solvency
Social Security’s Problematic Trifecta
Let’s start with an understatement: the COVID-19 pandemic is wreaking havoc on the nation’s economy. The projections dealing with unemployment, corporate earnings, small business continuity, etc. are horrendous, both short-term and long-term. We see alerts every day telling us how…
The Debate on Payroll Tax Elimination
President Trump, in a Coronavirus Task Force briefing yesterday, discussed his thoughts on cutting and/or eliminating the payroll tax withheld by employers, thereby generating immediate financial relief for workers. The 7.65% payroll tax (6.2% for Social Security and 1.45% for Medicare) represents…
The Case Against a Payroll Tax Cut
As we pointed out in our March 18 headline post, the idea of a payroll tax reduction or the complete elimination of the payroll tax for a period of time could have serious consequences for a program already in the…
Can Your the Value of Your Social Security Benefits Decrease?
Well, yes, and there are several ways that this could happen. As outlined in an article by Selena Maranjian posted on missoulian.com, there are two scenarios under which benefits could be impacted negatively, with the first being the result of the “earnings test”…
A One-Year Reprieve for Social Security’s Deficit Situation?
Last year’s Tax Cuts and Jobs Act (“Act”) has created what may be a brief respite in the continuing spiral toward a position of insolvency for Social Security, according to a post by The Motley Fool’s Sean Williams. His post suggests that…
Another Attempt at Clearing Up the Bankruptcy Misconception
Many of our readers are aware of the AMAC Foundation’s Social Security Advisory Service, a free-to-the-public source of assistance to thousands of seniors facing the complexities of this massive program. In addition to helping folks interpret Social Security’s detailed rules…
Immigration and Social Security
The Bipartisan Policy Center (BPC) recently released the results of its study on immigration and its potential influence on the Social Security solvency dilemma. Calling “increased immigration a powerful policy tool in the effort to maintain the Social Security program,” BPC authors…
Indirectly Addressing Social Security’s Woes
In Late August, House Ways and Means Committee Chairman Kevin Brady (R-TX) praised the 1.6 million jobs created this year and the highest level of wage gains since 2009, largely attributing these factors as evidence of the efforts underway in the current…
Don’t Let Reports of Social Security’s Demise Guide You
The long-term solvency of Social Security has been in the news quite a bit lately. Attention on the issue ramps up with each year’s publication of the Social Trustees Report and the dire warnings contained in it–forecasts of the program’s…
Some Quick Pointers on Social Security
The CheatSheet’s Karen Bennett, posting on their :Money & Career page, provides a snapshot of some basic Social Security parameters. Her items range from taxation of benefits to the nagging solvency issue, with some important details in between. Read her post…