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Keyword: trustfund

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  • Here’s What You Can Really Expect from Social Security

    07/13/2015 3:37:55 PM PDT · by Oldeconomybuyer · 20 replies
    TIME ^ | July 13, 2015 | by Philip Moeller
    The projected Social Security shortfall is likely to hit younger workers hardest. Social Security has two trust funds: the Old-Age and Survivors (OAS) fund, and its smaller sibling, the Disability Insurance (DI) fund. Last year’s report said the combined reserves of both funds would be exhausted in the year 2033, at which time it could pay only 77¢ on the dollar of its benefit obligations. The DI fund, however, faces a more immediate crisis. It will run out of money in 2016—as in next year—and its 0.9% payroll tax levy will then collect only enough to pay 81% of its benefit obligations....
  • Mark Dayton keeping veto promise on education bill

    05/21/2015 5:59:20 AM PDT · by TurboZamboni · 9 replies
    Pioneer Press ^ | 5-21-15 | Christopher Megan
    Hours after a chaotic end to the 2015 legislative session, Gov. Mark Dayton said he wants to summon lawmakers back to the Capitol to fix an "insufficient" education funding bill. Dayton renewed his promise Tuesday to veto the $17 billion spending bill that had yet to cross his desk, noting it left out his top priority of universal preschool. That means lawmakers, who came within $25 million of a deal that didn't materialize before the end of the legislative session Monday, will have to come back to St. Paul in the coming weeks for a special session held somewhere other...
  • Delaney visits Hagerstown to push corporate-funded infrastructure bill

    05/19/2015 11:12:47 PM PDT · by Tolerance Sucks Rocks · 6 replies
    The Hagerstown Herald-Mail ^ | May 6, 2015 | Don Aines
    Rep. John Delaney was in Hagerstown Wednesday to pitch his proposal for long-term funding of transportation and other infrastructure projects by repatriating the overseas earnings of American corporations. "There hasn't been anything really transformative to put a lot of money into infrastructure," Delaney, D-Md., told a small group of businesspeople at Bulls & Bears restaurant. He pointed out that the federal gas tax — the primary source of revenue for the Highway Trust Fund — has not been increased since the early 1990s, in part, because it is politically unpopular. It also is a regressive tax that hits lower-income people...
  • DUmmie FUnnies 01-18-15 (What Is DUmmie Screen Name of This I-93 Leech Living in Dad's Mansion?)

    01/18/2015 2:43:35 PM PST · by PJ-Comix · 22 replies
    DUmmie FUnnies ^ | January 18, 2015 | PJ-Comix
    A homework assignment: What is the name of this #BlackLivesMatter leech who was among those who stopped traffic on I-93 in Boston last week? We know his real name is Noah McKinney and that this leech lives in daddy's mansion as you can see in this VIDEO. His dreadlocks plus the fact that he must be as much a Trust Fund Kid as WILLIAM RIVERS PITT means he is a Trustafarian. Note that he can't answer the question from the reporter as to what kind of work he does which means he is a 28 year old bum. Oh,...
  • Fed Chair Yellen’s assets up 8 percent during 2013

    08/28/2014 11:29:57 PM PDT · by Olog-hai · 4 replies
    Associated Press ^ | Aug 28, 2014 4:25 PM EDT | Martin Crutsinger
    Federal Reserve Chair Janet Yellen’s assets rose in value by at least 8 percent during 2013, raising their total to between $5.3 million and $14.1 million, according to her latest financial disclosure released Thursday. Yellen’s biggest asset is a trust fund she set up in 1992 with her husband, George Akerlof, a Nobel Prize-winning economist. The value of the trust fund is estimated at between $1 million and $5 million. Yellen’s assets have likely been driven up in value by a rebounding economy and a rising stock market. In 2012, her disclosure form estimated her assets at between $4 million...
  • Congress is giving states the transportation blues

    04/15/2014 4:26:31 PM PDT · by Olog-hai · 9 replies
    Associated Press ^ | Apr 15, 2014 7:05 PM EDT | Joan Lowy
    On the road in a tour bus this week, the U.S. transportation secretary is spreading some bad news: The government’s Highway Trust Fund is nearly broke. If allowed to run dry, that could set back or shut down projects across the country, force widespread layoffs of construction workers and delay needed repairs and improvements. Anthony Foxx kicked off an eight-state bus trip in Ohio to whip up public support for congressional approval of legislation to keep federal transportation aid flowing to states for another four years, and possibly longer. But Congress will have to act fast. The trust fund—the source...
  • Boxer: ‘Absolutely No Way We’re Going to Cut Spending’

