Social Security

Privatizing Coercion

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Every day, roughly 10,000 baby boomers do the same thing: they retire. And when they retire, the first thing they generally do is apply for Social Security. There are actually two parts to Social Security (OASDI). The Old-Age and Survivors Insurance (OASI) program provides monthly benefits to retired workers, families of retired workers, and survivors of deceased workers. The Disability Insurance ... [click for more]

Social Security Is More than Unsustainable

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It seems that Russia is having the same problem as the United States when it comes to its government retirement system: the system is unsustainable because the number of retirees receiving benefits is growing faster than the number of workers supporting the system. Soon after his inauguration for a fourth term as president of Russia, Vladimir Putin spoke about his ... [click for more]

A Divergent Convergence of Epic Proportions

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Social Security is in dire straits. Payroll tax increases and benefit cuts are on the horizon. According to the latest annual report by the Social Security Board of Trustees (“The 2017 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds”), Social Security’s combined trust funds face ... [click for more]

COLAs Reveal the True Nature of Social Security

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The more than 63 million Americans who receive Social Security retirement, disability, survivorship, or death benefits will not be getting a Christmas gift later this year from the Social Security Administration. Although those Americans have come to expect a cost-of-living adjustment (a COLA) to their Social Security benefits at the beginning of every new year, no such increase (there ... [click for more]

Social Security Has Not Changed

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The American Association of Retired Persons (AARP) is touting the changes to Social Security for 2014. Instituted during the New Deal, Social Security, a federal Old-Age, Survivors, and Disability Insurance (OASDI) program, provides monthly benefits for retirement, disability, survivorship, and death to about 57 million Americans, including survivors and dependents. Social Security is “funded” by a payroll tax deduction ... [click for more]

The Problem with Conservative Plans to Save Social Security

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The largest expenditure of the federal government is Social Security. According to the most recent annual report of the Social Security Board of Trustees, in 2011 $725 billion in Social Security benefits were paid to 55 million Americans, plus other expenses of $11 billion. The three major entitlement programs — Social Security, Medicare, and Medicaid — account for almost half ... [click for more]

Should Social Security Be Saved?

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Speaking at a conference for a finance trade association in Chicago, former President George W. Bush said that the biggest failure of his administration was not privatizing Social Security. In 2001 the President’s Commission to Strengthen Social Security was formed. This bipartisan, 16-member commission issued a report that included three reform proposals, all of which allowed workers to voluntarily transfer ... [click for more]

FDR’s Social Security Paradox

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If Social Security is so wonderful, why were people forced to participate, why was it set up as a monopoly, and why did it dump ever-larger costs onto the backs of future generations? There never was a popular demand for Social Security, even during the Great Depression. Few Americans were ... [click for more]

Social Security Demeans Workers

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We can thank President Bush for reminding us that Social Security is not a pension or insurance plan but a welfare program. He did that recently when he proposed changing the benefit structure to favor (even more) low-income retirees at the expense of the “better off.” Whether this ... [click for more]

Why Save Social Security? Revisited

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My article “Why Save Social Security?” generated so much email, both pro and con, that I thought I would share some of the comments with you, along with my response to some of the points made by them. Email supporting repeal “Please continue this attack to eliminate this ... [click for more]