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Saturday, May 01, 2004 - Page updated at 12:00 A.M.
By Maureen O'Hagan Seattle Times staff reporter
A 14-year battle on behalf of thousands of foster children may be over, after the Washington state Supreme Court ruled in a high-stakes case Thursday that the state was entitled to use the children's Social Security benefits to pay the cost of their care.
The case began when 12-year-old Danny Keffeler and his grandmother asked Okanogan lawyer Rodney Reinbold to help them get back the Social Security checks he was entitled to from his mother who had died.
The state had taken the money by claiming that it - not the grandmother - was the "representative payee" for the benefits. The Department of Social and Health Services (DSHS) then used the money to reimburse itself for part of what it paid out to Danny's foster parents.
Reinbold thought it was unfair that Danny had to pay his own way, and for several years, Reinbold had legal successes in trial courts, appellate courts and administrative hearings.
For complete press release click
nbcsandiego.com 5/7/04
As with any crime, you can't guarantee that you will never be a victim of identity theft, but you can minimize your risk. By managing your personal information widely, cautiously and with an awareness of the issue, you can help guard against identity theft.
* Don't give out personal information on the phone, through the mail or over the Internet unless you've initiated the contact or are sure you know who you're dealing with. Identity thieves may pose as representatives of banks, Internet service providers and even government agencies to get you to reveal your Social Security number, mother's maiden name, account numbers, and other identifying information. Before you share any personal information, confirm that you are dealing with a legitimate organization. You can check the organization's Web site as many companies post scam alerts when their name is used improperly, or you can call customer service using the number listed on your account statement or in the telephone book.
* Don't carry your Social Security card; leave it in a secure place.
* Secure personal information in your home, especially if you have roommates, employ outside help or are having service work done in your home.
* Guard your mail and trash from theft:
* Deposit outgoing mail in post office collection boxes or at your local post office, rather than in an unsecured mailbox. Promptly remove mail from your mailbox. If you're planning to be away from home and can't pick up your mail, call the U.S. Postal Service at (800) 275-8777 to request a vacation hold. The Postal Service will hold your mail at your local post office until you can pick it up or are home to receive it.
For complete press release click
By Martin Crutsinger The Associated Press
seattletimes 5/7/04
WASHINGTON - Huge federal budget deficits threaten the nation's long-term economic stability, Federal Reserve Chairman Alan Greenspan said yesterday as he raised new concerns about impending financing problems in Social Security and Medicare.
A day of reckoning will come, Greenspan warned, because there is no "free lunch."
Greenspan used a speech to a Federal Reserve banking conference in Chicago to make the case again that this year's presidential campaign should address reforms of those massive entitlement programs.
Both President Bush and Democratic challenger John Kerry have said they will deal with the expected shortfalls. But unlike Greenspan, the candidates have avoided suggesting that benefits cuts are needed to cope with the financial demands from 77 million baby boomers retiring.
Speaking by satellite, Greenspan told the conference he was more concerned about the economic impact of budget deficits than the soaring trade deficit or record levels of household debt.
For complete press release click
Identity Theft Is A Major Problem In America.
05/07/04
infozine.com
by Thomas R. Caponetto - Identity theft is currently the #1 white collar crime in the U.S., with over 10 million cases expected this year and constitutes 40% of all complaints received by the Federal Trade Commission.
Consumer Awareness Against Identity Theft Group - According to the FTC their were 27.3 million victims in the U.S. in the last 5 years and 9.9 million in 2002 and the numbers are expected to increase to 1 in 4 Americans in the next 48 months. Some local community law enforcement agencies are saying it's 1 in 3 right now. The major reason for this increase is its a low risk, high reward crime for the thieves. With law enforcement only apprehending 5 percent of the identity thieves, you can see why this crime is so inviting.
What is identity theft? Simply put, it's the stealing of your personal information such as, your name, your social security number, your address, date of birth. This is all the information an identity thief needs. Identity theft can happen to anyone from birth to beyond death, minimal credit to excellent credit, no one is exempt.
There are three main forms of identity theft, financial identity theft, criminal identity theft and identity cloning.
Financial Identity Theft - Use of personal identifying information, primarily the Social Security number, to establish new credit lines in the name of the victim, such as telephone service, credit cards, loans, buy merchandise and lease cars or apartments
For complete press release click
International social security agreements help expatriate workers
thehollandsentinel.net
Why has the United States signed a social security agreement with Japan? Although it's not something that we think about very often, there are actually thousands of U.S. workers who are or can expect to spend part of their careers in Japan. For these workers and their families, an agreement with Japan is good news. This newly signed agreement will remove the burden of paying social security taxes to both countries.
Social Security Commissioner Jo Anne Barnhart had this to say, "This agreement eliminates a serious and unnecessary impediment to American and Japanese businesses and their employees. Just as important, it promotes equity and fairness for workers who divide their careers between our two countries."
Currently, U.S. companies that employ U.S. citizens in Japan are required to contribute to both the U.S. and Japanese social security systems. When the agreement takes effect, U.S. and Japanese employers and their employees will contribute to either the U.S. or Japanese social security systems, but not both. This will result in approximately 15,600 U.S. workers and their employers sharing in tax savings of $632 million over the first five years of the agreement.
For complete press release click
The jobless want social security in place
04 May, 2004
LOBATSE - Unemployed people in Lobatse have called on government to introduce a comprehensive social security system that will cater for the jobless irrespective of age.
In a petition presented to district officer Mothibi Monyakeng on the eve of Workers Day, they also called for a moratorium on the ongoing retrenchments in public corporation such as Botswana Telecommunications Corporation, (BTC) Water Utilities Corporation (WUC) and Morupule mine.
They urged government to do away with policies that worsen unemployment, citing the privatisation policy.
The unemployed lamented the level of prime lending rates, which make it difficult to access affordable credit for investment purposes.
They further demanded that government should stop paying "lip-service" to the policies such as the revised national policy for rural development and the national strategy for poverty reduction.
"If properly implemented, these policies have the potential to alleviate
most of the problems that we face as the unemployed," they said.
For complete press release click
Vicas R. Mehta was arrested in New Residence Hall East Friday for stealing electronics from a dormitory in Lee Hall. Tech posts social security numbers online through Yahoo
A graduate student entered his name in a Yahoo search engine and found 16 other students who had their names and social security numbers posted on a link from Tech's Residential and Dinging Programs.
Erin Zlomek
A Virginia Tech student last week was shocked to learn that his name and social security number were publicly available on a university document found through a Yahoo search.
A graduate student stumbled across the document when he used the cached function in Yahoo's database. His and 15 other Tech graduate student's names and social security numbers were posted on a Residential and Dining Programs document on the world wide web.
"I'm upset but I'm not surprised," said the graduate student who discovered the names. "(Student Programs) is not the brightest of the bunch.
For complete press release click
Greenspan urges Social Security cuts
Fed chief says U.S. cannot afford the benefit as Baby Boomers retire
Thursday, February 26, 2004- The Star Ledger
BY MARTIN CRUTSINGER Associated Press
WASHINGTON -- Federal Reserve Board Chairman Alan Greenspan, stepping into the politically charged debate over Social Security, said yesterday the country cannot afford the retirement benefits promised to Baby Boomers and urged Congress to trim them.
He said that unless Congress acts, soaring budget deficits from out-of-control entitlement programs could lead to a "very debilitating" rise in interest rates in coming years.
Democratic presidential candidates denounced his proposals, and President Bush and other Republicans sought to distance themselves from Greenspan, a Republican.
The central bank chairman also repeated his view that Bush's tax cuts should be made permanent to bolster economic growth. He said the estimated $1 trillion cost should be paid for, preferably, with spending cuts so the deficit would not be worsened.
As for specifics on trimming Social Security, Greenspan told the House Budget Committee that one possibility would be to switch to an alternative measure of inflation for annual cost-of-living adjustments. Instead of relying on the consumer price index, he suggested switching to a new chain-weighted index that gives lower inflation readings and thus would mean smaller payment increases.
February 25, 2004 whitenouse.gov
Q Scott, when the President was asked this morning about Chairman Greenspan's comments, he said he hadn't seen them. Has he had a greater chance -- have you all had a greater chance to look at them, and what do you think of this idea of paring back Social Security benefits in order to offset the growing deficit and debt?
MR. McCLELLAN: I think the President addressed the question, number one. He said that we have a plan to cut the deficit in half over the next five years. And in terms of his principles on Social Security, they are very clear. The President has made it very clear that there should be no changes in benefits for retirees or those nearing retirement. The President has also made it very clear that, as part of our efforts to strengthen and reform Social Security, we should allow younger workers the opportunity to invest a small portion of their retirement savings in personal retirement accounts. And the President talked about how voluntary personal retirement accounts will allow those who choose the potential to realize an even greater rate of return on their savings. That's part of our efforts to save and strengthen Social Security.
Q When he talks about those near retirement, does he use the age 50 to 55 benchmark that the Social Security Administration --
MR. McCLELLAN: We said that the principles -- have laid out those retirees and near retirees. That's what we've laid out in the principles.
Q But here we appear to have a situation where the record deficits that the federal government is running now appear not only to be having an effect on the debt, but, according to Chairman Greenspan, may have an effect on Social Security. It seems to me as though that's a pretty big bombshell to be dropped on your head in the middle --
MR. McCLELLAN: Well, you're talking some short-term issues and you're talking some long-term issues that need to be looked at. The President has called for saving and strengthening Social Security. He appointed a commission. The commission went in and looked at a variety of ideas and the commission came back and said there needs to be a national dialogue on this issue. Members of Congress are starting to put forward ideas. So there is some movement to address this important issue. We do need to strengthen and reform Social Security, and the President has talked about his principles for doing that.
