Social Security faces a funding shortfall in 2033 which, if not addressed, could result in across the board benefit cuts of about 23%. While this shortfall does not pose an immediate crisis, there are reasonable changes that Congress should enact to keep Social Security solvent and strengthen it for current and future generations:
1) Eliminate the cap on Social Security payroll contributions. In 2014, only wages up to $117,000 will be subject to the Social Security payroll deduction. Lifting the cap will subject all wages to the payroll contribution which will help address the majority of Social Security’s projected funding shortfall.
2) Slowly increase the payroll contribution rate by 1/20th of one percent over 20 years. This gradual increase in the rate will significantly strengthen Social Security’s financial condition well into the f ...
We’ve written before about the billion dollar anti-Social Security lobby, led by Wall Streeter Pete Peterson and his myriad number of astroturf front groups, here, here and here. These CEO and Wall Street friendly groups are spending a lot of money to convince Congress that grandma and grandpa’s Social Security is to blame for our economic woes rather than talk about the real problem...$1 trillion in corporate loopholes and income inequality which is destroying the middle class.
Hats off to the Institute for Policy Studies and the Center for Effective Government for their new report detailing the truth behind America’s CEO-led campaign against Social Security. Thanks also to the Huffington Post for this terrific infographic highlighting the report’s key findings:
It's not very often a speech in Congress is so dead-on that we share it, in its entirety, here. Yesterday's speech by Senator Elizabeth Warren on America's retirement crisis is a notable exception. We highly recommend you give it a view:
Cuts to Social Security Will Hurt Seniors, Veterans, People with Disabilities and Children; Shackle Recovering Economy
While some in Washington may have given up on a so-called “grand bargain,” many others including the White House, have left benefit cuts to millions of seniors, veterans and people with disabilities on the budget bargaining table. Contrary to claims by Chained CPI proponents, this change to the annual COLA calculation is not a “technical tweak” but a benefit cut for the oldest and most vulnerable Americans who would be least able to afford it. Additionally, recent research by the National Committee to Preserve Social Security and Medicare Foundation, in consultation with economist Dean Baker, shows that adoption of the Chained CPI could cut $31 billion in economic output and more than 200,000 jobs nationwide.
Activists from the National Committee to Preserve Social Security and Medicare, AARP, NOW, Paralyzed Veterans of America, Generations United, NARFE, ...
New Education Campaign Informs LGBT Community about Their New Social Security Benefits Eligibility
Hundreds of Northern California same-sex spouses, and elder lesbian, gay, bisexual, and transgender Americans attended the nation’s first “Know Your Rights” education sessions sponsored by NCPSSM’s foundation and our local partners. The events provided participants vital information about Social Security benefits now available thanks to the Supreme Court’s June 2013 Windsor ruling in the Defense of Marriage Act.
For the first time in its long history, the Social Security Administration is providing benefits to same sex married couples which has important financial implications for millions of LGBT Americans. The “Know Your Rights” campaign’s goal is to ensure LGBT Americans understand their rights to benefits.
“ ‘Know Your Rights’ is the first outreach program of its kind in the nation and a model for an education campaign potentially ...
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