Budget Battles
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Stimulus Deal Gains Steam as McConnell, Pelosi Talk
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Pelosi and Schumer Make a Big Concession on Stimulus
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Senators Float $908 Billion Stimulus Compromise
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What Biden’s New Economic Team Says About His Agenda
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What Biden’s Pick of Yellen Means for the Economy and Stimulus
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Trump Threatens Veto of Defense Bill
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Virus Surge Could Wallop the Economy Again
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What Trump and Biden Would Mean for Social Security
After years of warnings about the financial challenges facing Social Security, the coronavirus pandemic and its economic effects mean that the time to get serious about ensuring that full benefits...
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Trump’s Payroll Tax Plan Fizzles
President Trump’s payroll tax deferral plan is fizzling. The plan , meant to boost workers’ incomes by allowing their employers to postpone collection of the 6.2% employee share of the tax funding...
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Social Security Trust Fund Depleted by 2031: CBO
By Michael RaineyThe Social Security Old Age and Survivors Insurance fund will be depleted by 2031, according to a report released Wednesday by the Congressional Budget Office. The CBO said the surplus in the fund,...
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Trump’s Payroll Tax Deferral Gets Rolling
By Michael RaineyThe IRS issued guidance late Friday that provides details on President Trump’s executive action to allow employers to stop collecting Social Security taxes for employees starting September 1 through...
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Trump’s Payroll Tax Plan Is Hung Up in a Dispute With the IRS: Report
By Michael RaineyPresident Trump’s effort to suspend employee Social Security taxes starting September 1 is hung up over a dispute over who should be responsible for making the tax payments once the suspension is...
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Terminating Payroll Tax Could Wipe Out Social Security by 2023, Chief Actuary Says
Eliminating payroll taxes could drain the Social Security trust funds within a few years if no alternative source of funding is provided, the Social Security Administration’s chief actuary said in a...
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Biden Bashes Trump on Social Security, Taxes and Health Care
By Michael RaineyJoe Biden’s well-received acceptance speech for the Democratic presidential nomination Thursday night may have emphasized his differences with President Donald Trump —with a heavy focus on personal...
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What's in the GOP's New Coronavirus Relief Plan?
Congress is back in Washington this week and getting down to the difficult task of negotiating the next, and potentially final, coronavirus relief package. The parties are far apart, with House...
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Bipartisan Group of Lawmakers Wants Next Coronavirus Bill to Address Rising Debt
Congress is likely to pass another coronavirus relief bill at some point, but doing so may require addressing the mounting deficit concerns of a bipartisan group of lawmakers. A group of 60 House...
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A Look at America’s ‘Broken Retirement System’
By Michael RaineyMillions of baby boomers are discovering that getting older isn’t getting any easier, thanks in part to a retirement system that fails to deliver security for millions of Americans. “Every day, 10,...
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How GOP Rhetoric on Entitlements Has Changed
By The Fiscal Times StaffThe Washington Post’s David Weigel describes how Republicans have changed their tune on Medicare and, for this year at least, largely abandoned the idea of entitlement reform: “[O]ver eight years,...
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Kudlow: ‘I Don’t Buy’ That Tax Cuts Boosted Deficit
Larry Kudlow is at it again. Speaking at the Economic Club of New York, the top economic adviser to President Trump said that, while the administration is looking to cut federal spending — including...
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Social Security Pulled 27 Million People Out of Poverty in 2017
By Michael RaineySince 2011, the U.S. Census Bureau has produced a more sophisticated measure of poverty that, among other things, includes the income effects of government assistance programs such as Social Security...
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‘Things Are So Much Worse’ – but Does Anyone Care About the Deficit?
As we told you yesterday , the Congressional Budget Office estimated this week that the deficit for the first 11 months of fiscal 2018 totaled $895 billion, or $222 billion more than it was over the...
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Social Security’s Troubling Trend
By The Fiscal Times StaffUnequal gains in life expectancy over the last half-century between Americans with greater earnings and education and those of lower socioeconomic status mean that the benefits of Social Security are...