Q But doesn't the suggestion that the deficits that you've been running -- which your economic team has passed off as "easily manageable in this economy" -- suddenly are having the potential for an effect that goes far beyond anything that has been calculated --
MR. McCLELLAN: You're talking long-term. This President has acted to address some long-term fiscal issues, such as Medicare and Social Security. We took an initial step in the Medicare reform legislation to put in some cost controls to the program. Now, there's more that needs to be done. There's also steps we need to take when it comes to Social Security. So you're talking about some long-term issues here, and some long-term problems that we face. And then, of course, there's the deficit. The President talked about how we're working to cut that in half over the next five years
For complete press release click
PM throws his social security net on workers
PRESS TRUST OF INDIA - indianexpress.com
LUCKNOW, FEBRUARY 22: In A pre-poll bonanza for unorganised workers, Prime Minister A.B. Vajpayee today launched a social security scheme offering health insurance and old age pension to them and underlined the need to bring labourers under the organised sector.
''For the first time after Independence, my government has chalked out a plan to insure lives of workers of unorganised sector,'' Vajpayee told a gathering of workers here. The PM, on a two-day visit to his parliamentary constituency Lucknow, the first after the dissolution of Lok Sabha, said his government fully appreciated the concerns and problems of unorganised workers and intended to solve them on priority basis.
2 Women + 1 Social Security Number = Big Headache
For 23 Years, Colo. Woman Shared Number With Calif. Woman
POSTED: 2:47 p.m. EST January 30, 2004 news4jax.com
LONGMONT, Colo. -- Your Social Security number is supposed to be your number and your number only, but one Longmont woman discovered that someone else had hers.
Valorie Sundby said she discovered her headache of a problem last year while trying to file her taxes online.
"They said someone has been filing under this number for years," said Sundby.
For 23 years, Sundby and another woman shared a Social Security number and their lives became commingled, making the two women, in the eyes of the government, one person.
"The headaches, the stress. I had to quit my job because I was so stressed out," Sundby said.
For days, Sundby flipped through documents trying to correct a mistake that wasn't her fault. Government officials say what happened was that in 1980 a California woman who had lost her Social Security card applied for a duplicate one but she wrote down the wrong Social Security number -- Sundby's number.
U.S. and Japan Sign Social Security Agreement
Monday, February 23, 2004 -blr.com
Under an agreement signed by officials from the United States and Japan, U.S. citizens working for U.S. companies in Japan would no longer have to pay social security taxes to both countries.
The agreement also would remove the double taxation requirement for Japanese citizens working for Japanese companies in the United States.
The agreement must be reviewed by Congress and approved by the Japanese Diet before it can take effect.
"This agreement eliminates a serious and unnecessary impediment to American and Japanese businesses and their employees," says Jo Anne Barnhart, commissioner of Social Security. "Just as important, it promotes equity and fairness for workers who divide their careers between our two countries."
Currently, U.S. companies that employ U.S. citizens in Japan are required to contribute to both the U.S. and Japanese social security systems. When the agreement takes effect, U.S. and Japanese employers and their employees will contribute to either the U.S. or Japanese social security systems, but not both. This will result in approximately 15,600 U.S. workers and their employers sharing in tax savings of $632 million over the first five years of the agreement, according to the administration.
SOME MIGHT NOT GET ALL OF NEXT COST-OF-LIVING INCREASE
zwire.com / guthrie center tims
More than 51 million Americans will get a 2.1 percent increase in their monthly Social Security checks next year - an extra $19 a month for an average retiree.
The Social Security Administration announced the cost-of-living adjustment, reflecting the nation's low inflation rate as measured by an index of consumer prices.
This year's cost-of-living increase was 1.4 percent, or $13 a month for a typical retiree.
But, most older American won't get to pocket all the new increase.
Monthly Medicare premiums also are rising, starting in January, by 13.5 percent or $7.90 a month, to $66.60.
Social Security faces a funding shortfall projected to start in 2018.
But, despite proposals to reform the nation's retirement system to make it more solvent, lawmakers are squeamish about touching the politically sensitive program while they're seeking reelection.
To help shore up the system, the age at which workers can retire with full Social Security benefits has been gradually rising, along with the worker payroll taxes that fund current retirees' benefits.
Greenspan: Social Security Status Quo Not Sustainable; Chairman's Remarks Echo NCPA Research
11/6/03 3:56:00 PM - usnewswire.com
To: National Desk
Contact: Sean Tuffnell of the National Center for Policy Analysis, 800-859-1154
WASHINGTON, Nov. 6 /U.S. Newswire/ -- Fed Chairman Alan Greenspan gave an ominous diagnosis of the nation's Social Security system and the impact it will have on the economy if it is not reformed, in a speech today to the Securities Industry Association. Matt Moore, Senior Policy Analyst with the National Center for Policy Analysis (NCPA) agreed, and noted the Chairman's comments echo NCPA research.
According to Moore, over the next 15 years 77 million baby boomers will stop paying into the Social Security system and will instead begin to collect benefits, creating a shortfall of more than $25 trillion just for Social Security. "Barring fundamental reform, by 2018 Social Security will no longer be able to pay all the benefits it has promised," said Moore. "To maintain the current system and pay promised benefits fully, Congress will be forced to choose between raising taxes dramatically or increasing the national debt by more than 600 percent." ( http://www.ncpa.org/pub/st/st263/ ) For more information on Social Security issues visit http://www.teamncpa.org.
The following is an excerpt of Chairman Greenspan's relevant remarks:
Friday, November 7, 2003 12:00:00 AM -centralmaine.com
Bill would limit use of Social Security digits as identification
By SUSAN M. COVER
Staff Writer
AUGUSTA -- Carol Roberts of Winthrop tried to get a cell phone without giving the company her social security number.
It proved to be a frustrating experience, one she took all the way to the president of the cellular phone company. She offered to provide them with a credit report showing that she could afford the phone.
She said she knew if she didn't pay the bill, they could easily disconnect her.
"I could think of an answer as to why they didn't need my number," she said Thursday.
Tired of fighting with sales clerks, phone companies and oil companies,
Roberts called her state representative to see what she could do.
75-Year-Old's Social Security Benefits Restored - thewbalchannel.com
BALTIMORE -- The case of an elderly man who lost his Social Security benefits -- because the agency thought he was dead -- has been resolved.
WBAL-TV 11 News I-Team reporter Barry Simms first reported in October that some local seniors have been listed as dead by Social Security -- even though they are very much alive.
That happened to Carl Bradford Jr., 75, of Glen Burnie (pictured, right).
In October, the 11 News I-Team has shown how the interpretation of three letters -- D.O.D. -- is causing lots of confusion. When people leave nursing homes and go to hospitals or other facilities, their records indicate D.O.D. as the date of discharge. But in some cases, an estimated 20,000, the SSA interprets the acronym as date of death, Simms reported.
In Bradford's case, Social Security received a letter from his nursing home with the letters D.O.D. marked on it, and interpreted it as meaning that he was dead.
Panamanians Strike Over Social Security - guardian.co.uk
Friday October 31, 2003 1:31 AM
PANAMA CITY, Panama (AP) - More than 20,000 teachers and construction workers stayed off the job Thursday, staging a daylong strike to demand that the government retain control over the country's social security system, organizers said.
There were scattered street protests and most were peaceful, but an Associated Press photographer was slightly wounded and a protester was hit by a car and during an altercation in the capital.
The injuries occurred as an auto driver attempted to force a path through a crowd of about 300 strikers near the National Assembly, hitting one protester. Police Chief Carlos Bares that as officers helped the injured man, the protesters began attacking them. He said that officers fired some warning shots to disperse them.
1,800 nationals to get jobs instead of social security aid
Dubai |By Samir Salama, Staff Reporter | 01-11-2003
Around 1,800 UAE nationals who currently receive social security hand-outs will be given jobs and small businesses instead, a senior official said.
The ultimate goal of the Social Security Department at the Ministry of Labour and Social Affairs is to help UAE nationals dispense with social assistance, said Saleh Al Ejlah, director of the department.
About Dh660 million is currently distributed am-ong just over 77,000 beneficiaries across the country every year. Al Ejlah said: "Hundreds of these will be either given jobs, helped to enter into big businesses as partners or given support while setting up their own small businesses.
They include some 388 beneficiaries in Abu Dhabi, 328 in Dubai, 458 in
Sharjah, 96 in Ajman, 66 in Umm Al Quwain, 254 in Ras Al Khaimah and 205
in Fujairah. "All institutions including charity, social and other
organisations are invited to contribute to funding this project."
U.S. weighs Social Security benefits for Mexicans
By Sergio Bustos - Salt Lake Tribune
Gannett News Service
WASHINGTON -- Hundreds of millions of dollars in Social Security payments may someday be headed south of the border.
A Social Security Administration spokesman said U.S. and Mexican officials are continuing "informal discussions" about a potential agreement that would allow millions of Mexicans working here to collect U.S. Social Security benefits in Mexico.
The proposal has riled some Republican lawmakers. They worry that it could reward scores of undocumented Mexican immigrants with a U.S. pension, draining the country's Social Security trust fund at a time when its future solvency is in doubt.
"Talk about an incentive for illegal immigration," said GOP Rep. Ron Paul of Texas. "How many more would break the law to come to this country if promised U.S. government paychecks for life?"
Supporters of the proposal argue that Mexican immigrants -- legal and illegal -- pay millions, if not billions, of dollars in payroll taxes and have the right to claim Social Security benefits.
