AP - The bad economy is worsening the already-shaky finances of Medicare and Social Security, draining the trust funds supporting them faster than expected and intensifying the need for Congress to shore up the massive benefit programs, the government said Friday.
Submitted by Gary Galles of the Ludwig von Mises Institute, “We paid our Social Security and Medicare taxes; we earned our benefits.” It is that belief among senior citizens that President Obama was pandering to when, in his second inaugural address, he claimed that those programs “strengthen us. They do not make us a nation of takers.”
(Reuters) - A partial shutdown of the U.S. government will begin at midnight on Monday if Republicans and Democrats fail to agree on a funding bill. In a government shutdown, spending for essential functions related to national security or public safety would continue along with benefit programs such as Medicare health insurance and Social Security retirement benefits for seniors.
Paul Ryan’s “budget roadmap” has terrified the GOP leadership, but thrilled conservative intellectuals with its calls for sharp cuts in Social Security, Medicare, Medicaid, defense, and all other government programs combined with privatization of Medicare so that a larger share of your diminished benefit goes to for-profit insurance companies. Less widely discussed is the tax aspects of Ryan’s plan. As you would expect from a conservative plan, compared to Barack Obama’s tax ideas Ryan would raise less government revenue.
Submitted by Simon Black of Sovereign Man blog, You know the old rule of thumb about laws– The more high-sounding the legislation, the more destructive its consequences. Case in point, HR 3293– the recently introduced Debt Limit Reform Act. Sounds great, right? After all, reforming the debt seems like a terrific idea.