Tag: "Unfunded Liabilities"

Social Security is in Worse Shape Than Originally Thought! What a Surprise…Or is It?

Researchers at Harvard and Dartmouth Universities have concluded that since 2000, the projected health of the Social Security trust fund has been rosier than it actually is.  The official word from the Trustees report is that the Social Security trust fund will be exhausted in 2033, meaning that benefits would have to be cut by 25 […]

A Quick Guide to the Public Pension Crisis

The NCPA has written numerous publications on the unfunded liabilities of Social Security and possible reforms.   We have also addressed unfunded liabilities of state and local public pensions.   But one of my readers alerted me to her infographic that quite nicely sums up the Social Security and states’ pension crises, for those with no time […]

Reforming Social Security: The Case for Progressive Price Indexing

best antivirus software for mac p>In light of all of the worrying about sequestration, entitlement reform – of course – goes undiscussed.  While trimming around the edges of discretionary spending has sent people into a panic, the $100 billion in cuts are a drop in the bucket compared to the growing expenditures of the mandatory spending programs […]

Worse than I Imagined (Part II): Medicare

When I retired, Medicare became my primary health insurance, fully covered by American taxpayers (and federal debt-holders), while Anthem/Blue Cross became my secondary health insurance, fully covered by the University of California.  I will never have to spend a nickel of my Social Security benefits or inflation-adjusted defined retirement income on my health insurance. But […]

Worse Than I Imagined (Part I)

Social Security and Medicare are grand Ponzi schemes that make Bernie Madoff’s operations look like petty theft. They discriminate against black males especially because they pay into the system on every job they have, but many die of health problems and violence long before they collect a dime in benefits. Middle and higher income Americans […]

Chicago Plays Politics with Retirement Pensions

If Sen. Dianne Feinstein’s (D-Ca.) assault weapons bill is not enough of a kneejerk reaction to the Newtown shooting, Chicago is playing its part in contributing to the lack of common sense measures as well — by hurting its employee pension system.  The board of Chicago’s Municipal Employees’ Annuity and Benefit Fund voted to divest […]

Unemployment is Holding, but Disability is Climbing…

I will keep this short at the risk of repeating myself, but stors.com/article/617233/201207060945/disability-climbs-faster-than-jobs-under-obama.htm”>Investor's Business Daily posted a piece on Social Security disability applications during the month of June. Only 80,000 new jobs were created while 85,000 people left the workforce to apply for disability. I discussed this troubling trend in my recent NCPA publication, Disability […]

The Fiscal Cliff? Whatever…

It”s less than four days away from the fiscal cliff.  But unlike the recent Mayan prophecy, the cliff will really happen.  Tax cuts will expire and discretionary spending will be cut automatically.   And of course, we will reach the debt c eiling sooner rather than later.   There are many obvious things wrong with this picture, […]

Arguments Against the Payroll Tax Holiday

As I have previously written, the 2-percentage point payroll tax deduction is a bad idea. The current reduction expires March 1, but it appears that enough Congree members sup port extending it through the rest of the year. It is a shame that despite warnings from the annual Social Security Trustees” reports, even those who […]

SOTU: Winners, Losers and a Tax Plan that Makes Me Go “Huh?”

I watched last night’s State of the Union address in hopeful anticipation that all taxpayers, from individuals to small business owners to multinational corporations, could look forward to a fairer, more simplified system. No such luck. Much of the speech was spent pointing out who or what is to blame for the sluggish economy, income […]