"Let's be honest, there are millions of Mexican immigrants contributing to the Social Security system and the U.S. economy," said Katherine Culliton, an attorney with the Mexican American Legal Defense and Education Fund. "It's only fair they get back a benefit they deserve that will keep them from dying in poverty."
Final approval of any U.S.-Mexico "totalization" agreement is up to Congress. But Mexico is prepared to administer an agreement, current Social Security Commissioner Jo Anne Barnhart told lawmakers at a congressional hearing Sept. 11.
Under a totalization agreement between two cou
Social Security raises to be thin 10/09/03
AARP projects cost-of-living increase at 2%
By DAVID McNAUGHTON -The Atlanta Journal-Constitution
Steward Sparks and 47 million other older Americans are bracing for news on the latest annual increase in Social Security benefits, starting in January.
AARP, the Washington-based organization that represents the 50-and-up crowd, expects an increase of about 2 percent when the annual cost-of-living hike is announced next Thursday.
If that is accurate, it would be the third-lowest boost in 15 years.
And it sounds meager to Sparks, a 76-year-old who lives in Fayetteville and still works part time as a forensic document examiner.
"It gives a whole new meaning to the word minuscule," said Sparks.
A 2 percent increase would mean about $10 a month extra to anyone now getting a Social Security check for $500, and $20 more for someone receiving $1,000 per month. The average monthly check this year is $895.
Sparks, a model-train buff with a room-sized layout of tracks, was hard
put to find anything in his hobby collection that could be bought for $20.
For he and his wife, Betty, the cost-of-living adjustment, or COLA, won't
make much difference, Sparks acknowledged.
Social Security snafu: checks delayed by wrong zip code
Social Security Administration officials say direct deposit is the best way to receive your check.
NATALIE NEWMAN October 8, 2003 5:54 PM
Many Oklahomans are still waiting on their Social Security checks.
The problem apparently is affecting supplemental income checks that have
a payee. The bad news is, it could be up to two more weeks before
you receive your check. After seven days of waiting Bonnie Chacon finally
has her SSI check and can pay her bills. She says it took a trip to the
Social Security office and a threat."I told them I was going to call
you back," she said. The Oklahoma Security Administration building
has been flooded with people like Chacon waiting on checks. Administrators
say it's a nation-wide computer software problemThe wrong zip code was printed
onto the checks. And if you didn't get one, reissuing your check will take
up two weeks.
For
complete coverage click
United Arab Emirates: Wednesday, October 08 - 2003 at 17:14
GPSSA recommends autonomy for social security organizations across the Arab world
The UAE General Pensions and Social Security Authority (GPSSA) recently participated in a high profile regional social security seminar held in Damascus.
Mr. Abdul Rahman Al Baqer, Deputy Director General (Center), Mohammed Abdul Latif Al Zarouni, Administration & Finance Manager (Right), Mohammed Rashid Al Ali, Finance & Administration Department and General Pensions and Social Security Authority.
The forum entitled 'Empowering Young Enterprise through Social Security Funds' was organised by the Arab Labour Organization (ALO) in cooperation with Syrian Ministry of Social Affairs and Labour. Participants to the seminar included senior officials of the social security corporations across the Arab world, International Labour Organization, International Federation for Arab Labour Syndicates, Chambers of Commerce, Industry and Agriculture from Arab countries and respected international experts on social security issues.
Mr. Abdul Rahman Al Baqer, Deputy General Manager, who led the GPSSA
delegation to the forum, said: 'The participants stressed the importance
of allowing Arab social security organisations to freely choose the most
feasible investment options. The GPSSA works in line with the UAE government's
endeavour to ensure a financially stable lifestyle for all UAE citizens,
and provides them with long-term security and a stable economic environment.'
Over 75,000 enrol in social security and pension benefit scheme
by Nadira Gunatilleke -dailynews.lk - Sir Lanka
Over 75,000 persons have enrolled themselves in the Pension and Social Security Benefit Scheme introduced by the Social Security Board functioning under the Social Welfare Ministry.
A Ministry official said that 431 persons receive pensions now under this scheme and it was introduced in 1996 for the benefit of self employed persons who can not enrol in any pension scheme.
District coordinating officers have been appointed to all districts to provide a better service under this.
Self employed persons from 18 to 59 years who do not pay income tax are eligible to enrol themselves as members. The enrolment of members is done at all Divisional Secretariats.
Social Security Scam
WTOC, GA - Oct 3, 2003
A new scam targeting the elderly is moving quickly through the area. Con artists are stealing thousands of dollars from at least four people in just the last few days. It appears to be at least two different women, who show up acting like they work for the Social Security Administration, and even have fake IDs to prove it.
Wednesday morning, a scam artist sat in Gregory Neil's kitchen in Habersham Woods. When he went to get his checkbook, she went for his wallet. He didn't know anything was wrong until it was too late. "I went to the grocery store last night around a quarter to six, something like that, and when I was in the checkout line I reached for my wallet and it was rather empty," Neil said.
Neil is just one of four people scammed this week, he's still surprised
how easy it was for the con artists to steal over thousand dollars from
his home. "I was foolish and I will never again let anyone else in
the house that I don't know," he told us.
The Times and Democrat, SC - Aug 30, 2003
'For our grandchildren'--Grassroots group: Change Social Security now or change it later
By STEPHANIE PIETROWSKI--T&D Correspondent
COLUMBIA -- "We're all on the Titanic, and the ship of Social Security is going down in 10 to 20 years," says Lea Abdnor, national president of a grassroots Social Security reform group. "The more I find out about Social Security, the angrier I get. There's a myth of a Social Security trust fund, and it simply doesn't exist. I very much resent Uncle Sam saying that I'm too ignorant to handle my own money."
Former state representative David Owens of St. George is the southeast regional director of the national grassroots effort, "For Our Grandchildren, which is growing around the country as members furiously work against the clock to overhaul Social Security before the program runs out of money in 2018. South Carolina is a major site in the "For Our Grandchildren" battle plan, and it is hoped that popular support here can pressure next year's presidential candidates to include the program in their campaigns.
"Social Security as it is now is unfounded, unfair and unsustainable," Abdnor said a recent regional meeting in Columbia. She said 40 percent of America's population believe that the money they pay into Social Security goes into a personal account for their own retirement. Abdnor says that there are no personal accounts for workers because each year's surplus money not spent directly on Social Security benefits simply goes to fund other federal programs.
"There's nothing but a stack of IOUs from the federal government to be paid to the federal government," Abdnor said. "Those IOUs are put into the Social Security 'Trust Fund,' and are called Special Issue, non-marketable government bonds that one part of government owes to another part."
Since 1983, there have been annual surplus payroll taxes to pay retiree benefits, but beginning in 2018 there will be a deficit that will grow every year as more and more Baby Boomers retire.
Myths about Social Security
thehollandsentinel 8/31/03 By DAVE ROTH
I am continually surprised at the number of misconceptions, or misunderstandings, there are out there about Social Security. Understanding the Social Security programs is crucial as it touches the lives of nearly everyone in the country. It is my continuous role as an ambassador of the agency to dispel those myths and give you the facts.
Myth: My Social Security benefits will be based on my last three years of earnings.
Fact: Social Security retirement benefits are based on a lifetime of earnings. To figure your benefit, we add up your highest 35 years of earnings after adjusting each year for inflation. Then we divide by 420 (the number of months in 35 years) to come up with your average inflation-adjusted monthly wage. We then apply a formula that replaces a percentage of that monthly wage with a Social Security benefit. Assuming you earn an average income, your retirement benefit would represent about 40 percent of your pre-retirement earnings.
Myth: I can take a reduced retirement benefit at age 62 and later switch to full retirement benefits at my full retirement age.
President Rejects New Social Security Commission Appointee Over Party Loyalty
The Namibian (Windhoek)
September 2, 2003 AllAfrica.com, Africa
Tangeni Amupadhi
Windhoek
PRESIDENT Sam Nujoma has reportedly rejected the appointment of a new head for the Social Security Commission (SSC), calling for a person loyal to the ruling party.
The Namibian has learnt from authoritative sources that Nujoma expressed his displeasure that the SSC board had chosen Koot van der Merwe, a man with no known allegiance to Swapo, to become its CEO.
Government officials have denied reports that Nujoma had intervened to stop Van der Merwe from taking over at the beleaguered parastatal.
Andre Hashiyana, a Presidential aides, said yesterday Nujoma has not
involved himself in the appointment of administrators at the SSC.
DAILY EXPRESS NEWS
Singapore overhauls its social security system
29 August, 2003
SINGAPORE: Singapore on Thursday announced an overhaul of its social security system, slashing workers' pensions in a bid to stop jobs and investments from migrating to cheaper countries like China and India.
"Our priority must be to save jobs for our people," Prime Minister Goh Chok Tong said in a televised speech in Parliament on the keenly awaited reforms of the Central Provident Fund (CPF).
The CPF, a mandatory savings scheme, is at the core of the social security system in Singapore, which has no welfare policies. It is used for retirement pensions as well as paying housing mortgages, medical care and education.
While providing domestic stability, the CPF has also made local workers as expensive to hire as those in some western countries.
Employer contributions to the CPF were lowered, bringing down the monthly total from 36 to 33 per cent of workers' salaries from October 1. This will save employers some 1.3 billion Singapore dollars (RM2.8 billion) a year.
Salary scales on which contributions are based will also be lowered, while withdrawal rules will be tightened, all resulting in less money for workers.
Shedding light: Is your first Social Security decision the final one?
