Importantly, the Committee for a Responsible Federal Budget, a nonpartisan and nonprofit organization, argues the changes proposed by Trump could actually be bad news for Social Security recipients. Specifically, they could widen the program's funding deficit and hasten the timeline to ben...
Daniel Patrick Moynihan (D) of New York, a leading expert and influential voice on Social Security reform, proposed changes March 16 that would allow workers to invest money in a personal savings account. "It's gone from being a third rail to something that is highly talked about," Sanford...
A fix is clearly needed to avoid a reduction in Social Security benefits when thetrust funds run out of money. Many solutions have been proposed to ensure that Social Security that remains solvent. Congress may opt for some combination of measures when it tackles the issue. Raise the Payroll ...
lower birth rates and the widening income gap — the Social Security Trustees 2018 report projects that beneficiaries will see a 21 percent cut in benefits by 2034 unless Congress takes action to prevent the funding shortfall. The Congressional Budget Office's estimate is more dire, pegging the y...
The Social Security Fairness Act overwhelmingly passed the House in early December and on December 18 cleared a key Senate procedural vote by 73 to 27. …half a century ago, Congress realized that Social Security benefit windfalls for public sector employees were costly, unnecessary and unmerited....
at least not yet. The privatization of Social Security, as once proposed by the Junior Bush, is currently on the backburner. While I like the idea of deferring my contributions into a 401(k) style account that I can manage and grow, I can’t see this one being an option under the ...
On May 2, 2001, Bush appointed a commission to examine his proposed changes to Social Security, but his first term was dominated by responses to the 9/11 attacks. Bush again touted personal accounts in his successful 2004 reelection campaign. However, after he was reelected, he revised his ...
Changes must be made. Many have been proposed, and the Social Security Administration regularly releases estimates of the effect of the various legislative proposals on the balances of the Social Security trust funds. Polling shows the majority of Americans favor eliminating the income cap on Social...
"I've proposed that Congress rightly review these programs," Scott said. "I'm never going to support cuts to Social Security, Medicare or Medicaid." Regardless, support from both parties will be needed to pass any changes to the program in both chambers. But it remains to be seen what ...
Some states created their own plans. President Franklin Roosevelt wanted a national system that could pay for itself. He proposed the Social Security Act in January of nineteen thirty-five.Congress passed the law that year. But payments did not start until nineteen forty. Until then,...