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Because Social Security tax receipts and interest exceed payments, the program also reduces the size of the annual federal budget deficit commonly reported in the media. For example, CBO reported that for fiscal year 2012, the "On-budget Deficit" was $1,151.3 billion. Social Security and the Post Office are considered "Off-Budget".
The current political tug-of-war over Social Security has now extended into Medicare, as lawmakers and insurance industry lobbyists take aim at the Biden administration's plans to rein in Medicare...
Critics of Social Security have said that the politicians who created Social Security exempted themselves from having to pay the Social Security tax. [175] When the federal government created Social Security, all federal employees, including the president and members of Congress, were exempt from having to pay the Social Security tax, and they ...
Supplemental Security Income (SSI) recipients might soon get bigger monthly payments if the Social Security Administration succeeds in pushing through a proposed change in how benefits are calculated.
A recent government report found that Social Security's main trust fund has the funds to continue paying out 100% of benefits only through 2034, with most experts strongly urging Washington to put ...
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This idea was later popularized by Francis Townsend in 1933, and the influence of the "Townsend Plan" movement on debate over social security persisted into the 1950s. [5] [6] Early debates on Social Security's design centered on how the program's benefits should be funded. Some believed that benefits to individuals should be funded by ...
Social Security is starting 2023 in the political crosshairs over proposals to raise the retirement age to help stabilize the program's finances. Now another battle is brewing over whether to cut...