Social Security

Happy Birthday, Social Security!

By Michael Rainey

President Franklin D. Roosevelt signed the Social Security Act into law 83 years ago today, August 14, 1935. Here are some key facts about the program, courtesy of the Center on Budget and Policy...
The Deficit Is Up 20% This Year

By The Fiscal Times Staff

The federal deficit was 20 percent larger in the first 10 months of fiscal year 2018 than it was during the same time last year, the Congressional Budget Office announced Wednesday. Revenues rose 1...
Chart of the Day: Americans Using Government Programs

By Yuval Rosenberg

The federal welfare program called Temporary Assistance for Needy Families delivers cash aid to about 2.5 million people, or less than 1 percent of the U.S. population — “far smaller than the share...
A Growing Problem for Seniors: Bankruptcy

By Yuval Rosenberg

The New York Times reports on new research that suggests a growing problem for seniors: “The rate of people 65 and older filing for bankruptcy is three times what it was in 1991, the study found, and...
US Interest Costs Will Match Social Security Spending by 2048, CBO Says

By Yuval Rosenberg

The Congressional Budget Office on Tuesday confirmed what we already knew: The U.S. faces a rising tide of red ink, with the national debt as a share of the economy projected to nearly double over...

Why the Social Security Disability Fund Is Looking Healthier

By Michael Rainey

The Social Security trustees’ report released earlier this month estimated that the Federal Disability Insurance Trust Funds will run out of reserves in 2032, four years later than expected. The...
Do Deficit Hawks Have a Snowball’s Chance in Hell in Today’s Politics?

By Michael Rainey

When Starbucks founder and executive chairman Howard Schultz announced his retirement earlier this week, he set off a round of speculation about a possible presidential run in 2020. Schultz has never...
Medicare Finances Worsen, Social Security Will Tap Reserves for First Time in 36 Years

By Yuval Rosenberg

Medicare’s financial problems worsened last year while Social Security still faces a significant long-term financial crunch — and will need to tap into its reserves for the first time in 36 years,...
Why More Retirees Are Waiting to Claim Social Security

By Michael Rainey

Retirees are waiting longer to claim their Social Security benefits, reports Mark Miller of Reuters, with the number of early claimants dropping dramatically in recent years: “As recently as 2004,...
Election Ad Wars 2018: GOP Focuses on Immigration, Dems on Health Care

By Yuval Rosenberg

The 2018 elections are 160 days away, but the campaign ad wars are already well under way, with Republicans and Democrats focusing on very different issues so far — though the election is clearly...

The Unintended Consequence of Letting Workers Take Social Security at Age 62

By Michael Rainey

With the Social Security system facing insolvency by 2034, one option to address the program’s fiscal shortfall is to raise the early retirement age of 62. While little is known about the effects...
US Fertility Just Hit a 30-Year Low. Why That's a Problem for Social Security

By Michael Rainey

Births in the U.S. fell to a multi-decade low last year, according to data from the National Center for Health Statistics released Tuesday. The provisional estimate shows 3.85 million births in the U...
Here’s How Much Americans Rely on Social Security

By Yuval Rosenberg

Social Security once again tops the list of major income sources for U.S. retirees — just as it has every year since 2001, according to a new Gallup survey . Almost six in 10 U.S. retirees surveyed...
Is Social Security a ‘Good Investment’?

By Michael Rainey

Social Security is a pay-as-you-go social insurance program, not an investment fund, but Monique Morrissey of the Economic Policy Institute says that its return on contributions is actually quite...
Paul Ryan's Fiscal Legacy: Lots of Red Ink

By Yuval Rosenberg

House Speaker Paul Ryan announced Wednesday that he won’t seek re-election this year and will retire at the end of his term in January, becoming the most prominent in a wave of Republican lawmakers...