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NEWS
January 10, 1997
A federal study panel issued a health report this week on the Social Security system, confirming what other experts have said for years: Social Security will remain in good financial health for the next decade or two but then face serious problems.In short, there will be too many baby boomers in retirement by about 2029 and not enough younger workers to pay the pensions the baby boomers now expect.Members of the panel offered three plans for Social Security to increase its revenues, and all three called for investing some of the system's funds in the stock market.
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NEWS
May 17, 2011
The Sun does a disservice in Noam N. Levey's reporting ("Medicare to run out in 2024," May 14). The article stresses the dates when the Medicare and Social Service trust funds run out of money, but these are, in fact, fairly meaningless milestones. The trust funds do not contain any funds. Today, the money to pay benefits comes from general funds, taxes, newly printed money or newly borrowed funds. As noted in the article, Social Security benefits are already being paid partially from the trust fund — excuse me — from general funds.
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NEWS
By Dan Berger | January 8, 1997
Ignore Newt. The 105th Congress is about the line-item veto. Bill will either make or break this new institution.Can Social Security invest in Wall Street without taking it over?If the Social Security Trust Fund won't buy U.S. Treasury bonds, who will?Homicide is down everywhere but Bawlamer, which has its image to maintain.Pub Date: 1/08/97
NEWS
By Jules Witcover | March 25, 2005
WASHINGTON - As President Bush pushes for private Social Security investment accounts that even he concedes would do nothing to deal with the system's solvency problem, the administration continues to give short shrift to the even greater financial peril to Medicare. In the annual report of the Social Security and Medicare trustees, the four government members focused on the woes of the retirement plan even as the two independent members warned that Medicare's "financial difficulties come sooner - and are much more severe than those confronting Social Security."
NEWS
By DAN BERGER | August 31, 2001
Cheer up. The president is back on the job. Mr. Bush will not dip into the Social Security Trust Fund unless he finds it absolutely convenient to do so. Maryland saved a half-billion-dollar surplus in the last fiscal year and no one in state government has the slightest idea why. The former Maryland Institute, College of Art is now the Maryland Institute College of Art. Get used to it.
NEWS
By Mike Farabaugh and Mike Farabaugh,SUN STAFF | November 17, 1997
A Westminster lawyer appointed by the court to oversee the finances of an 83-year-old woman confined to a private nursing care institution has pleaded guilty to taking nearly $120,000 from her bank account.William L. Marquat, 49, of the 100 block of E. Main St. was indicted on a single count of misappropriation of funds by a fiduciary after an audit showed $118,727 was missing from the bank account of Daisy B. Bailey, court records show.Marquat had been appointed legal guardian of Bailey's assets, court records show.
NEWS
By Marie Cocco | January 6, 1998
THERE IS nothing like the New Year to expose just how threadbare the old-think has become.The issue of the moment in Washington is the federal budget surplus. This surplus has not yet materialized and cannot yet be accurately estimated.Nonetheless it's being hotly debated by satellite, as lawmakers who are still puttering around in their holiday sweaters take to the airwaves, the Internet and the fax machines to stage a virtual debate about how to spend all the extra money that might show up in federal coffers as a result of the humming economy.
NEWS
By Michael Tanner | January 7, 1997
WASHINGTON -- One of the most dangerous ideas to come out of Washington in a long time -- lately embraced by the Senate majority leader Tom Daschle, D-S.D. -- is allowing the federal government to use the Social Security trust fund to purchase stock in major American companies.Given Social Security's dire financial condition -- the program will run a deficit as early as 2012 -- it is easy to understand why there is growing interest in attempting to harness the power of private capital markets to bail out the faltering system.
NEWS
By HAL RIEDL | May 25, 1991
A recent Maryland Court of Appeals decision reminds us what atightly self-protected club the profession of law is. Just because we're paranoid doesn't mean the lawyers aren't out to get us.Marylanders with long memories of justice delayed will remember Lance Bethea. His mother was murdered in October 1986. The 19-month-old boy was the beneficiary of her two insurance policies, totaling $77,417. Using a forged court order representing the boy's maternal grandmother as his legal guardian, attorney Michael Mitchell hijacked both insurance checks.
NEWS
By Robert Walker | December 16, 2004
WASHINGTON - President Bush will soon unveil a plan allowing younger workers to divert some portion of their Social Security payroll taxes into personalized retirement accounts. The unanswered $2 trillion question is, How will we finance the transition costs? Mr. Bush said categorically, "We will not raise payroll taxes to solve this problem." That's a welcome relief to the great majority of working Americans who pay more in payroll than income taxes. But given that the White House also opposes benefit cuts for retirees and those nearing retirement, how long can the "no new payroll taxes" promise be kept?