By Marlene Ulisky correspondent -Sebastian Sun, FL - Aug 28, 2003 tcpalm.com
August 29, 2003
Once you make a choice about when you will retire and whether you will take reduced or "full" Social Security benefits, will you ever have the chance to reconsider that decision? You may, depending on your situation.
This issue often comes up in different ways. A woman may ask: "If I take my own Social Security, can I later switch to benefits on my husband's record?" Or a worker deciding whether to retire may ask: "If I take a reduced retirement benefit at 62, will I have that rate forever?"
Let's look at an example of each scenario.
Mary, who is five years older than her husband, started drawing her own Social Security benefits at age 62. Because she never worked very much outside the home, and because she took an early retirement benefit, she received only $400 per month. Five years later, Mary's husband started drawing his Social Security. Because he spent most of his career in high-paying jobs, his Social Security benefit was calculated at $1,600 per month.
Mary was concerned that she was "locked in" to her own Social Security benefits because she took them first. But she was not. We continued to pay her own $400 Social Security benefit, and we were able to supplement that with about $190 on her husband's record. That took her Social Security benefits up to about $590, or around 37 percent of her husband's Social Security, which is the reduced wife's rate she is due.
For complete coverage click
Group buys data on top U.S. officials to underscore need for tougher laws
Thursday, August 28, 2003 Posted: 1748 GMT ( 1:48 AM HKT)
A California group says it bought the social security number of Attorney General John Ashcroft on the Internet.
If you're willing to spend a little money, you can get this type of information very easily on the Internet.
WASHINGTON (AP) -- Almost everything is for sale on the Internet -- even the Social Security numbers of top government officials like CIA Director George Tenet and Attorney General John Ashcroft, consumer advocates warned Wednesday.
The California-based Foundation for Taxpayer and Consumer Rights said for $26 each it was able to purchase the Social Security numbers and home addresses for Tenet, Ashcroft and other top Bush administration officials, including Karl Rove, the president's chief political adviser.
That illustrates the need for stronger protections of personal information, the group said.
Concerned about bill
Specifically, the foundation is concerned about legislation in the House that would amend the Fair Credit Reporting Act. The bill, sponsored by Reps. Spencer Bachus, R-Alabama, Darlene Hooley, D-Oregon, and dozens of other members, aims to prevent identity theft and improve the accuracy of consumer records, among other things.
While backing the overall goals of the bill, the group's executive director, Jamie Court, objected to a portion of it that would continue a current pre-emption of tougher state privacy laws.
California Gov. Gray Davis signed such legislation Wednesday, which allows consumers to block companies from sharing personal information with affiliate businesses.
"Banks and insurers should not be able to go to Washington as an end-run around the most protective state privacy laws," Court said.
GoAsiaPacific.com, Asia - Aug 28, 2003
Singapore overhauls social security system
Singapore has announced an overhaul of its social security system, slashing workers' pensions in a bid to stop jobs and investments from migrating to cheaper countries like China and India.
The announcement came in a television address by Prime Minister Goh Chok Tong on the reforms of the Central Provident Fund.
The fund, a mandatory savings scheme, is at the core of the social security system in Singapore, which has no welfare policies.
It is used for retirement pensions as well as paying housing mortgages, medical care and education.
While providing domestic stability, the fund has also made local workers as expensive to hire as those in some western countries.
Employer contributions to the fund have been lowered, bringing down the monthly total from 36 to 33 percent of workers' salaries from October 1.
This will save employers some $US740 million (1.3 billion Singapore dollars) a year.
Social Security forum seeks to promote saving for the future
By Jason Doole
Encouraging Americans to save for their futures was the theme of a forum on Social Security held Wednesday at the Carroll Knicely Conference Center on Western Kentucky University's South Campus.
U.S. Rep. Ron Lewis, R-Bowling Green, Social Security Deputy Regional Commissioner Ron Tysinger, American Savings Education Council President Don Blandin and Patrick Foster, a representative for U.S. Sen. Mitch McConnell, R-Ky., were the keynote speakers at the event.
The forum was part of a series of events around the nation to promote the Social Security Administration's Save For Your Future campaign, Tysinger said.
"We think these forums are important so we can discuss with different facets of our public about the different services available," he said. "We're heading toward a point where there will have to be some changes in our program, and we want to help people prepare for that."
Social Security reform will be a key issue in Congress this year, and exactly what form the final bill will take remains to be seen, Tysinger said.
"We've had bills pass both the House and the Senate and now it's in a conference committee," he said. "So we'll have to wait and see what develops."
As the Baby Boom generation reaches retirement age, Social Security and Medicare, both of which are based on pay-as-you-go approaches, where taxes on wages made by workers finance payments to those drawing from the system, will face problems as drawers outnumber payers for the first time, Foster said.
"But we want to make two things clear," he said. "The first is that any modernization of Social Security should not affect benefits received by retirees or those nearing retirement, and the second thing is that we're not going to raise payroll taxes to pay for Social Security or raise taxes on Social Security benefits as was done in 1993."
Storm clouds over the euro
Battles raging in France, Germany and elsewhere over social security reform and the debate on social rights in the EU's draft constitution will decide the future of the European currency
By Georges de Menil
taipeitimes.com Monday, Sep 01, 2003
The creation of the European Monetary Union (EMU) was an unprecedented achievement, promising deeper and larger markets. The stimulus to trade and investment is manifest. But will the euro last?
Two current developments will shape the answer. The first is the outcome of battles raging in France, Germany, and elsewhere over social security reform. The second is the debate over the inclusion of "social rights" in the EU's draft constitution.
Welfare state entitlements are vastly different from country to country in Europe. These differences portend intense conflicts within the EMU. France, Germany and Italy must scale back their social commitments, raise taxes, or borrow. But in the Eurozone's increasingly competitive environment, raising taxes would drive away business, while cutting benefits may be tantamount to political suicide. So the temptation to borrow is great.
The Stability and Growth Pact is designed to block that temptation by keeping budget deficits below 3 percent of GDP. But the pact is already straining, and today's serial violations may appear mild when the baby boom generation begins to retire and public pension and health liabilities become cash demands. Some national deficits may rise to twice the pact's limit.
If that happens, the affected countries can expect no help from the European Central Bank, which is prohibited from bailing out member states. Italy and Belgium, heavily indebted when the euro was launched, could become the classic victims of a vicious circle, in which high deficits trigger rising interest rates, higher borrowing costs, even higher deficits, and eventually default.
If an EMU country defaults, it will come under intense pressure to leave the euro in order to regain control of its currency and pay at least its domestic liabilities in devalued national paper. If that country is large, the shock waves could push other members over the edge with it.
Social Security Scales Back Worker Inquiries
Agency Contacted Employers When False Data Were Used but Got Little Response
By Mary Beth Sheridan Washington Post
Wednesday, June 18, 2003;
The U.S. government is scaling back an aggressive program to contact all employers whose workers were using bogus or incorrect Social Security information, concluding that the effort produced few corrections to its records.
The program last year had a major, if unintended, impact: It exposed many unauthorized immigrants who were working "on the books," using stolen or made-up Social Security numbers. Confronted by their employers, tens of thousands of them quietly left their jobs or were fired, according to estimates by immigration advocates and attorneys.
The Social Security Administration had launched the initiative, sending
letters last year to about 950,000 employers who had at least one worker
whose name and number did not match Social Security files. Government officials
said at the time that they were simply trying to get employers and workers
to correct the agency's records. For complete coverage click
Protect yourself from identity theft losses by keeping a tight rein on your Social Security number. Only a few organizations have the right to demand it.
By Bankrate.com/ msn.com
"I think it's spooky. Everybody has that one number, and everything about you is tied to it," worries Jim Edwards, program director at WJNO in West Palm Beach, Fla.
"Put it in a computer and poof -- here's your bank account, your phone number, where you work."
The key to all that private information? Your Social Security number.Check out your options.
Edwards was way ahead of most people. Back in the early '80s, he refused to give his Social Security number when he enrolled at Miami Dade Community College. The school wanted to use it as a student identification number, but Edwards held his ground and the school gave him a different number -- all zeros, as he recalls.
Today, schools, phone companies, utilities, health clubs, insurance companies, video stores -- just about everybody wants your Social Security number. Some of the more prevalent uses are to get your credit rating and determine whether you pay your bills, and to keep track of you through name and address changes.
But companies also use your Social Security number to develop marketing lists, which they can sell to other companies. A list with the numbers is more valuable than one without.
Why should you care who sees your Social Security number? The more people
who see it, the more susceptible you are to identity theft, where you are
victimized by someone fraudulently using your name and credit report to
steal money.
Social security may be extended
VASANTHA ARORA
IANS[ SUNDAY, JUNE 15, 2003 12:50:51 AM ]
The US has assured India that its plea for a â¤"totalisation agreement⤠would be considered to ensure social security benefits for Indian professionals who have worked in America.
At the press conference in Washington, commerce and industry Minister Arun Jaitley said US Trade Representative Robert Zoellick gave him the assurance when he raised the issue with US officials. Besides Zoellick, Jaitley met Commerce Secretary Bob Evans.
The agreement, if signed, could help thousands of ITÂ
professionals who pay social security taxes while they live and work in
the US but are unable to derive the benefits once they leave the country.
he Plain Dealer
Social Security turns benefits on and off
06/06/03
Most people get their Social Security benefits without any problems. The system works surprisingly well. But it's not perfect. Don't assume that the decisions made by the Social Security Administration are always correct.
Let's take a look at one recent Ohio case that illustrates some of the flaws in the system.