    03/03/2014 10:16:30 AM PST · by Olog-hai · 28 replies
    Cybercast News Service ^ | March 3, 2014 - 11:23 AM | Eric Scheiner
    While discussing federal spending and transportation funding, Sen. Barbara Boxer (D-Calif.) said “there is absolutely no way we’re going to cut spending.” Boxer was discussing the Highway Trust Fund with members of the American Association of State Highway and Transportation Officials (AASHTO) in Washington on Feb. 26th, when she addressed various tax increases that may be used to raise money for the program. “I don’t see support for raising the gas tax and there is absolutely no way we’re going to cut spending, so it’s going to have to be a creative way to fund this in reality,” Boxer said....
  • After coal, W.Va. push for natural gas trust fund

    09/14/2013 8:17:32 AM PDT · by Olog-hai · 14 replies
    Associated Press ^ | Sep 14, 2013 10:21 AM EDT | Bruce Schreiner
    For decades, coal from West Virginia’s vast deposits was mined, loaded on rail cars and hauled off without leaving behind a lasting trust fund financed by the state’s best-known commodity. Big coal’s days are waning, but now a new bonanza in the natural gas fields has state leaders working to ensure history doesn’t repeat itself. West Virginia’s Senate president, Jeff Kessler, is pushing to create an oil and natural gas trust fund to support core government functions decades from now. His goal: a cushion of funds long after the gas is depleted to buoy an Appalachian mountain state chronically vexed...
  • Social Security Disability Insurance Trust Fund Nears Insolvency

    08/30/2013 5:45:24 AM PDT · by SeekAndFind · 38 replies
    Mercatus Center ^ | 08/30/2013 | VERONIQUE DE RUGY
    This week’s charts show total receipts, expenditures, and assets left in the Social Security Disability Insurance (DI) trust fund. Data from the 2013 Trustees Report show that the disability fund is currently predicted to be three years from insolvency. Under more pessimistic assumptions, the insolvency date is pushed up to 2015. The fact that the DI trust fund is not currently depleted shouldn’t mislead us into thinking we have until 2016 to deal with the shortfalls.Spending on Social Security has more than doubled in the past decade, and DI now accounts for almost 20 percent of Social Security’s budget, up...
  • RUSH: We Stand for Principle Over Politics and the Establishment Can't Stand It

    12/23/2011 1:56:05 AM PST · by Yosemitest · 23 replies ^ | December 21, 2011 | Rush Limbaugh
    We Stand for Principle Over Politicsand the Establishment Can't Stand It December 21, 2011 BEGIN TRANSCRIPT RUSH: "House Democrats tried Wednesday to force a vote on the Senate’s two-month extension of the payroll-tax cut, but Republicans gaveled the House closed to prevent them from having a chance, as top GOP leaders huddled down the hall to try to figure a way out of the mess. The House was set to hold a pro forma session, but two top Democrats, Reps. Steny H. Hoyer and Chris Van Hollen, demanded to be recognized to try to force a vote on the...
  • In Maryland, panel seeks 60% more in gas tax

    10/26/2011 7:50:22 PM PDT · by Tolerance Sucks Rocks · 26 replies
    The Washington Times ^ | October 25, 2011 | David Hill
    ANNAPOLIS — A Maryland commission recommended Tuesday that the state raise its gas tax by more than 60 percent over the next three years, but members acknowledged that taxpayers facing a dire economy could find the increase hard to swallow. The proposed hike, approved by the state-appointed Blue Ribbon Commission on Maryland Transportation Funding, would raise the gas tax on wholesalers by 5 cents a year for three years, from the current rate of 23.5 cents per gallon. The move could generate nearly $500 million in annual revenue and is part of $870 million in annual tax-and-fee increases recommended by...
  • Social Security Scam Now Obvious

    07/17/2011 6:59:08 PM PDT · by stolinsky · 24 replies ^ | 07-18-11 | stolinsky
      Social Security Scam Now Obvious David C. Stolinsky July 18, 2011 Socialist governments traditionally do make a financial mess. They always run out of other people’s money.− Margaret Thatcher If there is a silver lining to the dark clouds hanging over our economy − and that’s a big if − it is highlighting the sad fact that Social Security is an enormous fraud. This fraud goes beyond even the fact that it is a Ponzi scheme − that it depends on enough new workers joining the workforce to pay for older people retiring. Yes, Social Security is as...
  • Social Security 'Trust Fund' To Add $5 Tril To Debt

    05/14/2011 9:05:39 AM PDT · by Slyscribe · 22 replies
    Investor's Business Daily ^ | 5/13/2011 | Jed Graham
    Social Security and Medicare — the elephants sidelined in the latest budget talk — took center stage Friday as trustees' annual reports showed both programs' finances have deteriorated. Social Security's trust fund — which gives it carte blanche to spend beyond the government's means until its IOUs from the Treasury Department run out — is now seen running empty in 2036, a year earlier.
  • A Liberal Democrat explains the why the Social Security Trust Fund is safe (video humor)

