(The following article was written by Peter Vessenes and contributed via Kassandra Kuehl)
On Saturday, September 1st, President Obama accused Mitt Romney of retreating to policies from the “last century” and “sticking it” to the middle class.
Is this really the case? Whose policies exactly have “stuck it” to the middle class?
Why not go back to the Great Depression as a starting point? After all, we are in a “Recovery” that looks a lot like that time period. Which “policies” began there? Perhaps the largest was Social Security. After all, Social Security was a Democrat Party program that promised the government would “set aside” retirement, or safety money for people when they reached 65 years of age. Unfortunately, the average life expectancy at that …
The annual report of the Social Security Trustees has been out for a few days now, and the news was bad on its face; the Social Security Trust Fund is now expected to be depleted by 2033, three or four years earlier than had been previously thought. This means that after 2033 the Social Security system will depend entirely upon the payroll taxes it will then be collecting, and the huge surpluses built up from payroll taxes of the past decades will have gone.
That is the nightmare in the headline news; the reality is much worse.
The Social Security Trust Fund does not exist in any meaningful way. What happened was this: Over the past years, the Social Security Administration collected more in payroll …
Filed Under: 2012 Elections, 2012 Presidential Election, Current Events, Featured, Government, Primaries, Public Policy, Republican Party, Republicans, TAXES, tea party
If ever there is going to be a moment for former Speaker of the House Newt Gingrich to create momentum and change the flat trajectory of his presidential run—now is the time. One day after the release of a Fox News poll, which surprisingly showed him gaining substantial ground in the race, Gingrich took to the stage at the Principal building in Des Moines to unveil his newly minted “21st Century Contract with America”.
Updated from the 1994 version, this new contract will serve as the backbone of his campaign and its acceptance or rejection will determine his fate one way or the other.
In the world of presidential politics such fate is largely decided by three things—the style, the substance, and …
Last week I commented on the unspoken (at least by anyone who wants to be President) state of Medicare. Now it appears that Social Security is a mess too. (I know, big surprise!) In the March 31, 2008 edition of Fortune, Allan Sloan reports that in about 10 years, Social Security will start spending more money than it takes in. By 2020, the number is – $96 billion.
Here are our options: 1) Raise the minimum retirement age; 2) Increase the employer and employee contributions from their respective 7.65% rates; 3) Reduce current and/or future payouts, or 4) Get rid of the whole thing and force people to take personal responsibility for their retirement.
Of the options, I like #4.…