Sally, who asked that her real name not be used, paid into the Social
Security program throughout her working career. In May 1991 she visited
her local Social Security office in Parma to let them know that her retirement
would start Jan. 1, 1992. She contacted them again near the end of 1991.
But in January 1992, to Sally's surprise she received no check.
Social Security: Getting married means more than a name change
By Steve Chandler
Social Security columnist- TCpalm.com
June 11, 2003
June is the traditional month for weddings. I don't know if there really are more weddings in June than any other month, but it gives me an excuse to make an important pitch to any woman who intends to change her name because she is getting married...in June or any other month.
What's the pitch? People who change their names should make sure they notify Social Security of the new name. And this doesn't just apply to women who are getting married. It also could apply to a woman who officially changes her name following a divorce. And for that matter, it applies to anyone, man or woman, who changes his or her name for any reason.
The bottom line is that people should make sure that the name their employer is using to report earnings to the Internal Revenue Service and the Social Security Administration exactly matches the name in their Social Security records.
Minorities Could Be Hurt in Social Security Overhaul, Congressional Study Says
The Associated Press WASHINGTON April 23 -
Minorities are greatly helped by disability and survivor benefits in the Social Security system and would be hurt by an overhaul that instead linked benefits mostly to contributions, congressional auditors say.
The General Accounting Office report Wednesday appeared to contradict contentions by supporters of Social Security-linked personal investment accounts that minorities fare worse in the current system.
President Bush has proposed letting younger workers invest a portion of their payroll taxes in the stock market, much like a 401(k) plan.
Proponents have said minorities are hurt in the current system because on average they don't live as long as whites and earn benefits for a shorter time. A system of personal accounts would let minorities bequeath their earnings to family, so the income wouldn't be lost, they say.
But the new report said that when disability and survivor benefits are
taken into account under the current system, minorities actually fare as
well as whites based on a ratio of benefits earned to taxes paid. For
complete coverage click
Wilmington Morning Star, NC - Apr 19, 2003
You might think a person who has her face in the newspaper every week is not a private person.
You'd be wrong.
That's why I was first appalled and then apoplectic last week when I learned details of my life are available on the Web.
For a mere 25 cents.
Details, I might add, that an identity thief would love to have.
And, before you tsk and say that's too bad it goes with the job and all that your details are there, too. Real cheap.
Last year people reported nearly 162,000 cases of identity theft in the United States 3,383 of those victims were from North Carolina.
Once someone steals your good name and your financial history, you enter an economic quagmire that takes months and can cost thousands of dollars to free yourself from as you correct credit histories and other records.
The Internet is not helping. Actually, it could be helping the bad guys.
Last week a member of the Star-News staff found a Web site that allows
him to search for information and obtain Social Security numbers. For complete coverage click
Posted on Tue, Apr. 15, 2003
MILITARY: Social Security changes policy for troops in combat
Most families won't lose disability payments
Herald Staff Report
Military families will not lose valuable government disability benefits because a member of the household has been sent into combat.
Jo Anne Barnhart, Commissioner of Social Security, clarified the agency's policies so that individuals receiving Supplemental Security Income (SSI) disability payments and Medicaid coverage, can continue to do so even if family income increases because a mother, father or spouse receiving special combat-related supplements to their military pay.
"We must support the brave men and women who are fighting overseas,
as well as their families here at home," Barnhart said. "If one
hand of government is providing some additional income to compensate soldiers
for the sacrifices they are making for our country, we're not going to let
another hand of government take that money away from their disabled child
or spouse." For complete coverage click here
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Wednesday, April 9, 2003
(04-09) 16:28 PDT WASHINGTON (AP) --
The impact of moves to eliminate the Social Security's $10.5 billion shortfall, through benefit cuts or higher taxes, will become greater the longer Congress waits to act, the agency's chief actuary said Wednesday.
Stephen Goss told the Senate Finance Committee that the shortfall could
be wiped out over the next 75 years through an immediate 13 percent cut
in benefits or a nearly 16 percent increase payroll taxes. A third possibility
is a 15 percent cut in benefits for people who become newly eligible this
year. For complete coverage click here
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siftings herald By Jim Newsom
Arkadelphia residents beware -- you could lose your identity.
The Arkadelphia Police Department is warning that there are con artists working in the area who are attempting to fraudulently obtain the Social Security numbers of city residents, APD Sgt. Roy Bethell said.
He said the scam involves the perpetrator calling individuals and telling them that they have an outstanding balance on their credit card that needs to be paid. The caller then asks the potential victim for his or her Social Security number. Police urge anyone who has received such a call to immediately contact the Arkadelphia Police Department at 246-4545. For complete coverage click here
Gladwin County Record
If you're going to be working on your 2002 tax return this month, now is the time to make sure your Social Security records are in order.
That advice comes from Barbara Dover, Social Security District Manager in Bay City.
"Millions of Americans run into problems filing their tax returns, or experience delays getting their refunds, because of missing or mismatched Social Security numbers," Mrs. Dover said.
She reports that one of the most common problems involves women who make a name change because of marriage or divorce, but forget to change the name in Social Security records. For complete coverage click here
A boost for reform of Social Security 3/17/03
Washington Times Comentary Peter Ferrara
The new Annual Report of the Social Security Board of Trustees will be out this morning. For many years now, these official government reports have made a powerful case for fundamental Social Security reform, and today's report will add further to that case.
The report will once again show a dramatic long-term financing crisis in the program, perhaps worsening due to the economy. Moreover, these reports do not adequately take into account the prospects for much longer life expectancies during the next century due to advanced, high-tech medicine. Substantially increasing the number of retirement years will greatly increase the program's benefit obligations and long term deficit.
Even apart from that, the report will already show that under intermediate assumptions paying all promised benefits today's young workers would require raising payroll tax rates by around 50 percent, from a total of 12.4 percent today to around 19 percent. Under so-called pessimistic assumptions, which allow more scope for increasing life expectancies, payroll taxes would have to rise by around 100 percent, growing to a total levy on wages of about 25 percent. Even under the intermediate assumptions, however, the cash deficit in the program over the next 75 years will probably be more than $20 trillion. For complete coverage click here
Social Security stronger than last year
2003-03-18
By Janelle Carter
Associated Press Writer
WASHINGTON -- The Social Security trust fund is slightly stronger than it was a year ago, but the Medicare program for the elderly is four years closer to insolvency as the baby boomer generation prepares to tap into both programs, their trustees reported Monday.
Social Security's projected insolvency date was extended to 2042, one year later than what was projected a year ago, according to the annual report released Monday by government trustees. But Medicare's insolvency date was moved up to 2026 from 2030 a year ago.
President Bush said in a statement the findings confirm the need for Congress to follow his suggestions for overhauling both programs.
"As we continue to work together to keep Social Security strong and reliable, we must offer younger workers a chance to invest in retirement accounts that they will control and they will own," Bush said, reiterating the message from his State of the Union address in January. For complete coverage click here
Social Security Loophole Debated
Congress at Odds Over How Texas Teachers Get Benefits
Washington Post Staff Writer
Friday, March 14, 2003; Page A08
Thousands of retiring Texas teachers in recent years have done a curious thing on their last day of work: served as janitors, cafeteria employees or other blue-collar workers. The one-day service qualified them for thousands of dollars in Social Security benefits they otherwise would forego.
Congressional Republicans say the strategy bends government rules, and last week they appeared ready to end it by passing a multifaceted House bill targeting Social Security fraud. But a flurry of phone calls between key Democratic members and teachers' unions -- which donate heavily to Democratic campaigns -- marshaled enough opposition to kill the bill.
The episode angered some Republicans, who say a politically potent group
is gaming the Social Security rules in ways detrimental to the overall system.
They hope to revive the bill, and the Ways and Means Committee voted yesterday
to send it back to the House floor. For complete coverage click here
By Peter Franceschina
Staff Writer
Posted February 22 2003
An employee in the Delray Beach office of the Social Security Administration, who faces federal charges of supplying false Social Security numbers to illegal immigrants, is linked to a ring of counterfeiters that was indicted in Boston for allegedly taking in about $4.3 million in the scheme.
Walther Velasquez, 37, was indicted Thursday on 12 counts relating to the counterfeiting of Social Security cards for illegal immigrants. He remains in the Palm Beach County Jail without bond.
Court documents show Velasquez is linked to a counterfeiting ring based in Boston, Texas, North Carolina and Florida in which six people, including a Boca Raton man, were indicted in early December.
When those men were indicted, U.S. Attorney Michael Sullivan of Boston said the counterfeiting was an issue of national security. The ring counterfeited more than 1,700 Social Security cards, which were sold to illegal immigrants for $2,500 each, according to federal prosecutors in Boston.
Velasquez is accused of issuing at least 12 falsified Social Security cards using information and forms obtained from the agency. He came under investigation in October when a co-worker reported he tried to bribe him to help in the scheme, according to court records. For complete coverage click here
By John O. Fox, 2/23/2003
If ''double taxation is wrong,'' as President Bush declared in his current proposal to reduce taxes by $670 billion, why did he limit relief to investors? Had he addressed the double taxation of wages used to pay Social Security and Medicare taxes (FICA), he would have given more relief to moderate- and middle-income workers than to high-income stockholders.
He also would have given the economy a bigger bang for the buck.
