Service's line, automatically blocking your personal telephone quantity from receive a complete report with for. Under what a reverse records of the state the greatest to go with when searching Google but. Please update to the latest version of Internet Explorer, Chrome, or Firefox for a better browsing experience. The Congressional Budget Office issued another dire warning last week on the ominous state of the Social Security, the social retirement and disability programs created by Congress in 1935 as part of President Franklin D.
Though the financial state of the "trust funds" -- divided into two parts, the Old-Age Survivors Insurance (OASI) and Disability Insurance (DI) -- has long been a concern for policy wonks and some lawmakers (though not nearly enough of them), the report released on Thursday notes that Social Security, which, in 2010, began paying out more in benefits than taxes collected, isn't too far off from running out of money, owing more in benefits than it can legally pay out.
There is a mix of policy options that have been analyzed in the past by the CBO, ranging from tax increases to cutting benefits to raising the retirement age. Not only is eliminating the income cap bad for the economy, it isn't a serious long-term answer to Social Security's fiscal imbalance. Absent meaningful reforms that encourage economic growth and private ownership of retirement accounts, as more Americans retire and become eligible for Social Security benefits and Medicare (the other elephant in the room), there will be less for Congress to spend on other areas of the budget. Today marks the 50th Anniversary of Medicare and Medicaid, which were signed into law on July 30, 1965 by President Lyndon Johnson.


A number of congressional Democrats have signed a letter to President Barack Obama urging him to consider expansion of Social Security, the 80-year-old program designed to provide retirement benefits to Americans. This week, the Congressional Budget Office came out with its Long-Term Budget Outlook for 2015. Stop Congress' First Class TravelContact your congressman and tell them to stop flying first class on our dime. FreedomWorks makes it easy to hold your elected officials accountable in our fully interactive Action Center.
It makes sure people understand what is happening to their country, and how they can make a difference. In part because of that experience, it is a common analytical convention to consider the DI and OASI trust funds as combined.
One of the most common policies pushed, however, is to eliminate the cap on taxable income (currently at $117,000 of wages earned in 2014 and $118,500 next year). In an election cycle with a focus on foreign affairs, national security, and the economy and jobs, Social Security reform has largely remained off the radar. These programs, along with Social Security, are collectively referred to as entitlement programs and are taking up a growing proportion of the annual budget.


The letter was sent on Monday for the White House Conference on Aging, a once-in-a-decade meeting where at attendees analyze and discuss various policy proposals for seniors and make recommendations. The report foreshadows growing deficits, mounting debt, and economic harm if the status quo is allowed to continue. This is advice that could well have been heeded by ObamaCare Architect Jonathan Gruber, whose repeated comments about the stupidity of the American public and the need to deceive them in order to pass ObamaCare continue to make headlines, though not the good kind like you want.
FreedomWorks University will give you the tools to understand economics, the workings of government, the history of the American legal system, and the most important debates facing our nation today. Thus, CBO projects, if some future legislation shifted resources from the OASI trust fund to the DI trust fund, the combined OASDI trust funds would be exhausted in 2030," the report added. As a millennial paying into this program fully knowing I will never receive its benefits if the system continues its course, I decided to dig a little deeper into the candidates’ positions on this topic.
This problem is overshadowed by an even larger danger for Medicare and Social Security: their trust funds are about to dry up.




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