Social Security

Temporary reprieve for old Social Security debts

Temporary reprieve for old Social Security debts

People with old Social Security debts are getting a reprieve — for now. The Social Security Administration had been participating in a program in which thousands of people were having their tax refunds seized to recoup overpayments that happened more than a decade ago. On Monday, Acting Social Security Commissioner Carolyn W. Colvin said she […]

Only a 1.5 percent increase for Social Security

Only a 1.5 percent increase for Social Security

Social Security benefits for nearly 58 million people will increase by 1.5 percent next year, the government announced Wednesday. The increase is among the smallest since automatic adjustments were adopted in 1975. It is small because consumer prices haven’t gone up much in the past year. The annual cost-of-living adjustment, or COLA, is based on […]

Even a last minute deal won’t end the turmoil that lies ahead

Even a last minute deal won’t end the turmoil that lies ahead

Hold the champagne. Even if Congress reaches a last-minute or deadline-busting deal to avert a federal default and fully reopen the government, elected officials are likely to return to their grinding brand of brinkmanship — perhaps repeatedly. House-Senate talks are barely touching the underlying causes of debt-and-spending stalemates that pushed the country close to economic […]

Recession forces half of older workers to delay retirement

Recession forces half of older workers to delay retirement

Stung by a recession that sapped investments and home values, but expressing widespread job satisfaction, older Americans appear to have accepted the reality of a retirement that comes later in life and no longer represents a complete exit from the workforce. Some 82 percent of working Americans over 50 say it is at least somewhat […]

Thousands illegally received $1.3 billion in disability payments

Thousands illegally received $1.3 billion in disability payments

Social Security made $1.3 billion in potentially improper disability payments to people who had jobs when they were supposed to be unable to work, congressional investigators said in a report Friday. The Government Accountability Office estimated that 36,000 workers got improper payments from December 2010 to January 2013. The numbers represent less than 1 percent […]

Lots of talk about deficit reduction but little action

Liberals’ loud objections to White House proposals for slowing the growth of huge social programs make it clear that neither political party puts a high priority on reducing the deficit, despite much talk to the contrary. For years, House Republicans have adamantly refused to raise income taxes, even though U.S. taxes are historically low, and […]

Hypocrisy rules in Washington

Hypocrisy rules in Washington

Hypocrisy is nothing new in Washington. The long-running debate over taxes and spending, however, is producing especially blatant examples of politicians contradicting themselves or attacking opponents for taking the very stances they’ve taken themselves. Lawmakers, for instance, denounce the deficit but refuse to let the Postal Service close money-losing offices or end Saturday delivery. They […]

Ohmigod! Obama sends actual budget to Congress

Ohmigod! Obama sends actual budget to Congress

President Barack Obama on Wednesday is sending Congress his 2014 budget, an effort to achieve an elusive “grand bargain” to tame runaway deficits that have soared above $1 trillion for each of the past four years. Obama’s spending blueprint for the 2014 budget year would accomplish the deficit cuts through a combination of further tax […]

Obama will accept entitlement cuts in exchange for taxes

Obama will accept entitlement cuts in exchange for taxes

President Barack Obama will offer cuts to Social Security and other entitlement programs in a budget proposal aimed at swaying Republicans to compromise on a deficit-reduction deal, a senior administration official said on Friday. Under a proposal that would cut the deficit by $1.8 trillion over 10 years, the president will offer to apply a […]