Free Republic

A recent report by the Congressional Budget Office (CBO) projects that two major Social Security funds in the United States will dry out in the coming decades, with one of them running out within the next 10 years as younger members in the programs are set to lose more than older members.“If the gap between the trust funds’ outlays and income occurs as CBO projects, then the balance in the trust funds will decline to zero in 2033 and the Social Security Administration will no longer be able to pay full benefits when they are due,” the CBO stated in...

Former President Trump on Friday urged Republicans in Congress not to cut “a single penny” from Medicare or Social Security, a notable warning as some GOP lawmakers prepare to use the debt ceiling debate as leverage to try to secure spending cuts. “Under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security to help pay for Joe Biden’s reckless spending spree, which is more reckless than anybody’s ever done or had in the history of our country,” Trump said in a recorded video statement posted to Truth Social. The former president, who in November...

US Treasury Secretary Janet Yellen has signalled that she will “tap” into Social Security to avoid breaching the US debt limit. Of course, if she does, it is unlikely that she will return the dollars. The Credit Default Swaps 1-year for the US (insurance against default) sits at 68.55, near the highest since 2013 debt ceiling crisis. Notice that the debt ceiling keeps on climbing once the Kabuki Theater of Democrats and Republicans is over. The Volatility Cube for the US CDS 1 year signals that it will all be over soon. So, Yellen and Treasury are threatening us with...

Illegal immigrants should not get Social Security… (f———g) period.

Republican Rep. Rick Allen of Georgia suggested last week that he would support raising the Social Security retirement age—a policy change that would slash benefits across the board—because people have approached him and said they “actually want to work longer.” Confronted by an advocate in the Capitol Building and asked how the GOP plans to cut Social Security, the congressman responded, “We’re not going to cut Social Security.” But seconds later, Allen contradicted himself by expressing support for raising the retirement age, saying the move would “solve every one of these problems”—not specifying what the “problems” are from his perspective.

Social Security Trust Funds have squandered billions of dollars on an antiquated investment policy. That loss tells us a lot about the financial crisis coming to Social Security. In 2019, Social Security lost roughly $1 billion because the system invests the excess reserves on exactly the wrong minute of the year. Any other day or any minute early in the day, saves the program money. It is 2023, and the beat goes on. Over the course of 2022, Social Security redeemed more than $100 billion in high-yield debt, and lost nearly $5 billion in interest earnings in the process. The...

The White House is turning the tables on House Republican lawmakers when it comes to conservative-led spending proposals that Democrats warn could mean cuts to crucial programs like Medicare and Social Security. The Biden administration is already building on a strategy it deployed during the midterm election season in which it highlighted talk from multiple GOP congressional lawmakers about how they plan to use their new House majority to consider cuts to entitlement programs like Social Security and Medicare. It’s also putting a spotlight on the possibility of military spending cuts by Republicans in an effort to balance federal spending...

Former President Donald Trump pledged he will never cut Social Security if elected again to the White House in an exclusive interview with Breitbart News here earlier in December. “We’re not cutting Social Security,” Trump said. “It’s very simple. It’s a simple answer. We’re not cutting Social Security.” *** “We have to protect it. It’s a contract with the people,” Trump said of Social Security. “They go in. They work and they do. They put their blood, sweat, and tears into Social Security and then you have a guy like a Paul Ryan or others that want to destroy it....

(NEXSTAR) – Millions of America’s older adults will see a bump in the amount they receive in monthly Social Security benefits, starting in January. The increase in payments is the largest in decades at 8.7%, and is designed to help offset the soaring inflation that would otherwise limit recipients’ purchasing power. The bump in benefits is aptly titled a cost-of-living adjustment, or COLA. On average, Social Security benefits will increase in January by more than $140 per month, according to the Social Security Administration (SSA).

New Hampshire Gov. Chris Sununu (R) said Sens. Lindsey Graham (R-S.C.) and Rick Scott (R-Fla.) cost the GOP in the midterm elections with their respective comments on abortion and Social Security. Sununu said on “Julie Mason Mornings” on SiriusXM’s POTUS channel in an interview that aired on Friday that Graham “didn’t do anybody any favors” when he proposed a 15-week national abortion ban or Scott with his comments in support of requiring Congress to renew Social Security every five years instead of it being automatically renewed.

This summer, the House GOP Study Committee unveiled a budget plan that would raise eligibility age for Social Security and talked about reducing payments for the well-off. Folks, those are cuts - so it allowed Dems to run ads that GOP threatens Social Security I know seniors who vote on this issue because they’re not rich and they don’t have comfortable government or congressional pensions. The GOP doesnt talk about cutting foreign aid or military bases, only “entitlements” for middle class Americans Trump told them to stop that, but they didn’t listen In the modern , post - FDR America,...

