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NEWS
By LOS ANGELES TIMES | March 20, 2001
WASHINGTON - Social Security and Medicare, bolstered by a booming economy, will enjoy an unexpected extension of their financial solvency, government trustees reported yesterday. But President Bush, pushing hard for partial privatization of Social Security, insisted that both programs are in trouble for the long haul and need major reforms. "Reform must include allowing younger workers the option to take some of their own money and put it in the private markets, under safe conditions," the president told a meeting of the Hispanic Chamber of Commerce at the White House.
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NEWS
By Robert B. Reich | April 10, 2013
The president and a few other prominent Democrats are openly suggesting that Social Security payments be reduced by applying a lower adjustment for inflation, and that Medicare be means-tested. This is even before Democrats have begun formal budget negotiations with Republicans -- who still refuse to raise taxes on the rich, close tax loopholes the rich depend on (such as hedge-fund and private-equity managers' "carried interest"), increase capital gains taxes on the wealthy, and cap tax deductions or tax financial transactions.
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NEWS
By Jules Witcover and Jules Witcover,SUN NATIONAL STAFF | September 13, 2003
DES MOINES, Iowa - Rep. Richard A. Gephardt of Missouri launched a new line of attack on Howard Dean yesterday, accusing him of having embraced Republican positions that would undercut the Social Security and Medicare programs for elderly citizens. Gephardt, who is trailing front-runner Dean in polls of Iowa Democrats in preparation for the state's Jan. 19 presidential caucuses, quoted comments attributed to the former Vermont governor in 1993 and 1995. In those comments, Gephardt charged, Dean called for considering cuts in Social Security and for raising the retirement age, and labeled Medicare "one of the worst federal programs ever."
NEWS
April 6, 2013
Robert Reich's op-ed ("Obama should not compromise on Social Security and Medicare" April 3) prompts me to write. Mr. Reich's prescription for these programs isn't completely off the mark. But there is a much more comprehensive solution to each. Social Security: eliminate the cap on income subject to Social Security taxes. Then lower the rate dramatically. There is no rationale for having any cap on earned income subject to taxes in the first place. This change would dramatically increase revenue into the system without changing benefit formulas.
NEWS
July 16, 1999
REPUBLICANS in Congress have their budget priorities reversed: Tax cuts should come last, not first.If they're confused on this point, they should ask the clear front-runner for the GOP presidential nomination next year, Texas Gov. George W. Bush -- or the current occupant of the White House, Democrat Bill Clinton.Both of these officials spoke out Wednesday in opposition to the drive by House and Senate Republicans to enact gigantic tax cuts that would consume much of the expected budget surpluses over the next 10 years.
BUSINESS
By McClatchy-Tribune | October 5, 2006
WASHINGTON -- Federal Reserve Chairman Ben S. Bernanke called yesterday for urgent reform of Social Security and Medicare, warning that failure to do so soon could lead to dire economic consequences for future generations. Speaking to the Economic Club of Washington, Bernanke said that projected funding shortfalls for Social Security and Medicare threaten "large and unavoidable" fiscal consequences. Absent action soon, he warned, the nation could be forced to raise taxes sharply, trim retiree benefits, cut deeply into other government programs, and run up the national debt - or some combination of all. Beginning in 2008, the first wave of baby boomers - 76 million Americans born between 1946 and 1964 - begin taking early retirement.
NEWS
November 2, 1998
Cardin to speak at forum for seniorsRep. Benjamin L. Cardin will hold a forum for senior citizens on problems facing Social Security and Medicare and the withdrawal of several HMOs from the Maryland Medicare market at 12: 15 p.m. Wednesday at the Elkridge Senior Center, 6540 Washington Blvd. in Elkridge.Information: 410-433-8886, from 9 a.m. to 5 p.m.Pub Date: 11/02/98Medicare Part C discussion WednesdayThe Howard County Department of Recreation and Parks and other agencies will co-sponsor a discussion on the new Medicare Part C (known as Medicare + Choice)
BUSINESS
March 5, 1999
Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions through April 15. See below for how to submit a question.I work part time as self-employed and file jointly with my husband. He says I will not get any Social Security later in life. What should I be doing differently?Because you have self-employment income, you should be paying Social Security and Medicare taxes on your income tax return. If you accumulate 40 quarter years in which you pay Social Security and Medicare taxes, you would qualify to receive benefits when you retire based on your earnings.
BUSINESS
By Marilyn Geewax and Marilyn Geewax,Cox News Service | January 19, 2007
WASHINGTON -- The United States faces a "vicious cycle" of rising federal deficits and interest rates unless Congress quickly figures out how to pay for promised Social Security and Medicare benefits, Federal Reserve Chairman Ben S. Bernanke warned Congress yesterday. "Unfortunately, economic growth alone is unlikely to solve the nation's impending fiscal problems," Bernanke told the Senate Budget Committee in his first Capitol Hill appearance since Democrats took control of the Capitol this month.
