Free Republic

Who needs U.S. citizenship, or for that matter, legal authorization to live in the U.S. when you've got Joe Biden's open borders? That looks like the story with illegals receiving Social Security benefits, a lifetime benefit that until recently had been perceived as nominally reserved for U.S. citizens, not illegal border crossers, and which Democrats are now trying to debunk. At the debate, NewsNation reported that Trump said:“Social Security … he’s destroying it because millions of people are pouring into our country and they’re putting them onto Social Security,” Trump said. “They’re putting ‘em onto Medicare and Medicaid. Putting them...

Just when you think things couldn’t get worse on the fiscal front, Washington once again manages to exceed expectations. One couldn’t help but get that impression from the latest update to the nation’s (poor) budget situation.The Congressional Budget Office (CBO) recently released revised estimates of the nation’s budget and economic outlook over the coming years. While the prior version of the document, released in February, didn’t exactly show a fiscally responsible federal government, the intervening four months saw lawmakers digging taxpayers — that’s you and me — into an even deeper hole.More Spending by Congress and BidenOverall, CBO increased the...

In a completely predictable turn of events, one of the Ponzi schemes that the federal government has been running is set to collapse in just a few short years. Here’s this, from an item out at FOX Business today:The head actuaries for Social Security and Medicare testified before a House panel on Thursday about the two safety net programs’ looming financial woes that could see key trust funds depleted in roughly a decade, which would leave beneficiaries facing a benefit cut if the funding gap isn’t resolved by Congress.Trustees for Social Security and Medicare recently released a report that looked...

America's growing and aging population has led financial experts to raise concerns over the impact on the Social Security system, for which the number of claimants is also rising. The U.S. population has increased by over 103 million over the last five decades, and data from the Social Security Administration (SSA) shows that the proportion of Social Security claimants has risen by more than seven percent in this time. SSA data showed the average growth rate of Social Security recipients is 1.8 percent. If this trend stays the same, the number of beneficiaries will have increased by roughly 36,221,550 in...

The Population Council, the eugenics organization credited with bringing the abortion pill (RU-486) to the United States, turns 65 this month — but it is nothing to celebrate. In 1952, John D. Rockefeller III founded the Population Council and served as the organization’s first president. According to the Rockefeller Foundation, the Population Council, Inc., was incorporated following Rockefeller’s Conference on Population Problems, “…to stimulate, encourage, promote, conduct and support significant activities in the broad field of population.” Like its founder, the Population Council’s other members were concerned about population issues — and, like other population organizations such as Planned Parenthood,...

Social Security is a giant Ponzi scheme and, like all Ponzi schemes, it will eventually fail when the cohort paying in becomes smaller and poorer than the cohort receiving the money. It’s going to take a sea change to remedy the problem, which means re-thinking the government’s role. Here’s what could be done: (1) The Constitution has the federal government’s job description, so we must defund any federal spending that is not within that description, and the projects, whatever they are, need to be kicked down to the state level where they either belong or taxpayer money shouldn’t be spent...

The latest Trustees Report projects the Social Security retirement trust fund will run out of money by 2033. The trust fund has been bleeding cash since 2018, and it's getting worse every year. Congress has several options to mitigate the potential benefit cuts facing 70 million retirees. There might only be enough funds to pay out 79% of retirement benefits unless Congress acts. Retirees could be in for a rude awakening in the near future unless Congress makes some changes to Social Security. The most recent Social Security Trustees Report indicated the Old-Age and Survivors Insurance (OASI) trust fund will...

This is a conversation that comes up in Washinton every few years before it fades away without anything being done about it. The clock is ticking for the Social Security system. It's still solvent for the moment, but at the current rate of retirement for senior citizens and the shrinking number of young people entering the workforce, the program will begin running short of cash in roughly nine years. (Possibly a bit longer if the economy strengthens.) The math is fairly straightforward and it obviously needs to be fixed, but thus far, as NPR's Scott Horsley reports, a politically palatable...

The combined trust funds for Social Security are projected to run out a year later than previously expected, a board of trustees of the program’s accounts said Monday. In the latest report, trustees expect the projected depletion date for the Old-Age and Survivors Insurance (OASI) Trust Fund, which pays out Social Security benefits to retirees, and the program’s smaller Disability Insurance (DI) Trust Fund is 2035. Biden administration officials said the projected depletion date for the OASI trust funds has moved to November 2033, seven months later than last year’s projection, partly due to economic growth. On a call with...

