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Search resuls for: "Social Security Fund"


9 mentions found


☆ U.S. Social Security fund seen depleted 2033, year earlier than previous estimate
  + stars: | 2023-03-31 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, March 31 (Reuters) - The U.S. Social Security system's main trust fund's reserves will be depleted in 2033, one year earlier than estimated last year, while Medicare's finances have improved slightly, reports from the programs' trustees showed on Friday. The Medicare Hospital Trust Fund reserves are now expected to be depleted in 2031 compared to an estimate of 2028 made last year, due in part to new estimates showing higher revenue data. Both the Social Security and Medicare trustees reports said that the programs' finances are unsustainable in the long term, and Biden administration officials urged Congress to adopt President Joe Biden's proposal to raise Medicare taxes on wealthy Americans. Although the Social Security Disability Trust Fund is projected to be able to pay full benefits through 2097, the final year in the 75-year projection period, the combined Social Security funds would be only able to pay 80% of scheduled benefits after 2034, according to the trustees report. Driving the three-year delay in the projected Medicare Hospital Trust Fund depletion date were projections of lower health care spending in the post-pandemic era.
☆ U.S. to Provide $25 Million to Costa Rica for Cybersecurity
  + stars: | 2023-03-29 | by ( James Rundle | ) www.wsj.com   time to read: +3 min
The U.S. will provide cybersecurity support to the government of Costa Rica, officials said, almost a year after a ransomware group laid siege to its critical infrastructure and triggered a state of emergency. The funds will also help Costa Rica with strategic and technical cyber planning, training, hardware and software licenses, the official said. The official said the U.S. government believes Costa Rica’s support for Ukraine may have been a factor in Conti’s attack, as the group previously expressed its support for the Russian government’s invasion. PREVIEWThe grant to Costa Rica follows similar efforts from the U.S. to assist Albania in recovering from a cyberattack, which the federal government has since linked to Iran. Costa Rica has applied to join this initiative, which comprises 36 countries and the European Union, the official said.
☆ 'That's a lie' accusation obscures bipartisan Social Security reform talks -sources
  + stars: | 2023-03-17 | by ( Richard Cowan | ) www.reuters.com   time to read: +4 min
When Yellen responded that Biden "stands ready to work" with lawmakers, Cassidy shot back, "That's a lie because when a bipartisan group of senators has repeatedly requested to meet with him about Social (Security) ... we have not heard anything on our requests." For several months now, Cassidy and independent Senator Angus King, who caucuses with Democrats, have tried to address Social Security underfunding as approximately 10,000 baby boomers retire every day. The last week of bank failures and worries of a wider-ranging crisis, however, could give lawmakers second thoughts about investing Social Security funds in stocks. The senators' effort is not the only Social Security rescue plan being devised. "That's really just a way to have (benefit) cuts without leaving your fingerprints on it," said Nancy Altman, president of Social Security Works and head of a coalition of labor unions and other liberal-leaning groups.
☆ 'That's a lie' accusation obscures bipartisan Social Security reform talks, sources say
  + stars: | 2023-03-17 | by ( Richard Cowan | ) www.reuters.com   time to read: +4 min
For several months now, Cassidy and independent Senator Angus King, who caucuses with Democrats, have tried to address Social Security underfunding as approximately 10,000 baby boomers retire every day. The last week of bank failures and worries of a wider-ranging crisis, however, could give lawmakers second thoughts about investing Social Security funds in stocks. The senators' effort is not the only Social Security rescue plan being devised. I tend to be conservative and say this worked once, let's try that again," Republican Representative Tom Cole told Reuters. "That's really just a way to have (benefit) cuts without leaving your fingerprints on it," said Nancy Altman, president of Social Security Works and head of a coalition of labor unions and other liberal-leaning groups.
☆ Some Republicans want Gen Z to retire later to avoid outright cuts to Social Security: 'Does it really make sense to allow someone who's in their 20s today to retire at 62?'
  + stars: | 2023-03-14 | by ( Jason Lalljee | ) www.businessinsider.com   time to read: +6 min
Several Republicans have said recently that they want to raise the retirement age for younger generations. Social Security is rapidly approaching insolvency, with the Congressional Budget Office estimating that the fund will become unable to make all of its payments starting in 2033. Social safety net programs like Medicare and Social Security have been a partisan battleground for Democrats and Republicans for decades now, with Republicans eyeing big cuts for both programs. There are going to be no cuts in Medicare, Social Security." The White House has continued to criticize Republicans for not being publicly consistent about their goals for Social Security and Medicare.
☆ Biden's State of the Union may not help potential 2024 election bid against Trump, experts say
  + stars: | 2023-02-09 | by ( Kevin Breuninger | ) www.cnbc.com   time to read: +6 min
President Joe Biden's second State of the Union address played well with viewers, and may have helped him tee up a bid for reelection in 2024 — but it might not make a lasting impact on his hopes for a second term, experts said. And the latest poll showed that fewer respondents had a "very positive" reaction to this year's address when compared with a survey taken right after Biden's previous State of the Union speech. "He delivered his speech forcefully if not flawlessly, adding no new fuel to questions about his fitness to serve a second term," Galston said. His opponent from the 2020 election, former President Donald Trump, has technically been on the 2024 campaign trail for months, though he has done little in-person campaigning. Former President Barack Obama, under whom Biden served as vice president, had launched his own reelection bid in April 2011, less than three months after his second State of the Union address.
☆ Republicans' plans to slash Social Security and Medicare are becoming clearer: 'We have no choice but to make hard decisions'
  + stars: | 2023-01-25 | by ( Jason Lalljee | ) www.businessinsider.com   time to read: +5 min
House Republicans have alluded to cuts they want to make to the federal budget for months. They're becoming more explicit about those cuts involving Medicare and Social Security funds. So popular, in fact, that former President Donald Trump recently warned the GOP to keep them out of debt ceiling negotiations. The White House, and Democratic lawmakers, have criticized the GOP using the debt limit to implement cuts to Medicare and Social Security. "They claim their plan to use the debt ceiling to trigger global economic chaos is about fiscal responsibility.
☆ China supports central SOEs to issue tech innovation bonds
  + stars: | 2022-11-11 | by ( ) www.reuters.com   time to read: 1 min
SHANGHAI, Nov 11 (Reuters) - China's securities regulator on Friday it will support bond issuance by central state-owned enterprises (SOEs) to fund tech innovation. The China Securities Regulatory Commission said in a notice that banks, social security fund and other long-term investors are encouraged to invest in tech innovation bonds issued by SOEs controlled by the central government. The statement was jointly issued with China's state assets regulator. Reporting by Shanghai and Beijing newsroom Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.
☆ Obama barnstorms Midwest in play to salvage Democrats' 'Blue Wall'
  + stars: | 2022-10-30 | by ( Natasha Korecki | Natasha Korecki Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com   time to read: +6 min
MILWAUKEE — Barack Obama did the unthinkable in his 2008 presidential bid, turning out voters in droves to solidify a “Blue Wall,” with decisive wins in Wisconsin, Michigan and Pennsylvania. "Look, listen — hey, hold on, hold on — hold on, hold up — hold on a minute! In both Wisconsin and Michigan, Obama discussed reproductive rights for women. Obama dominated Wisconsin, Michigan and Pennsylvania in 2008 and 2012, only for Donald Trump to capture those same states in 2016. The Senate race is tied.
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