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Millions of seniors today rely on Social Security as a critical source of retirement income. And chances are, many future retirees will depend heavily on those benefits as well. But Social Security is facing its share of financial challenges that could have devastating consequences for current and future retirees alike. And if lawmakers don't intervene, the results could be downright catastrophic. There's a serious revenue shortfall at play Social Security primarily relies on payroll taxes (the ones we all hate paying) to stay afloat. But in the coming years, that income stream is expected to shrink. That's because baby boomers...

President Donald Trump proposed eliminating federal payroll taxes altogether for the rest of the year, according to a report from CNBC Tuesday. The proposal would include eliminating both the employer and employee payroll taxes on Social Security and Medicare, according to the report. “There was also discussion of making the payroll tax rollback permanent,” CNBC reported.

Key Points Democratic presidential candidate Mike Bloomberg is coming out in favor of boosting Social Security and creating new ways for American workers to save for retirement. The plans mark the latest addition to the former New York City mayor’s campaign platform, and puts him in line with other Democratic candidates who have called for shoring up Social Security benefits and the program’s long-term solvency. Bloomberg’s proposals also aim to help improve retirees’ lives, from giving low-income workers access to government-provided retirement savings plans to helping to ensure seniors get better access to health care and housing. ===================================================================== Mike Bloomberg...

I would just like to say thanks for one night of Fredo Chris Cuomo asking a few tough questions to the biggest idiot on the face of the Earth... Nancy Pelosi. Please watch the entire interview. Inot only exhibits why there should be term limits, it exemplifies that inside every Democrat there is a tyrant. The Democrat playbook is playing out very badly and Nancy is showing why. She quipped and shut down a CNN host that we’re all pretty sure gave her the answers to his questions before hand. For one night, Fredo showed up. Pleas watch as an...

The Social Security Administration paid $1 billion in benefits to individuals who did not have a Social Security Number (SSN), according to a new audit. The agency’s inspector general found errors in the government’s documentation for representative payees, otherwise known as individuals who receive retirement or disability payments on behalf of another person who is incapable of managing the benefits themselves. The audit released Friday found thousands of cases where there was no SSN on file. Over the last decade, the agency paid $1 billion to 22,426 representative payees who "did not have an SSN, and SSA had not followed...

Some may find this interesting and germane to today's federal budget issues.. it's data from the "Combined Statement of Receipts, Outlays, and Balances of the United States Government". Below in my reply are the data and the links. Only the first few lines of the hundreds of lines are shown.

Under President Obama’s new program to protect millions of illegal immigrants from deportation, many of those affected will be eligible to receive Social Security, Medicare and a wide array of other federal benefits, a White House official said Tuesday. In his speech Thursday night, the president touted his plan as a means of bringing accountability to a broken immigration system, under which 11 million or more people are estimated to be living in this country illegally. “We’re going to offer the following deal: If you’ve with been in America more than five years. If you have children who are American citizens...

This weekend, U.S. President Barack Obama sat down for a series of meetings with China's newly appointed leader, Xi Jinping. We know that the two leaders spoke at length about the topic du jour -- cyber-espionage -- a subject that has long frustrated officials in Washington and is now front and center with the revelations of sweeping U.S. data mining. The media has focused at length on China's aggressive attempts to electronically steal U.S. military and commercial secrets, but Xi pushed back at the "shirt-sleeves" summit, noting that China, too, was the recipient of cyber-espionage. But what Obama probably neglected...

Former Justice Department prosecutor Larry Klayman amended an existing lawsuit against Verizon and a slew of Obama administration officials Monday to make it the first class-action lawsuit in response to the publication of a secret court order instructing Verizon to hand over the phone records of millions of American customers on an "ongoing, daily basis." Klayman told U.S. News he will file a second class-action lawsuit Wednesday in the U.S. District Court for the District of Columbia targeting government officials and each of the nine companies listed in a leaked National Security Agency slideshow as participants in the government's PRISM...

Meet Virginia @VAisforlovas But really how am I ever supposed to pay off my student loans if my already small paycheck keeps getting smaller? Help a sister out, Obama 4 Jan 13 Reply Retweet Favorite Oh, dear. The harsh reality of crushed unicorn dreams and the bitter smell of regret. As Twitchy reported, Americans started noticing that Obama’s “fair share” claims weren’t so fair and many were shocked … shocked … that their first paychecks of the year were smaller. Jessica Lynn @gekka_88 I have a friend who voted for Obama publicly complaining about the new #SS tax raise. I...

It's smaller.... not a terrible amount but maybe a tank of gas a month or so, maybe more, maybe less. The Social Security tax break was allowed to expire apparently. Thank goodness,.. we all know what a great system S.S. is. This is the deal that Obama wanted and the deal we got. Check your paychecks,.... if you're lucky enough to receive one in Obama's "robust" economy,...see what you find. It's nice to know that I am one of the "rich" now. I guess if Obama can't define you as rich, then he just defines rich as.......you. Plus, as a...