    03/27/2011 8:36:58 AM PDT · by sickoflibs · 18 replies
    youtube/ from xtranormal ^ | Mar 26, 2011 | unhappyview54
    Liberal : I can’t believe what Republicans want to do now. Taxpayer: What are you talking about? Liberal : They want to destroy the most successful government program in the history of the US. Taxpayer: What program is that? Liberal : Social Security. They want to steal the Social Security trust fund to pay for the tax cuts for the wealthy. Fortunately Senate Majority Harry Reid said he will stop Republicans from taking it. Taxpayer: Did you say that Social Security has a trust fund? What on earth are you talking about? Liberal : Social Security saved the surplus for...
  • Weiner's Social Security scam

    03/21/2011 4:13:22 AM PDT · by Scanian · 16 replies
    NY Post ^ | March 21, 2011 | Editorial
    Democrats never miss an opportunity to pander to older voters by demagoguing on Social Security -- and Brooklyn Rep. Anthony Weiner seems only too glad to lead the way. Weiner, who dreams of becoming mayor, has introduced a bill to require a two-thirds majority in Congress to enact any changes in Social Security -- a near-impossible hurdle. His goal: to "defend" an entitlement system he insists is "fiscally responsible" and fundamentally sound. "We shouldn't assume the program is on the brink of collapse just because Republicans say it is," Weiner wrote last year -- even as Social Security reached the...
  • The Social Security Trust Fund May Be Worth Less Than Zero

    02/25/2011 7:44:47 AM PST · by Slyscribe · 16 replies
    IBD's Capital Hill ^ | 2/25/2011 | Jed Graham
    It is well known, if not universally acknowledged, that the Social Security Trust Fund doesn’t hold any assets of value to offset the government’s cost of benefits. Every dollar’s worth of special-issue Treasury bonds held by Social Security — and there are currently about $2.6 trillion worth — is a dollar that Treasury must come up with by issuing new debt, raising taxes or taking away from the rest of government, which is in far worse fiscal shape.
  • Social Security’s Trust Fund Headed For Bust In 2035

    02/09/2011 7:29:34 AM PST · by Slyscribe · 38 replies
    IBD's Capital Hill ^ | 2/8/2011 | Jed Graham
    Recent Congressional Budget Office projections show that Social Security will burn through about $600 billion of its promissory notes from the Treasury Department over the coming decade, raising public debt by the same amount. Overlaying CBO’s 2021 trust fund projection on top of prior Social Security Administration forecasts for 2022 and beyond suggests that the official trust fund exhaustion date could move up two years to 2035, when SSA actuaries release their annual report in the spring. That may not sound like a cause for urgent action. But take a closer look.
  • CBO: Disability Benefits Face Sharp Cuts By 2017 Without Action

    01/28/2011 11:27:18 AM PST · by Slyscribe · 3 replies
    IBD's Capital Hill ^ | 1/28/2011 | Jed Graham
    Both President Obama’s State of the Union and the GOP response from Rep. Paul Ryan suggest that it may take a crisis to force the two parties to confront Social Security reform. But the Congressional Budget Office forecast released a day later shows that the coming crisis has drawn one year closer — to 2017. That year is when Social Security’s disability insurance trust fund is projected to run dry, triggering sharp cuts in disability benefits — reaching about 18% in 2018 — without action from Congress.
  • Fixing Social Security

    11/08/2010 1:29:49 AM PST · by Scanian · 32 replies
    The American Thinker ^ | November 08, 2010 | Randall Hoven
    Being desirous of pleasing Barack Obama and John Kerry, I will endeavor to stick to facts, science, truth, and argument. The challenge I present in this article could kill three birds with one stone. I propose a single experiment to test two political hypotheses and to solve the Social Security insolvency problem -- all in one fell swoop. (I try to be productive even on my days off.) Hypothesis 1: Democrats do not expand government in order to solve problems; they use problems as an excuse to expand government. Hypothesis 2: Republicans only talk about reducing government; when in office,...
  • Class Warfare's Next Target: 401(k) Savings

    02/17/2010 5:40:59 PM PST · by Kaslin · 173 replies · 4,781+ views ^ | February 17, 2010 | NEWT GINGRICH AND PETER FERRARA
    You did the responsible thing. You saved in your IRA or 401(k) to support your retirement, when you could have spent that money on another vacation, or an upscale car, or fancier clothes and jewelry. But now Washington is developing plans for your retirement savings. BusinessWeek reports that the Treasury and Labor departments are asking for public comment on "the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams." In plain English, the idea is for the government to take your retirement savings in return for a promise to pay you some monthly benefit...