Category Archives: Social Security news

Senator Rubio to Politico: “the driver of our debt is the structure of Social Security and Medicare.”

“The only way you’re going to deal with the debt is you have to do two things–you can’t do one, you’ve got to do both: you’ve got to generate economic growth because growth generates revenue, but you also have to bring spending under control–and not discretionary spending–that isn’t the driver of our debt. The driver of our debt is the structure of Social Security and Medicare…

Senator Marco Rubio spoke candidly with Jake Sherman and Anna Palmer of Politico regarding the ballooning federal deficit.

Specifically his belief discretionary spending has nothing to do with it….because the culprit is Social Security.

We’ve talked quite a bit about the problem with this belief, and the deceptive muddling of mandatory and discretionary spending.

Social Security as it appears on graphs of the mandatory budget is not a representation of any financial drag the program itself has on our budget.

***Social Security is 100% self-funded and legally excluded from the federal budget.***

The “driver of debt” Rubio references exists, but it is not caused by Social Security. It is caused by trillions of dollars being siphoned out of the Trust Fund and used for discretionary spending. The Social Security debt represented on the mandatory budget is the debt created when our government borrows surplus funds for general use and then owes that money to Social Security.

Calling Social Security itself a “driver of debt” is disingenuous. Blaming the deficit on our retirement program is misleading.

And calling for cuts to the program Americans fund completely for ourselves while excusing the discretionary spending that turned our savings into IOUs in the first place is just another way to jam more of our money into the government’s pocket.

USA Today: “Social Security is barreling towards a crisis, and no one wants to do anything about it”

“Leaders in Washington understand this math and the choices available to stabilize Social Security…But the problem isn’t going away and Americans know it. The time is now to do something about it.” USA Today Opinion contributor Andrew Tisch is in a unique position as an American senior. At 67 years old, Tisch says he can… Continue Reading

Social Security Administration announces Cost-of-Living Adjustment for 2018

This morning, the Social Security Administration gave its final word on the COLA boost Social Security beneficiaries can expect for 2018: 2% When applied to the average monthly benefit, this factors out to around $25 extra per month. Earlier in the year, the Social Security Trustees estimated retires could expect around a 2.2% increase–though the… Continue Reading

The Seniors Center Blog: here’s how seniors can protect their identities and their Social Security after the Equifax breach

We don’t want to make you panic, but it is extremely important that seniors–and especially Social Security beneficiaries and Medicare recipients–keep a watchful eye over all matters financial over the next several months, and perhaps well into the future. Older Americans have always been especially vulnerable to identity thieves, but even more so after the… Continue Reading

The Seniors Center Blog: White House official says government is considering dropping the Social Security number for personal identification

White House Cybersecurity Coordinator and advisor Rob Joyce is among a growing number of government officials calling for a smarter modern way to identify American citizens and consumers–preferrably one that doesn’t jeopardize our financial security every time we use it. Though the Social Security number was never originally intended to be a universal identifier for… Continue Reading