Leroy N. Soetoro
2017-07-20 22:33:19 UTC
http://www.foxbusiness.com/markets/2017/07/13/social-security-benefits-
set-to-increase-by-largest-amount-in-years.html
Americans receiving Social Security benefits in 2018 can expect to see the
program's largest payment increase in years, according to the trustees
report released Thursday.
In January, recipients will receive a $28 monthly increase in benefits,
which, although amounts to just 2.2%, is much larger than the 0.3%
increase in benefits recipients collected this year. In 2016 the program
offered no payout increase. The average monthly payment for the programs
61 million beneficiaries is $1,253.
Despite the good news, Social Security and Medicare are still dealing with
looming cash shortfalls. OASDI maintains funding levels will run dry by
the mid-2030s, with Medicare Part A projected to be depleted in 2029one
year later than projected in last years analysis.
If Congress allows either fund to be depleted, millions of Americans
living on fixed incomes would face steep cuts in benefits.
Neither Social Security nor Medicare faces an immediate crisis. But the
trustees warn that the longer Congress waits to address the program's
problems, the harder it will be to sustain Social Security and Medicare
without significant cuts in benefits, big tax increases or both.
"Lawmakers should address these financial challenges as soon as possible,"
the trustees wrote in their report. "Taking action sooner rather than
later will permit consideration of a broader range of solutions and
provide more time to phase in changes so that the public has adequate time
to prepare."
Republicans in Washington have long clamored to address the long-term
financial problems of Social Security and Medicare, the largest benefit
programs run by the federal government. But don't expect them to do much
about it.
Over the years, House Speaker Paul Ryan, R-Wis., has insisted on
overhauling those programs, proposing a voucher-like system for Medicare
and calling for partially privatizing Social Security.
Now that Republicans control Congress and the White House, Ryan says he
doesn't want to tackle Social Security. Instead, Republicans and the White
House are focused on repealing and replacing former President Barack
Obama's health care law.
President Donald Trump has promised not to cut Social Security or
Medicare, though his budget proposal for next year would reduce Social
Security's disability benefits by nearly $70 billion over the next decade.
The savings would come from encouraging, and in some cases requiring,
people receiving the benefits to re-enter the workforce.
But even if Trump finds the savings, it wouldn't come close to solving the
program's long-term financial problems.
Social Security is independently funded by payroll taxes, so it is not
subject to annual spending bills approved by Congress. AARP hopes it stays
that way.
"Social Security should remain separate from the budget. Medicare can
improve if we reduce the overall cost of health care, rather than impose
an age tax, and if we lower prescription costs, instead of giving tax
breaks to drug and insurance companies," said AARP CEO Jo Ann Jenkins.
Over the past decade, Social Security and Medicare made up about 40
percent of federal spending, excluding interest on the debt and that
share is projected to grow in the future, according to the nonpartisan
Congressional Budget Office.
Fifty years ago, the two programs accounted for 16 percent of federal
spending.
The programs are expanding in part because the U.S. is growing older.
In 1960, there were 5.1 workers for each person getting Social Security
benefits. Today, there are about 2.8 workers for each beneficiary. That
ratio will drop to 2.1 workers by 2040, according to the CBO.
The trustees who oversee Social Security and Medicare are Treasury
Secretary Steven Mnuchin, Health and Human Services Secretary Tom Price,
Labor Secretary Alexander Acosta and acting Social Security Commissioner
Nancy Berryhill.
The Associated Press contributed to this report.
--
Donald J. Trump, 304 electoral votes to 227, defeated compulsive liar in
denial Hillary Rodham Clinton on December 19th, 2016. The clown car
parade of the democrat party has run out of gas.
Congratulations President Trump. Thank you for ending the disaster of the
Obama presidency.
Under Barack Obama's leadership, the United States of America became the
The World According To Garp.
ObamaCare is a total 100% failure and no lie that can be put forth by its
supporters can dispute that.
Obama jobs, the result of ObamaCare. 12-15 working hours a week at minimum
wage, no benefits and the primary revenue stream for ObamaCare. It can't
be funded with money people don't have, yet liberals lie about how great
it is.