Let me be clear. Double taxation is not inherently wrong. It occurs in useful ways all the time, such as when we use our already taxed wages to pay excise taxes on gas, property taxes on our homes, and sales taxes. For complete coverage click here
Taxability Of Social Security Benefits
February 20, 2003
One of a daily series of income tax tips for the tax filing season prepared by the Internal Revenue Service
IRS TAX TIP 2003-36
TAXABILITY OF SOCIAL SECURITY BENEFITS
The IRS says that whether your Social Security benefits are taxable depends on your total income and marital status. Form SSA-1099, which Social Security recipients receive by January 31, shows your total benefits, but determining your taxable benefits requires putting pencil to paper.
Generally, if Social Security benefits were your only income, your benefits are not taxable and you probably do not need to file a federal income tax return. If you received Social Security benefits plus other income, the answer to how much, if any, is taxable can be found in the worksheet in the Form 1040 instruction book.
For a quick computation, add one-half of your Social Security benefits
to all your other income, including tax-exempt interest. If this amount
is greater than the base amount for your filing status, a part of your benefits
will be taxable. For Complete coverage click here
WashingtonPost.com
Lawmakers, in Yearly Rite, Flock to Alter Social Security Benefits Provisions
Federal Diary_____ Stephen Barr
Monday, February 17, 2003
Members of Congress, in what has become an annual ritual, have reintroduced bills aimed at repealing or modifying two provisions of law that reduce Social Security benefits for government retirees, especially lower-income women.
Sens. Dianne Feinstein (D-Calif.) and Susan Collins (R-Maine) and Reps. Howard P. "Buck" McKeon (R-Calif.) and Howard L. Berman (D-Calif.) have introduced bills that would repeal the government pension offset and the windfall elimination provision.
Sen. Barbara A. Mikulski (D-Md.) has taken another approach to the government pension offset by offering legislation that would limit its bite on retirement income.
Similar legislation has stalled in recent years, primarily because they are a difficult sell on Capitol Hill when the government faces a sea of red ink. The bills, however, pick up wider support each year. They have the backing of the 400,000-member National Association of Retired Federal Employees and are drawing increasing attention from teacher and educational groups in about a dozen states that operate public employee retirement systems.
Bush's Proposes Social Security Budget
By The Associated Press
February 3, 2003, 5:44 PM EST
Agency: Social Security Administration
Spending: $7.3 billion
Percentage change from 2003: +9 percent
Highlights:
* Would raise administrative spending by nearly 8 percent to handle increase in applications for benefits. Disability applications are expected to show a 22 percent hike between 1999 and 2004. Workload expected to skyrocket as baby boomers begin retiring.
* Would add $795 million for information technology to improve public service through the Internet and automated phone systems. Electronic processing of disability claims expected to help reduce wait, now an average of 1,146 days, because of backlogs.
* SSA estimates $8.6 billion in new spending, including Medicare reimbursements
not counted in the $7.3 billion in the president's budget.
Social Security accounts off agenda
By Stephen Dinan
THE WASHINGTON TIMES
This year's congressional agenda doesn't include taking action on President Bush's plan to create personal savings accounts as part of Social Security.
The president relegated Social Security to two sentences in his State of the Union address, and key members of Congress said they don't see legislation passing this year.
"We'll have hearings on it, but not debate," said Sen. Charles E. Grassley, Iowa Republican and the chairman of the Senate Finance Committee, which is responsible for Social Security bills.
"What you're gearing towards is for this to be a major issue in the presidential election in 2004, and hopefully a presidential candidate who wants to save Social Security for your children and grandchildren," Mr. Grassley said. "We need a mandate from the people to move things." For complete coverage click here
When is the best time to start collecting Social Security?
Christian Science Monitor - 20 Jan 2003
By Steve Dinnen. Q: Should I start taking Social Security reduced payments
in two years when I turn 62, or wait until 66 for the full amount? ...
For complete coverage click here
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Social Security politicking
Baton Rouge Advocate, LA - 18 Jan 2003
That sound heard last week in the U.S. Senate's Committee on Aging was Sen. John Breaux, D-La., needling the president. In one of his last acts as a Senate committee chairman (Republicans have taken control of the Senate, a development that ousts Democratic chairmen), Breaux called a hearing on saving Social Security from future bankruptcy.
For complete coverage click here
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GAO: Social Security Reform May Mean Cuts
ABC News - 15 Jan 2003
Adding personal investment accounts to the Social Security system would require benefit cuts, tax increases or raising the retirement age, a General Accounting Office study said Wednesday.
For complete coverage click here
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Sen: No Social Security Change This Year
Newsday - 14 Jan 2003
WASHINGTON -- A key Democratic ally of the White House on Social Security reform
and personal accounts said Tuesday that an overhaul is unlikely this year.
For complete coverage click here
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Jacksonville Daily Progress 12/15/02
Keep our Social Security intact - Opinion
By Madeline Ross
We've all heard it - Social Security will "run out" and millions will be left in poverty in their old age. This is usually followed by a plan to partly privatize Social Security and hand big profits to money managers in Wall Street and elsewhere.
Facts do not support this cash-loss scenario. A recent study suggests that since 1975, total retirement costs have remained steady as a percentage of the gross domestic product. As baby boomers retire, future growth in demand will be manageable.
For complete coverage click here
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NEWSDESK Reuters Foundation
13 Dec 2002 10:08
German social security reform committee starts work
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BERLIN, Dec 13 (Reuters) - A commission set up to overhaul Germany's welfare state began work on Friday amid doubt it can build consensus for the health, pension and labour reforms that analysts say Europe's largest economy desperately needs.
For complete coverage click here
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By LARRY MARGASAK
Associated Press Writer
December 10, 2002, 2:07 PM EST
WASHINGTON -- Thousands of fugitive felons, from kidnappers to drug abusers, are being allowed by the government to cash Social Security checks and spend money for minors and disabled Americans who can't manage their own accounts, federal records show.
For complete coverage click here
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USA TODAY 12/3/02
By Susan Page
WASHINGTON -- White House advisers are debating whether President Bush should push next year to add individual investment accounts to Social Security. Until last month, the proposal was considered too inflammatory to touch before he ran for re-election in 2004.
But the results of the congressional elections have altered the political calculations around the nation's retirement system.
Analysts in both parties were surprised by what didn't happen: Attacks on candidates who espoused the private accounts failed to significantly hurt them. For complete coverage click here
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Debate Centers on Timing, Political Risks
By Amy Goldstein
Washington Post Staff Writer Sunday, November 17, 2002
The White House is interpreting Republican congressional victories in the Nov. 5 midterm elections as a mandate for changes to Social Security that President Bush has long sought. But the administration may be unwilling to devote his political capital to such touchy legislation in the coming year.
For complete coverage click here
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Senate ads debate Social Security plans
Eric Black
If you tried to figure out Sen. Paul Wellstone's and Norm Coleman's Social Security positions based on their campaign ads, you'd probably conclude that one or both of them is lying.
In his ad, Coleman says he opposes privatization and implies that Wellstone is distorting his position to scare seniors.
Wellstone's ad says Coleman is deliberately obscuring his position on Social Security to deceive voters.
In fact, neither campaign has told an outright lie. They are snarling
past each other, in a way that sheds more heat than light, because they
disagree on the meaning of the word "privatization." FOR
COMPLETE COVERAGE CLICK HERE
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EVERTHING ALABAMA - AL.COM
GOP split on Social Security
10/07/02
By SAM HODGES
Staff Reporter
Usually, it's conservative Southern Democrats who take pains to distinguish their political positions from those of national party leaders. But in this election season, Mike Rogers, Republican nominee for the 3rd Congressional District seat in east-central Alabama, has carefully distanced himself from the Bush administration on the high-profile issue of Social Security reform.
Rogers has used television ads to trumpet his opposition to any privatizing of Social Security, including the creation of "personal retirement accounts" that would let Americans invest in stocks and bonds some of the money they pay in Social Security taxes. FOR COMPLETE STORY CLICK HERE
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Social Security Plans Debated
NEWSDAY By LEIGH STROPE
Associated Press Writer
October 3, 2002, 6:13 PM EDT
WASHINGTON -- Amid the word games, fuzzy math and politics, friends and foes of the Social Security investment accounts favored by President Bush agreed Thursday on just two things: Congress must make changes to cover future generations and lawmakers have a limited time to do so.
The Senate Finance Committee hearing was called to examine, for the first
time, recommendations made by Bush's commission last year. It came about
a month before Election Day, when Democrats hope to win control of Congress
by making Social Security a leading issue. FOR COMPLETE STORY CLICK HERE
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Social Security's future on voters' minds Poll: Bush plan is losing support
By Susan Page
USA TODAY 10/02
GLASGOW, W.Va. -- Support for President Bush's proposal to establish personal investment accounts in Social Security has eroded substantially after the stock market's long dive, undermining the likelihood of enacting change anytime soon.
Just ask Glen Ratliff, 52, a coal miner who saw the value of his 401(k) retirement account drop by several thousand dollars when the stock market fell. ''It's a chance you take,'' he says ruefully. Heads nod around the picnic table at a community pig roast in this hillside town (pop. 783) where Social Security has become a hot issue in the November congressional race.
That experience -- money gained and then suddenly lost -- has made Ratliff wary of relying on the miracle of the stock market to boost the Social Security checks he's counting on for retirement.
When Bush outlined the idea of individual investment accounts in May 2000 -- on a day the Dow Jones average closed above 10,000 -- two-thirds of the public supported the idea. Now, with the Dow below 8,000, a USA TODAY/CNN/Gallup Poll shows that just over half support it. Opposition has climbed to 43% from 30%. For complete story click here
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USA TODAY
09/24/2002
Social Security's future on voters' minds
GLASGOW, W.Va. - Support for President Bush's proposal to establish personal investment accounts in Social Security has eroded substantially after the stock market's long dive, undermining the likelihood of enacting change anytime soon.