It may be unpopular to say so, but it is true: the U.S. is very close to, if not past, the tipping point at which the majority of the people are net beneficiaries of big government — or so they think. People who receive a check from the government may see voting for a smaller government as contrary to their best interest. If they don’t pay taxes, why should they care about a tax increase? Perceptions are, however, deceiving.”Healthcare reform,” as the (Un)Affordable Care Act (ObamaCare) is billed, probably shows more clearly than anything else how most Americans, including Romney’s...

>How much money will you really take home from your paycheck in 2012? To find out, we've created the tool here so you can run the numbers that matter the most for you! In addition to finding out how much money Uncle Sam will be taking straight out of your paycheck for income tax withholding and FICA (which we've broken down into your Social Security and Medicare tax components), our tool will also work in your 401(k) or 403(b) retirement plan contributions, as well as the effect of any flexible spending account arrangements you may have set up through your employer....

This latest reversal (and surrender) by Boehner in the house isn’t a surprise to me. It has been clear to me that while Obama is planning and executing a re-election strategy that depends on making you congressional Republicans look incompetent at best and evil-minded at worst, you seem to plod aimlessly along with absolutely no plan just assuming you will win automatically while helping Obama’s re-election campaign. How can you Republicans turn this around and put Democrats and Obama on the defensive? First, accept that you can’t sell the idea that the FICA/SS tax cuts must be paid for now....

Freshman Tea Party Rep. Trey Gowdy (R-S.C.) is incensed that Republicans caved in the payroll-tax debate, and is putting the blame squarely on Senate Minority Leader Mitch McConnell (R-Ky.). “I don’t think there’s a revolt with respect to Speaker Boehner,” Gowdy said Thursday night on Fox’s "Your World With Neil Cavuto." "I think the license tag of the truck that just ran over us has Kentucky license tags. For the life of me, I cannot understand when the Senate is going to find something they care enough about to stand on policy and principle.”Last week, the Senate overwhelmingly passed a...

Biggest Middle Class Tax Increase in History Will Come in Five Months There is one aspect of the final debt deal from DC that took me by surprise. I was convinced the 2% reduction in payroll taxes would be extended through 2012. On July 12th I wrote about this and  got it completely wrong. Not only did I think there would be a one year extension of the existing holiday; I forecast that the subsidy would actually be increased. I was steered in the wrong direction by the Boss himself. On July 11th Obama stated: I want to be crystal...

Obama's Social Security HoaxThe president will demagogue Social Security as his ticket to reelection. Everyone knows that the U.S. budget is being devoured by entitlements. Everyone also knows that of the Big Three — Medicare, Medicaid, and Social Security — Social Security is the most solvable. Back-of-an-envelope solvable: Raise the retirement age, tweak the indexing formula (from wage inflation to price inflation), and means-test so that Warren Buffett’s check gets redirected to a senior in need. The relative ease of the fix is what makes the Obama administration’s Social Security strategy so shocking. The new line from the White House...

Public vs. Private Sector Inequities~ By: Larry Walker, Jr. ~Did you know that most state and local government employees are exempt from Social Security taxes? Millions of Americans who are covered by state or local retirement plans do not pay into the Social Security system. If Social Security is such a great plan, then why are 17,738,156 [1] state and local government workers exempt? Why does the federal government continue to legally bind the rest of us to a sinking ship? This isn’t 1933 anymore. The time for change is now. Social Security is the biggest fraud in American history.There...

You Paid How Much For Medicare?~ By: Larry Walker, Jr. ~Medicare is a social insurance program administered by the United States government, providing health insurance coverage to people who are aged 65 and over, or who meet other special criteria. Some say that Medicare operates similar to a single-payer health care system, but with one key exception: Medicare Part A, the part that we pay for all of our working lives, only provides hospital insurance, and it doesn't kick in until after the age of 65. Thus, Medicare is more akin to an excessively expensive, mandatory, long-term health care plan...

"Free at last! Free at last! Thank God Almighty, we are free at last!" ~ MLK, Jr.~ By: Larry Walker, Jr. ~Are Social Security Benefits an Inalienable Right? ~The Federal Insurance Contributions Act (FICA) is codified at Title 26, Subtitle C, Chapter 21 of the United States Code. The FICA tax is a United States payroll (or employment) tax imposed by the federal government on both employees and employers to fund Social Security and Medicare —federal programs that provide benefits for retirees, the disabled, and children of deceased workers. Social Security benefits include old-age, survivors, and disability insurance (OASDI); Medicare...