Obama increased total debt from $10 trillion to $20 trillion in the eight
years he was in office, and sold out heterosexuals for Hollywood queer
liberal democrat donors.
set-to-increase-by-largest-amount-in-years.html
Americans receiving Social Security benefits in 2018 can expect to see the
program's largest payment increase in years, according to the trustees
report released Thursday.
In January, recipients will receive a $28 monthly increase in benefits,
which, although amounts to just 2.2%, is much larger than the 0.3%
increase in benefits recipients collected this year. In 2016 the program
offered no payout increase. The average monthly payment for the programs
61 million beneficiaries is $1,253.
Despite the good news, Social Security and Medicare are still dealing with
looming cash shortfalls. OASDI maintains funding levels will run dry by
the mid-2030s, with Medicare Part A projected to be depleted in 2029one
year later than projected in last years analysis.
If Congress allows either fund to be depleted, millions of Americans
living on fixed incomes would face steep cuts in benefits.
Neither Social Security nor Medicare faces an immediate crisis. But the
trustees warn that the longer Congress waits to address the program's
problems, the harder it will be to sustain Social Security and Medicare
without significant cuts in benefits, big tax increases or both.
"Lawmakers should address these financial challenges as soon as possible,"
the trustees wrote in their report. "Taking action sooner rather than
later will permit consideration of a broader range of solutions and
provide more time to phase in changes so that the public has adequate time
to prepare."
Republicans in Washington have long clamored to address the long-term
financial problems of Social Security and Medicare, the largest benefit
programs run by the federal government. But don't expect them to do much
about it.
Over the years, House Speaker Paul Ryan, R-Wis., has insisted on
overhauling those programs, proposing a voucher-like system for Medicare
and calling for partially privatizing Social Security.
Now that Republicans control Congress and the White House, Ryan says he
doesn't want to tackle Social Security. Instead, Republicans and the White
House are focused on repealing and replacing former President Barack
Obama's health care law.
President Donald Trump has promised not to cut Social Security or
Medicare, though his budget proposal for next year would reduce Social
Security's disability benefits by nearly $70 billion over the next decade.
The savings would come from encouraging, and in some cases requiring,
people receiving the benefits to re-enter the workforce.
But even if Trump finds the savings, it wouldn't come close to solving the
program's long-term financial problems.
Social Security is independently funded by payroll taxes, so it is not
subject to annual spending bills approved by Congress. AARP hopes it stays
that way.
"Social Security should remain separate from the budget. Medicare can
improve if we reduce the overall cost of health care, rather than impose
an age tax, and if we lower prescription costs, instead of giving tax
breaks to drug and insurance companies," said AARP CEO Jo Ann Jenkins.
Over the past decade, Social Security and Medicare made up about 40
percent of federal spending, excluding interest on the debt and that
share is projected to grow in the future, according to the nonpartisan
Congressional Budget Office.
Fifty years ago, the two programs accounted for 16 percent of federal
spending.
The programs are expanding in part because the U.S. is growing older.
In 1960, there were 5.1 workers for each person getting Social Security
benefits. Today, there are about 2.8 workers for each beneficiary. That
ratio will drop to 2.1 workers by 2040, according to the CBO.
The trustees who oversee Social Security and Medicare are Treasury
Secretary Steven Mnuchin, Health and Human Services Secretary Tom Price,
Labor Secretary Alexander Acosta and acting Social Security Commissioner
Nancy Berryhill.
The Associated Press contributed to this report.
--
Donald J. Trump, 304 electoral votes to 227, defeated compulsive liar in
denial Hillary Rodham Clinton on December 19th, 2016. The clown car
parade of the democrat party has run out of gas.
Congratulations President Trump. Thank you for ending the disaster of the
Obama presidency.
Under Barack Obama's leadership, the United States of America became the
The World According To Garp.
ObamaCare is a total 100% failure and no lie that can be put forth by its
supporters can dispute that.
Obama jobs, the result of ObamaCare. 12-15 working hours a week at minimum
wage, no benefits and the primary revenue stream for ObamaCare. It can't
be funded with money people don't have, yet liberals lie about how great
it is.
Obama increased total debt from $10 trillion to $20 trillion in the eight
years he was in office, and sold out heterosexuals for Hollywood queer
liberal democrat donors.