NEWS
October 8, 1997
BEFORE LAWMAKERS get too wound up spending every last dollar in surplus that rolls into the U.S treasury in the years ahead, they ought to think about the consequences.In a miraculous reversal of form, Washington is buzzing not about a whopping budget deficit, but a projected surplus. Thanks to budget belt-tightening and a still-booming economy, the Congressional Budget Office now projects a surplus of $32 billion in 2002; private econo- mists say the continuing strength of the economy could means a surplus as early as next year.
NEWS
By Robert B. Reich | April 3, 2013
The president and a few other prominent Democrats are openly suggesting that Social Security payments be reduced by applying a lower adjustment for inflation, and that Medicare be means-tested. This is even before Democrats have begun formal budget negotiations with Republicans -- who still refuse to raise taxes on the rich, close tax loopholes the rich depend on (such as hedge-fund and private-equity managers' "carried interest"), increase capital gains taxes on the wealthy, cap tax deductions or tax financial transactions.
NEWS
November 20, 2012
Since when are Social Security and Medicare considered "free stuff" ("Older, wealthier get plenty of 'free stuff,'" Nov. 14)? I paid into Social Security for 46 years before receiving a penny and I pay a Medicare premium monthly (when my Social Security benefit went up recently, my Medicare cost rose higher than the Social Security increase - I wonder why that happened?) in addition to my own health insurance. Columnist Thomas F. Schaller and others who write for The Sun can continue to hammer the right, but, as I continually ask, please be fair.
NEWS
By Max Richtman | February 16, 2012
It's no accident there's been a scarcity of meaningful conversation about what our presidential candidates have planned for Social Security and Medicare. Even in retiree-heavy Florida, details about the candidates' Social Security and Medicare proposals were largely missing in the recent primary election debate. Why? Because plans to privatize or cut Social Security and Medicare under the guise of deficit reduction represent a larger political disconnect between politicians and the average American voter than any other single issue facing candidates in this presidential campaign.
NEWS
July 22, 2011
Congress must raise the debt limit and balance the budget, but not on the backs of senior citizens. The first thing everyone wants to do is cut Social Security and Medicare. The Republicans say it is an entitlement, but I'm sorry: We paid for it every week out of our paychecks. We earned it. As far as Medicare is concerned, we pay for that every month too out of our Social Security checks. That comes to $1,152 a year, plus we also have to buy supplemental insurance, and that is expensive, $2,000 to $3,000 a year.
BUSINESS
By JAY HANCOCK and JAY HANCOCK,jay.hancock@baltsun.com | November 5, 2008
So far, American taxpayers have put up $1 trillion to rescue banks and consumers who borrowed too much. Congress will almost certainly approve a stimulus package of $300 billion or so more. Total debt owed by the U.S. government just surpassed $10 trillion. The deficit for the fiscal year that began Oct. 1 should break a record. All this money appears to have tempered financial turmoil and plunging confidence, at least temporarily. But who will bail out the bailer? That might be the next president's biggest challenge.
NEWS
By Mark Miller | October 15, 2008
The challenges facing the next president will include the long-term solvency of Social Security and Medicare. These two programs are the most important linchpins in American retirement security - and they are among the biggest stress points for the federal budget. At the same time, big questions loom about the retirement security of America's growing older population. Assuming the Wall Street crisis doesn't take up all of tonight's final presidential debate, here are some of the questions I hope moderator Bob Schieffer will ask the candidates.
NEWS
By NEW YORK TIMES NEWS SERVICE | July 18, 1999
WASHINGTON -- Stepping up his attack on Republican tax-cutting proposals, President Clinton said yesterday that the cost of the tax bill moving through the House would rise to "unimaginable" levels and threaten the nation's ability to deal with its most pressing long-term problems.A new estimate by the Treasury Department shows the cost of the House tax bill would "explode" from $864 billion over the first decade to $3 trillion in the 10-year period starting in 2010, Clinton said. The country could not afford that much for tax cuts while shoring up Social Security and Medicare, both of which will come under severe financial strain in the next few decades as the baby boom generation retires and life expectancies increase.
NEWS
February 5, 2008
On the primary campaign trail, this is the season of promises. But the record $3.1 trillion federal budget sent by President Bush to Congress yesterday shows how the continuing war in Iraq and mounting Social Security and Medicare costs are going to make new promises difficult to keep. Mr. Bush is proposing an overall spending increase of 6 percent that would produce a near-record $410 billion deficit for the federal budget year beginning in October. Much of the added money would go to pay for the ongoing wars in Iraq and Afghanistan as well as increases in Social Security and Medicare costs and a pending $145 billion economic recovery package.
BUSINESS
By Gail MarksJarvis and Gail MarksJarvis,Your Money | July 27, 2008
It seemed like a good idea. Baby boomers who never got around to saving as much as they hoped promised to keep working past retirement age. The joke in the generation has been: "I'll just work forever." And the intent has shown up repeatedly in research. But now along comes an economic downturn, and people are losing jobs. It looks as though Plan B, a lifetime of working, might not be an option to rescue undersavers after all. "It's a perfect storm," said Jack VanDerhei, a Temple University professor and fellow at the Employee Benefit Research Institute.
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