We all know life has gotten more expensive lately… but has anything provided more sticker shock than healthcare? Health insurance premiums rose 7% last year. Medical costs are expected to rise 7% this year after increasing 6% last year. And I’ve exclaimed “What?! That can’t be right!” after receiving a medical bill or checking out at the pharmacy more times than I can count. Yet my doctor friends claim they make less money and spend more time doing insurance paperwork than ever before. I felt bad that one of my physician friends recently had to spend time fighting with my...

What happens when one of the major political parties suggests the most modest of reforms to the benefits future Social Security beneficiaries will receive?The other major political party goes ballistic.Such were the atmospherics when the Republican Study Committee (RSC) played against the prevailing type with the GOP so far and issued a plan that included tweaking the retirement age.According to the RSC plan, the changes are intended to “prevent Biden's cuts to Social Security.” Setting aside who would be responsible for any future benefits cuts – which are all but assured if no one does anything now to avert them...

President Biden taunted former president Donald Trump Saturday for his evening high-dollar fundraiser — dissing the “bunch of hedge fund billionaires” who were gathering in Florida to support him. “This campaign is Scranton versus Palm Beach,” Biden said in a video posted to X. “Folks, you know Trump is down in Florida today raising money from a bunch of hedge fund billionaires who want him to cut Social Security and Medicare and their taxes,” he claimed in the 54-second clip.

The Social Security Administration (SSA) is capping clawbacks of benefit overpayments at 10% of benefits checks instead of 100% after being criticized for draconian repayment plans that left some beneficiaries destitute. Social Security Commissioner Martin O'Malley said in a statement that the agency would cease "the heavy-handed practice of intercepting 100% of an overpaid beneficiary's monthly Social Security benefit" if they failed to respond to a demand for repayment. Additionally, the Social Security Administration will extend repayment plans to 60 months, up from its limit of 36 months, giving recipients an additional two years to repay the money. The changes...

Sec. Yellen is asked about Biden's plan to raise taxes for Social Security. She doesn't have a clue, but is in charge of it.

In his annual letter to shareholders, Fink called the decreasing ability to retire in a financially sound way one of the biggest economic challenges of the mid-21st century. "Today in America, the retirement message that the government and companies tell their workers is effectively: 'You're on your own,'" Fink wrote. A federal law that will require employers with 401(k) plans to auto enroll new workers provides a bright spot, he said.

President Joe Biden campaigned on protecting Social Security and has slammed what he calls Republican efforts to gut the program through sunsetting, increasing the retirement age and reducing benefits. But the president has nearly a half-century of history dating to at least 1975 of voting or advocating for many of the same attacks on Social Security that he now warns could come from a Republican takeover — and both his historical record and current policies will affect today’s younger generations as they age into the program.

Here’s a look at average retirement incomes and how much people spend during their golden years. According to data from the Bureau of Labor Statistics, U.S. households led by someone age 65 or older spent an average of $57,818 in 2022. Key Takeaways: * Sources of retirement income include Social Security, retirement accounts, pensions, dividends and employment wages. * Retirees can expect to spend 70% to 80% of their pre-retirement income in retirement, according to one rule of thumb. * Older Americans spent an average of $57,818 in 2022, but about 40% of households led by someone age 65 or...

Donald Trump called into a CNBC show on Monday morning, allowing host Joe Kernen to ask a question about government spending and, specifically, the large chunk of spending that is committed to social programs. “Have you changed your outlook on how to handle entitlement — Social Security, Medicare, Medicaid, Mr. President?” Kernen asked. “It seems like something has to be done.” At that point, two familiar patterns kicked in. Trump tends to like to align with the opinions offered by his interviewers, particularly on subjects that aren’t at the center of his political identity. He also tends to ramble when...

Social Security benefits are the major source of income for most people over age 65, according to the Social Security Administration. That means living standards in later life can depend heavily on how well retired workers and spouses understand the program. Unfortunately, misunderstandings are all too common. A recent survey from Nationwide Retirement Institute found that 44% of adults were unaware that, upon the death of a spouse, the surviving spouse would inherit the bigger Social Security benefit. Social Security old-age and survivor benefits is a broad term that includes two subcategories: retired-worker benefits, and benefits for spouses and other...

Social Security and Medicare are underfunded by $175 trillion. The nightmare arrives. In 2014 I published my first book while I was in Hong Kong. This book focused on the insane policies of the Obama/Biden regime and offered solutions that were working overseas. The biggest problem on the table was the massive amount of unfunded liabilities that were being created under the Biden regime. Below is what I wrote at that time (pp. 23-24). Even more alarming than the US’s annual deficits or federal debt burden is the amount of its unfunded liabilities. Unfunded liabilities are financial promises made with...