NEWS
By Jules Witcover | January 14, 2005
WASHINGTON -- That was some educational "forum" that President Bush held the other day on his plan for partial privatizing of Social Security. My dictionary's definition of a forum is "an assembly for the discussion of questions of public interest," which implies an exchange of views. But just as in similar Bush forums on the campaign trail last year, this one was a carefully orchestrated echo chamber. It was designed to peddle his idea of letting you put a portion of your Social Security taxes into a stock market that has as many ups and downs as an old Coney Island roller coaster.
NEWS
By Robert Walker | December 16, 2004
WASHINGTON - President Bush will soon unveil a plan allowing younger workers to divert some portion of their Social Security payroll taxes into personalized retirement accounts. The unanswered $2 trillion question is, How will we finance the transition costs? Mr. Bush said categorically, "We will not raise payroll taxes to solve this problem." That's a welcome relief to the great majority of working Americans who pay more in payroll than income taxes. But given that the White House also opposes benefit cuts for retirees and those nearing retirement, how long can the "no new payroll taxes" promise be kept?
NEWS
By James Toedtman and James Toedtman,NEWSDAY | June 15, 2004
WASHINGTON - Though ailing, the Social Security system will last a decade longer than previously projected, the bipartisan Congressional Budget Office said yesterday. Americans are living longer and earning more, which is putting more pressure on the $6 trillion Social Security Trust Fund, but its funds won't be exhausted at least until 2052, the CBO researchers found, based on more optimistic economic projections than used by the fund's trustees. The study also concluded that neither higher taxes nor lower benefits would prevent continuing deficits in the program after 2019.
NEWS
By Karen Hosler and Karen Hosler,SUN NATIONAL STAFF | March 27, 2002
WASHINGTON - Long-term tax-revenue projections for Social Security and Medicare improved slightly last year despite a sluggish economy, but both programs remain desperately in need of reform to remain solvent, according to an annual report issued yesterday. Bush administration officials, acting as trustees of the retirement and health care programs, punctuated their report with urgent calls for action by Congress to cut costs or find new sources of revenue. Otherwise, they warned, the two programs will be huge drains on the federal budget.
NEWS
By Sean R. Tuffnell | September 7, 2001
DALLAS - If there was ever any question why so many younger Americans tune out politics, one need not look any further than the current debate over the Social Security surplus. According to the Congressional Budget Office, the government will tap about $9 billion of the Social Security surplus this year to pay for other government spending. Those numbers were seized upon by Democrats and the national press corps to prove that our financial prospects are bleak. The White House refutes this, saying that according to its estimates, there will still be a non-Social Security surplus of about $1 billion this year.
NEWS
By DAN BERGER | August 31, 2001
Cheer up. The president is back on the job. Mr. Bush will not dip into the Social Security Trust Fund unless he finds it absolutely convenient to do so. Maryland saved a half-billion-dollar surplus in the last fiscal year and no one in state government has the slightest idea why. The former Maryland Institute, College of Art is now the Maryland Institute College of Art. Get used to it.
NEWS
By NEW YORK TIMES NEWS SERVICE | December 8, 1996
WASHINGTON -- After more than two years of work, a federal advisory panel studying Social Security has been unable to agree on how to find enough money to pay for the retirement of the baby boom generation.The panel is divided into three factions, with six of the 13 members opposed to the most important change recommended by the others. That recommendation would replace part of Social Security with compulsory private savings that would be invested in stocks and bonds.The disagreements foreshadow a major battle over proposals to reduce the federal guarantee of retirement benefits and supplement it with a new system of compulsory individual savings accounts.
NEWS
March 5, 1998
Series on lawyers unfairly depicted role of trust fundThe Sun series "Lawyers on trial" (Feb. 22 and 23) did not fairly portray the role of the Clients' Security Trust Fund of the Bar of Maryland in compensating victims of dishonest lawyers.The article said that if the victim cannot recover from the lawyer, he or she must then "navigate" the fund's claim process. That implies that the procedure is difficult, which it is not.To submit a claim, a victim merely has to complete the fund's claim form and file it with the fund.
NEWS
By Karen Hosler and Karen Hosler,SUN NATIONAL STAFF | October 22, 1999
WASHINGTON -- Congressional and White House negotiators are finding it so hard to keep their pledge to craft a budget that does not borrow from the Social Security surplus that they are widely expected to resort to trickery.The Republicans who control Congress refuse to raise taxes. And neither the Republicans nor the Democrats have shown the will to make deep spending cuts. That leaves just one option: accounting gimmicks that would mask the use of excess Social Security revenue."Of course there will be gimmicks across the board -- accounting practices perfected over the years by the Democrats," predicted Rep. Tom Coburn, an Oklahoma Republican who is fighting mostly in vain for more spending cuts.
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