Just ask Glen Ratliff, 52, a coal miner who saw the value of his 401(k) retirement account drop by several thousand dollars when the stock market fell. "It's a chance you take," he says ruefully. Heads nod around the picnic table at a community pig roast in this hillside town (pop. 783) where Social Security has become a hot issue in the November congressional race.
That experience - money gained and then suddenly lost - has made Ratliff wary of relying on the miracle of the stock market to boost the Social Security checks he's counting on for retirement.
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'In Politics, Words Matter,' Social Security Memo Says
Washington Post- Jonathan Weisman Staff Writer
Friday, September 13, 2002; Page A11
What's in a name? In the heated debate over Social Security's future, apparently quite a lot. The National Republican Congressional Committee has launched a two-pronged push to banish the phrase "Social Security privatization" from the political lexicon, urging that the phrase be dropped not only by GOP candidates but by the media as well.
Republican candidates are still encouraged to embrace President Bush's call to allow workers to divert some of their Social Security payroll taxes into personal savings accounts, which could be invested in the stock market.
But don't call "personal accounts" "privatization," the NRCC has warned candidates, even if the terms have been used interchangeably by friends and foes for at least seven years. "It is very important that we not allow reporters to shill for Democrat demagoguery by inaccurately characterizing 'personal accounts' and 'privatization' as one and the same," the Aug. 26 memo states. Which begs the question, what is privatization? As recently as August 2000, Bush adviser Karl Rove used the phrases "Social Security privatization" and "encouraging private personal retirement accounts" synonymously in a single sentence.
Now, White House policymakers say the president's Social Security Commission
has distinguished the two by recommending that the private accounts be managed
by the federal government. "Personal accounts are not privatization,"
one White House official said. "You would be simply directing the government
to invest some of your savings." In contrast, true privatization would
be sending Social Security payroll taxes not to the government but to a
private brokerage house that is under contract with the government. Workers
could then choose from the investment options offered by that broker, just
as they do with individual retirement accounts and 401(k) accounts. FOR COMPLETE STORY CLICK HERE
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Congress Urged to Close Pension Loophole That Allows One-Day Social Security Windfall
Washington Post By Stephen Barr Sunday, August 18, 2002
There's a new wrinkle in the debate over what to do with the Government Pension Offset, the curse of many federal and state retirees.
Congressional investigators have discovered a loophole in the offset that could drain millions of dollars from the Social Security trust funds, and the General Accounting Office has recommended that Congress come up with a fix.
The use of the loophole underscores growing frustration among federal
and state employees with the offset, which reduces retirement income they
thought they had earned. A number of groups, such as the National Association
of Retired Federal Employees and the Offset/Windfall coalition in Ohio,
have urged Congress to repeal or modify the law. For complete story click here
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Bush's Plan For Social Security Loses Favor
Some GOP Candidates Resist Partial Privatization
By Jim VandeHei and Juliet Eilperin
Washington Post Staff Writers
Tuesday, August 13, 2002;
President Bush's campaign to allow Americans to invest a portion of their Social Security taxes in the stock market is losing support among Republican congressional candidates, as Wall Street's sinking prices reinforce worries about the proposal.
Amid sharp attacks by the Democratic Party, several GOP incumbents and challengers are coming out against Bush's plan for partial privatization of the popular, taxpayer-funded retirement program. Fueling the shift is the stock market's recent plunge, which has reminded voters of the risks of investing in stocks, rather than in other financial instruments that guarantee safe but modest returns.
The president continues to call for giving workers the right to direct a portion of their Social Security payroll taxes to stocks or other investments by creating personal savings accounts. Bush first extolled the plan near the peak of the last decade's remarkable bull market; he says Wall Street's frequently impressive returns should boost Social Security as well as nongovernment retirement programs.
In some cases, GOP lawmakers such as Reps. George W. Gekas (Pa.) and Charles W. "Chip" Pickering Jr. (Miss.) are opposing Bush's proposal after praising it in the past. At least three Republican congressional challengers -- Rick Clayburgh (N.D.), William J. Janklow (S.D.) and Jon Porter (Nev.) -- have disavowed the idea of private accounts. Many other Republicans are playing down previous endorsements of privatizing all or part of Social Security as a way to bolster the system before it goes broke.
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Social Security campaign costs immigrants their jobs
By Laura Parker
USA TODAY 8/9/02
An estimated tens of thousands of illegal immigrants are losing their jobs because of a vigorous campaign by the federal government to correct faulty Social Security records.More than 800,000 businesses -- one in eight in the USA -- have received letters this year from the Social Security Administration asking about employees whose names and Social Security numbers do not match the names and numbers in agency records. Immigration rights groups and business organizations say people are losing their jobs because of the letters. They say the letters are creating hardships for workers and their families and industries dependent on illegeal immigrants.
''I've had clients get no-match letters with as many as 99 employees listed out of a couple hundred total,'' says Gerry Chapman, a lawyer in Greensboro, N.C., who represents several construction firms in the state.''But even if it's just 25%, that could be devastating,'' he says. ''It might not cause the company to close, but with respect to completing a project, it could be disastrous.''
Social Security numbers are assigned to citizens or legal immigrants, while illegal immigrants often give phony numbers to employers. Because employers are required to submit to the government the amount of Social Security taxes withheld from each worker, Social Security can check to see if a name matches an assigned number. Although some of the ''no-matches'' result from typographical errors, name changes or misspellings, even immigrant advocates say many more employees on the lists are using phony Social Security numbers to work in the USA illegally.
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Social Security 'privatization' is a hot issue -- again
Eric Black
Star Tribune Published Aug 5, 2002
With the stock market in the tank and the reputations of several U.S. corporations in the toilet, Republicans are downplaying their support for allowing workers to invest some of their Social Security contributions.
That idea, sometimes called the partial privatization of Social Security, was part of President Bush's platform during the 2000 campaign, and he has reaffirmed his support for it.
In Minnesota, GOP Senate candidate Norm Coleman and congressional candidates John Kline and U.S. Rep. Mark Kennedy have been under attack by Democrats on the issue, which Democrats hope and Republicans fear will be politically toxic this election year.
Kennedy, who is running in the Sixth District, says that he opposes privatization and that anyone who says he supports it is engaging in tactics designed to scare seniors.
But last year he signed a letter endorsing the idea of allowing younger
workers to divert part of their Social Security payroll taxes into what
Republicans call personal retirement accounts.
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Bush Continues to Back Privatized Social Security
The Washington Post
By Amy Goldstein
Washington Post Staff Writer
Thursday, July 25, 2002; Page A06
The White House yesterday stood firmly behind President Bush's plan for workers to divert some of their Social Security payroll taxes into the stock market, despite the dramatic drops Wall Street has suffered in recent months.
White House press secretary Ari Fleischer took a swing at the existing Social Security program, calling it "dangerous" to "let people pay a lifetime of high taxes for a Social Security benefit that under current projections they'll never receive."
Fleischer made clear that Bush continues to favor permitting Americans to take a portion of the taxes they ordinarily contribute to the Social Security trust fund and invest it on their own. "That would include markets," Fleischer said. "Nothing has changed his views about allowing younger workers to have those options."
However, Fleischer recalibrated his sale pitch for private retirement
accounts, deemphasizing earlier arguments that such investments would generate
more retirement savings through higher rates of return. Instead, he said
that the current system is "going bankrupt" and that the government
should grant people more control over their money. He used the word "options"
a dozen times.
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Bush: Invest Soc. Security in Stock
Associated Press Writer
Wednesday, July 17, 2002; 8:17 PM
WASHINGTON The plunging stock market and recent corporate implosions won't stop the White House from driving ahead with plans to overhaul Social Security to allow personal investment accounts.
President Bush's views haven't changed, spokesman Ari Fleischer said Wednesday.
"The president believes that is the right long-term policy," Fleischer said. "He thinks it's good for young people if they want to pursue this on a voluntary basis."
For a complete story click here
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Wall Street Journal - Opinion
BY THOMAS J. BRAY
Tuesday, July 16, 2002 12:01 a.m. EDT
The conventional wisdom is that the idea of privatizing Social Security, or even a small portion of it, is dead, at least for now. The stock market's long, grinding decline is causing serious doubts, particularly among older Americans standing on the cusp of retirement. And Democrats already are cutting ads warning voters of Republican schemes to risk their nest eggs to the Wall Street crapshoot.
"A lot of us thought that idea was a bad idea two years ago, when the Dow was going up every week," said Senate Majority Leader Tom Daschle last week. "After what's happened to the stock market in the last few weeks, we think it's a terrible idea."
As usual, the media are providing a steady backdrop of scary stories about the riskiness of markets. "Stocks' Slide Is Playing Havoc With Older Americans' Dreams," headlined the New York Times on Sunday. The story led with the example of an Atlanta couple in their early 60s who sold their ad agency in 2000, invested the proceeds in the stock market and now have to go back to work. For a complete story click here
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A third rail for the GOP
By Robert Kuttner, 6/19/2002
Boston Glode - Opinion/editorial
THE REPUBLICANS and the Bush administration may have painted themselves into a serious political corner on the hot-button issue of Social Security. Last December a Social Security Commission appointed by the president reported three possible plans to privatize part of Social Security accounts.
At the time the commission was appointed, conservative think tanks like the Heritage Foundation and the Cato Institute had persuaded leading Republicans that voters liked the idea of ''choice'' in their retirement planning and that private accounts invested in stocks had great appeal with younger voters.
