Ask not what your government can do for you – there is a limit

The government has no business trying to run entitlement programs such as Obamacare – no business acumen whatsoever. Social Security is going bankrupt. As reported in 2010 in the New York Times, the program was already paying out more money than it had coming in (6 years before it was predicted to happen) with only IOUs in its so-called trust fund. Medicare Hospital Insurance Trust Fund expenditures have exceeded income annually since 2008 and are projected to continue doing so under current law in all future years. It could go bankrupt...

read more

Immigration Bill may raid the Social Security Trust Fund

Sen. David Vitter, R-La., an opponent of the immigration bill, argued that the legislation relies on $211 billion of Social Security revenue over the next 10 years and that without that money the legislation would cause a $10 billion deficit and that was against the budget rules. So, Senator Patrick Leahy, D-Vt., proposed Wednesday that the budget rules be waived, a measure that required 60 votes. The Senate voted 68-30 Wednesday to waive existing budget requirements to allow the immigration measure to proceed for a vote later this week that...

read more

Government can’t adequately project the needs of entitlement programs

There’s bad news for beneficiaries of the Social Security disability payments: The Disability Insurance Trust Fund is expected to run out of money in 2016. At that point, income to the trust fund will cover just 80% of benefits. The Disability Trustees are suggesting that lawmakers could reallocate a portion of the payroll tax from the Social Security retirement program to the disability program but Social Security is also running out of money. The Social Security reserves will be exhausted in 2033 and will cover only 75% of the...

read more

Where did your tax dollars go after last April 15?

If you wonder where each of your tax dollars go, the following figure from The Heritage Foundation gives you an accurate picture of the expenditures greater than 1% of the total taxes. Please note the nearly 33% discrepancy between the amount collected on tax day and the amount spent during the year – almost $10,000 per household more – adding $1.1T to our children and grandchildren’s debt. Excerpt: According to the federal Taxpayer Advocate in its 2012 report, Americans’ cost of complying with today’s complex tax code...

read more

Social Security disability benefits need to be verified

According to Newsmax (3), there has been a tremendous surge in the number of Americans receiving Social Security disability benefits, something that was intended to help workers over age 50 that became physically unable to perform their job. The disability benefits are now being used for workers under age 50, disabled spouses of deceased workers, and disabled adult children who were never able to work in the first place. It also includes Americans diagnosed with mental impairments, and more than 30 percent of disability cases involve mental...

read more

The case for choosing Social Security benefits at age 62

Many Social Security experts opine that if you don’t need the money now, and you are in good health, then their advice is to wait at least until you are 66 years old, or 70 years old if you can, to receive higher benefits. The experts say that by waiting, you earn a higher monthly benefit, and that benefit, like all Social Security retirement benefits, is indexed for inflation. So waiting helps ensure you have more money in your later years. But these experts also stipulate that government studies show that retirees, on average, receive...

read more