Here are two snippets from Wednesday's New York Times piece contending that Republicans have "embraced" plans to cut Social Security and Medicare: "The fact that Republicans are openly talking about cutting the programs has galvanized Democrats in the final weeks of the midterm campaign." "Still, the fact that key Republicans are openly broaching spending cuts to Social Security and Medicare ..." Boy, it sounds like there's a ton of chatter in Washington about cutting entitlements. And it's about time we embraced reform. So, which brave "key Republicans" are "openly talking" and "openly broaching" the idea of reforming Social Security and...

President Joe Biden misspoke during a speech in Florida on Tuesday, speaking about the ongoing “war in Iraq” and also claimed it was where his son died. “Inflation is a worldwide problem right now because of a war in Iraq and the impact on oil and what Russia’s doing, excuse me, the war in Ukraine,” Biden said. “I’m thinking of Iraq because that’s where my son died,” he added, as an excuse for the verbal slip. Although Beau Biden served in Iraq, he did not die there. He died in 2015 at Walter Reed National Medical Center in Maryland after...

Biden attacks pharmaceutical companies for raising drug costs HALLANDALE BEACH, Fla. — President Joe Biden is in South Florida where he has a full day of events scheduled in both Broward and Miami-Dade counties. The visit comes amid early voting and a week before the crucial midterm elections on Nov. 8. The president plans to hold events with Democratic gubernatorial candidate Charlie Crist and Florida senatorial candidate U.S. Rep. Val Demings.

While Biden and his cronies line their own pockets, ordinary voters will get hit the hardest by Democrats’ debt denial.A dozen years ago, Democrats faced a dilemma. A long-term care entitlement known as the CLASS Act that they added to what became Obamacare faced serious solvency concerns. But after Scott Brown, R-Mass., won a shock Senate victory for Republicans in a January 2010 special election, ending Democrats’ filibuster-proof majority, Democrats didn’t have the votes to alter the CLASS Act or remove it from Obamacare.What did Democrats do? The Obama administration suppressed the internal documents showing that the CLASS Act wouldn’t...

Ben Franklin once said that “nothing is certain except death and taxes.” But for retirees in part of the U.S., his observation doesn’t hold up — at least with respect to income taxes at the state level.The major sources of income for many retirees include Social Security, 401(k) plans, and Individual Retirement Accounts (IRAs). In most states, at least part of this income is taxed. However, here are 12 states that don’t tax these types of retirement income.States with no income tax at all Let’s start with the states that don’t tax retirement income or any other type of income....

Social Security beneficiaries are about to see their largest increase in benefits in four decades. Starting in January 2023, recipients of Social Security benefits and Supplemental Security Income (SSI) payments will see their benefits go up by 8.7 percent, according to the Social Security Administration. Approximately 70 million Americans will benefit from the bump, the agency said, with an average increase of more than $140 per month expected. The increase will follow the agency’s annual cost-of-living adjustment (COLA), which is required by federal law and based on the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical...

WASHINGTON (AP) — Seventy-year-old Cassandra Gentry is looking forward to a hefty cost-of-living increase in her Social Security benefits — not for herself but to pay for haircuts for her two grandchildren and put food on the table. The three live in a Washington apartment building that houses 50 “grandfamilies” — where grandparents take care of children who do not have parents present. Gentry, who took in her grandkids to keep them in a safe environment, says the boost in benefits will help her make ends meet. “I never thought about contributing to Social Security when I was working, but...

House Minority Leader Kevin McCarthy (R-Calif.) sought to tamp down worries that a GOP majority would use raising the federal debt ceiling as leverage to secure reforms on entitlement programs like Social Security and Medicare after a comment of his spurred Democratic attacks. “I never mentioned Social Security or Medicare. Actually, in the ‘Commitment to America,’ we say to strengthen Social Security and Medicare,” McCarthy said on CNBC Wednesday morning.

WASHINGTON (AP) — The news that 70 million people will see an 8.7% boost in their Social Security checks next year came just weeks before Election Day, but it is unlikely to give Democrats the edge they are desperately seeking at the polls. In fact, the promise of bigger payments could call even more attention to the surging prices that have been inflicting pain on households — and the reason behind Thursday’s announcement of the the program’s largest cost-of-living increase in four decades. “It’s going to bring more money to people’s pockets, but it primes people to think about high...