Social Security

Obama faces widespread GOP skepticism on budget dealings

Obama faces widespread GOP skepticism on budget dealings

President Barack Obama must work with a deeply skeptical partner as he tries to undo painful spending cuts and set U.S. finances on a more sustainable course: the liberal wing of his own party. While Republicans have dug in their heels against further tax increases, many of Obama’s fellow Democrats have refused to consider cuts […]

Exiting Social Security boss faults President, Congress & others for agency’s problems

Exiting Social Security boss faults President, Congress & others for agency’s problems

Outgoing Social Security Commissioner Michael J. Astrue has some parting shots for Congress, the White House and advocates for seniors. They have all “really walked away from Social Security,” he says, leaving the program “fraying because of inattention to its problems.” Instead of making the hard choices to fix Social Security’s financial problems, policymakers “use […]

If debt ceiling reached, what bills won’t be paid?

If debt ceiling reached, what bills won’t be paid?

In the summer of 2011, when a debt crisis like the current one loomed, President Barack Obama warned Republicans that older Americans might not get their Social Security checks unless there was a deal to raise the nation’s borrowing limit. After weeks of brinkmanship, Republicans consented and Obama agreed to a deficit-reduction plan the GOP […]

Over the fiscal cliff: A hard of soft landing?

Over the fiscal cliff: A hard of soft landing?

Efforts to save the nation from going over a year-end “fiscal cliff” were still in disarray as lawmakers returned to the Capitol to confront the tax-and-spend crisis. A tone-setting quotation was Democratic Sen. Harry Reid’s assertion that the House under Republican Speaker John Boehner had been “operating with a dictatorship.” President Barack Obama flew back […]

‘Fiscal cliff’ deadlockers heading back for last minute effort

‘Fiscal cliff’ deadlockers heading back for last minute effort

Efforts to save the nation from going over a year-end “fiscal cliff” were in disarray as lawmakers fled the Capitol for their Christmas break. “God only knows” how a deal can be reached now, House Speaker John Boehner declared. President Barack Obama, on his way out of town himself, insisted a bargain could still be […]

Romney’s plan: More money for wars, less for health care

Romney’s plan: More money for wars, less for health care

Reducing government deficits Mitt Romney’s way would mean less money for health care for the poor and disabled and big cuts to nuts-and-bolts functions such as food inspection, border security and education. Romney also promises budget increases for the Pentagon, above those sought by some GOP defense hawks, meaning that the rest of the government […]

What you paid for Medicare won’t cover costs

What you paid for Medicare won’t cover costs

You paid your Medicare taxes all those years and want your money’s worth: full benefits after you retire. Nearly three out of five people say in a recent Associated Press-GfK poll that they paid into the system so they deserve their full benefits — no cuts. But a newly updated financial analysis shows that what […]

The future ain’t so bright for boomer retirees

The future ain’t so bright for boomer retirees

Through a combination of procrastination and bad timing, many baby boomers are facing a personal finance disaster just as they’re hoping to retire. Starting in January, more than 10,000 baby boomers a day will turn 65, a pattern that will continue for the next 19 years. The boomers, who in their youth revolutionized everything from […]

So, what does this tax bill stuff really mean for you?

So, what does this tax bill stuff really mean for you?

The new tax law signed by President Barack Obama Friday will spare millions of Americans from a big tax increase on Jan. 1. It also includes a new cut in Social Security payroll taxes next year. A look at how typical taxpayers will fare in 2011: ___ Taxpayer: A single person with no children, making […]

Social Security advocates say tax cuts will hurt program

Social Security advocates say tax cuts will hurt program

President Barack Obama’s plan to cut payroll taxes for a year would provide big savings for many workers, but makes Social Security advocates nervous that it could jeopardize the retirement program’s finances. The plan is part of a package of tax cuts and extended unemployment benefits that Obama negotiated with Senate Republican leaders. It would […]