, of Lake Geneva, blasted the Revenue Department for including the personal information on a file that was publically available on its website for three months before it was removed Monday. He called the error "intrusive," and said it was especially troubling because it was the third such breach in recent years.
US News (NAT)
Don’t Waste Your Retirement
any baby boomers view retirement as a time of new opportunity and the beginning of a whole new chapter in their lives. But maintaining some connection to the working world is also important to many people. Some seniors would like to go back and forth between periods of work and leisure. Perhaps they fear losing the stimulation and engagement that is part of work.
Liberals: Obama must back Social Security
Some liberals in the U.S. Congress worry that President Obama would be open to scaling back Social Security and Medicare if he wins a second term.
Huffington Post (NAT)
Some Are Too Quick to Criticize the Disabled
There is a familiar pattern to the barbed attacks on the disabled as lazy or opportunist. They play with the facts to suit certain agendas. Bruni's connection between collecting SSDI and selfishness demonstrates his misunderstanding of the demographics of disability. He is right about the growth in benefits. There are more than 8.7 million disabled workers who draw SSDI today. That number has risen by more than 20 percent since the recession began. But the average monthly benefit is only a little more than $1,000, which is a great sacrifice in income for most workers. There is no great economic incentive to get on SSDI.
Chicago Tribune (IL)
Conservative funds may make more sense
Janet Kidd Stewart
You're already drawing Social Security and pension income, and the Social Security benefits are subject to cost-of-living adjustments. If further guarantees aren't truly necessary — and you indicated in a follow-up that the monthly benefits more than pay your current expenses — then you might get more inflation-fighting power from a portfolio of conservative, low-cost mutual funds and exchange-traded funds, said V. Raymond Ferrara, president and chief executive of ProVise Management Group.
State Journal Register (IL)
Not interested in ‘reform’
My pension does not need to be reformed; it needs to be honored.
I am a retired public schoolteacher. I did not pay into the Social Security system. I paid into the Teachers’ Retirement System (almost 10 percent each month). This was not a choice; it was an automatic deduction from my paycheck.
St. Augustine (FL)
Q: My 15-year-old sister has been blind since birth. I think she should apply for Supplemental Security Income (SSI), but my parents think because she’s a minor, they’re responsible for her and she won’t qualify. Who is right?
CNN Money (NAT)
I'm 67. Can I withdraw Roth IRA earnings early?
I know that withdrawals on earnings in a Roth IRA are non-taxable once the IRA is over five years old. If I fund a Roth IRA now, do I still need to wait five years before earnings withdrawals are tax-free, since I am 67 and already at retirement age? — Dan B.
How Democrats Lost Their Chance to Take Back the House
Nancy Pelosi's party would need to win 25 seats currently held by Republicans to take back the House and make Pelosi speaker again. That's always been a long shot -- though you wouldn't know it to listen to Pelosi: She has recently put the odds at better than 50-50.
Cory Booker eyeing run for governor or Senate
Newark Mayor Cory Booker, a rising star of the Democratic Party, told a New Jersey audience Thursday night he was considering running for governor or senator.
“I came [to Newark] and said I was going to do a mission,” Booker said in response to an audience question, according to Fair Lawn Patch. “But I’ll tell you this, I’m strongly considering the options at the end of my term.”
Low and slow
IF RECENT data left any doubt, America's Bureau of Economic Analysis (BEA) dispatched it this morning: the American economy slowed sharply in the second quarter, adding to the weakest recovery of the post-war period.
FEC to 501(c)4s: Tell Us More About Your Donors
Most of the non-candidate ads you've seen on your TV this year have been paid for by non-profit organizations that don't have to report their donors. I really do mean "most." As Andy Kroll points out, non-profits and business groups made up 91 percent of "independent expenditures" in the first part of 2012. The non-profits, like Crossroads GPS, the 60 Plus Association, and Americans for Prosperity, don't have to report the names of their donors. AFP can buy $6 million or so of TV time to tell voters about Solyndra, for example, and the people funding the ads can stay mysterious.
New York Times (NAT)
Romney Fund-Raisers in London Draw Banking Crowd
Ashley Parker and Landon Thomas Jr.
Mr. Romney held a fund-raising reception and a more exclusive dinner here on Thursday that included some of the top American financiers working in London. The firms they represent run the gamut from private equity funds, hedge funds and big investment banks like Goldman Sachs and J. P. Morgan — all of which have substantial business hubs in London’s financial district.
The Hill (DC)
Barack Obama commands, Hillary Clinton soars, Mitt Romney insults
Now let’s contrast the presidential command qualities of Barack Obama and the vast leadership skills of Hillary Clinton with the Republican candidate whom the conservative mayor of London called "a guy named Mitt Romney" after he insulted Great Britain.