But after a swooning stock market and the Enron scandal, Republican congressmen who have to run in swing districts know better. For complete story click here
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Women prefer status quo
By David R. Francis June 17, 2002 csmonitor.com
For women, the debate over privatizing Social Security is especially important. "[Social Security's] face is a female face," says Dr. Laurie Young, executive director of Older Women's League. On Mother's Day, her organization issued a report charging that privatization is "a false promise."
Because women live longer on average than men, they usually receive Social
Security benefits for a longer period. Further, inflation adjustments of
these payments become especially valuable to women. For complete story click
here
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Where's the debate on Social Security?
By Matt Moore - Washington Times 6/14/02
A debate, by definition, is a discussion between two sides. The current exchange over Social Security reform is not a debate. Instead, one side is ignoring the true issue at hand, while the other is arguing over semantics.
President Bush kicked off what was intended to be the debate over Social Security reform when he appointed a 16-member commission to study the program's problems and report back with frameworks for solving them. The commission, which finished its work in December, called on Congress and other political leaders to spend the next year engaged in a national dialogue about Social Security and reform. The collective response: dodging and demagoguery. For complete story - click here
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Social Security Administration tightens rules for issuing numbers
By LEIGH STROPE, Associated Press 5/21/02
WASHINGTON (May 21, 2002 12:05 p.m. EDT) - Cracking down on the use of Social Security numbers in the aftermath of Sept. 11, the Social Security Administration will no longer issue numbers to foreigners to apply for driver's licenses even in states that require them.
The agency also has stepped up efforts to identify mismatches between names and Social Security numbers with help from employers nationwide, sometimes revealing immigrants working in the United States illegally.
The changes have been in the works for some time. They were given impetus by the Sept. 11 terror attacks, in which some of the 19 hijackers falsely obtained Social Security numbers that allowed them to operate more freely in the country by opening bank accounts and getting credit cards.
One union that represents a large number of immigrant workers cautioned that the post-Sept. 11 crackdown on foreigners is building a lot of resentment and anger. For complete story click here
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The Cincinnati Post 5/16/02
An irresponsible bill - opinion page
Social Security is in deep long-term trouble, and there will be a steep, steep price to pay if Washington does not soon undertake a restructuring that will keep at least some costs in tow while adding a new revenue stream that the program desperately needs.
So what did the House do Tuesday? It added to those costs. It made it more difficult to fix things without serious damage in the process.
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Chile's private retirement system holds clues for U.S.
By REESE ERLICH St. Petersburg Times
published April 23, 2002
SANTIAGO, Chile -- Chileans are watching with interest as the U.S. Congress debates President Bush's proposal for a partial privatization of Social Security. Chile privatized its national pension system 21 years ago, and supporters say it offers a model for the United States.
"It would be a big advance for American workers," says Guillermo Arthur, president of the association of Chile's pension mutual funds.
But some trade unionists and pension experts say the Chilean system provides inadequate pensions and will eventually require big government subsidies. The main beneficiaries, says law professor and pension expert Juan Gumucio, are the mutual fund managers.
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Wary Words On Social Security
GOP Shunning Use Of 'Privatization'
_____Special Report_____
By Mike Allen and Juliet Eilperin
Washington Post Staff Writers Saturday, May 11, 2002;
Republican congressional leaders, bracing for Democratic attacks on the issue of Social Security this fall, are drafting plans for a House vote against "privatizing" the system. The strategy, they hope, would insulate them from voter anger without directly repudiating President Bush's proposal to allow private investments of some, but not all, Social Security contributions.
Such a vote would underscore Republicans' ongoing concerns about being associated with changes in the popular retirement program, even though Bush made an overhaul of Social Security a campaign centerpiece. Some GOP consultants are urging their candidates to avoid using the word "privatization" and to challenge their opponents to be specific about how they would keep the system solvent without embracing changes of some sort. For complete story click here
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Racicot Urges Congress To Tackle Social Security
Comments Are at Odds With Many in GOP
By Dan Balz Washington Post Staff Writer
Wednesday, April 24, 2002; 4
Tackling a delicate political issue that many Republicans have been trying to avoid, Republican National Committee Chairman Marc Racicot yesterday urged Republicans and Democrats in Congress to take up President Bush's Social Security reform proposals this year, saying the president is "anxious to get on with it and so am I."
Racicot's comments at a breakfast with reporters are at odds with the views of many House Republicans, who want to put off any legislative debate about Bush's plan for partial privatization of the government's retirement security program until after the November elections. For complete story click here
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By REESE ERLICH- St. Petersburg Times published April 17, 2002
SANTIAGO, Chile -- Chileans are watching with interest as the U.S. Congress debates President Bush's proposal for a partial privatization of Social Security. Chile privatized its national pension system 21 years ago, and supporters say it offers a model for the United States.
"It would be a big advance for American workers," says Guillermo Arthur, president of the association of Chile's pension mutual funds. For complete story click here
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Social Security needs to update its treatment of women
Wednesday, April 17, 2002
JENNIFER DUNN AND DORCAS R. HARDY SOCIAL SECURITY REFORM ADVOCATES
The Helen Thomas opinion piece on Social Security (Wednesday) contained so many inaccuracies that it would be impossible to respond to each individually.
The notion that Social Security "ain't broke so don't fix it"
has been so thoroughly discredited by nearly all objective analysts that
we will not spend time recounting what the Social Security Board of Trustees
-- in Republican and Democrat administrations -- have been saying for years:
The current system is unsustainable and must be modernized. For complete story click here
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But Social Security, Medicare still must be fixed, trustees say
By Sue Kirchhoff, Globe Staff, 3/27/2002
ASHINGTON - Medicare and Social Security are in slightly better shape in the short term than previously predicted, but face growing long-term financial problems that require quick bipartisan action by Congress, the programs' trustees said yesterday. For complete story click here
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Senate Democrats Tap Social Security in Budget Plan
By Glenn Kessler and Juliet Eilperin Washington Post Staff Writers
Thursday, March 21, 2002; Page A08
Senate Democrats, who have frequently criticized President Bush for using excess Social Security receipts to fund other programs, yesterday unveiled a budget plan that would tap Social Security every year for the rest of the decade. They called on the next Congress to solve the problem.
The Democratic plan, likely to be approved by the Senate Budget Committee today, was released as Republicans and Democrats in the House engaged in a furious debate over a competing $2.1 trillion GOP budget blueprint that largely follows Bush's recommendations for the fiscal year that starts Oct. 1. The House approved the plan, 221 to 209, largely along party lines. For complete story click here
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PRESIDENT BUSH PUT one of the weakest points of his Social Security privatization plan on display last week when he said that it would allow retirees to ''pass these accounts on to their children.'' The Social Security system will need every penny it can get to provide for the baby boomers and subsequent generations. Any money diverted to retirees' heirs will leave less to pay for benefits.
Bush, addressing the National Summit on Retirement Savings, was touting a plan that seems appealing only when it is not exposed to detailed scrutiny. Bush's Special Commission on Social Security found that grafting an investment option onto the existing Social Security system would require Congress to cut benefits and pump general tax revenues into the system. The commission still endorsed partial privatization, but only because Bush had packed the group with supporters. For complete story click here
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James P. Pinkerton
Bush Should Lay Off Social Security Issue
GEORGE W. Bush is now pushing Social Security reform-or, as he calls it, "retirement security."
That word choice suggests where the president is headed: away from the traditional idea of a public pension program and toward a new idea of a semi-privatized system."I want America to be an ownership society," he said at the National Summit on Retirement Savings last week.
So this is the answer to the charge that the Bush White House is "too political." The truth is, the Bushies are just the latest bunch of Republicans to put anti-entitlement ideology ahead of pro-re-election politics.
Since its inception, many Republicans have wanted to scrap or revamp Social Security, which they regard, correctly, as the ultimate symbol of New Deal welfare-statism. Now it's Bush's turn. Perhaps he has overinterpreted his 47.9 percent of the popular vote in 2000 as a mandate for sweeping domestic change. Yes, Bush has public opinion polls "proving" it's a good issue, but real-world pols facing the voters this November worry about ballot boxes, not telephone surveys. For complete story click here
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MARCH 5, 2002
By Howard Gleckman
Social Security: Fools on the Hill
Democrats rant about Enron, while the GOP wants to issue certificates promising that retirees will be paid. Which bunch is worse?
In Washington, the issue of Social Security reform is a lot like the weather: Everybody likes to talk about it, but nobody ever really does anything about it. Now come both political parties with their latest salvos. Unfortunately, most of what they're saying these days is either lame or cynical.
Democrats think they can make political hay by Enronizing the issue of making private retirement accounts a part of Social Security. They claim that the collapse of the Houston energy company's stock is proof positive that such accounts will fail. Republicans, meanwhile, think they can make retirees feel better merely by sending out official-looking certificates promising that they'll be paid in full. As if seniors could use a fancy piece of paper to pay for the Early Bird at their neighborhood restaurant. For complete story click here
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Experts are upbeat despite the system's need of an overhaul.
By David Westphal -- Bee Washington Bureau Chief
WASHINGTON -- The future of the monthly Social Security check may not be so bleak after all.
Despite a din of doomsday predictions about the baby boom's impact on the national retirement system, some of the country's foremost Social Security experts offer a remarkably upbeat assessment of future benefits, saying cutbacks are likely to be mild, or even nonexistent. For complete story click here
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Bush heeds retiree fears
Social Security, pensions are safe, president insists; An issue for fall elections; Stressing reform in wake of Enron, shaky stock market
By David L. Greene Sun National Staff Originally published March 1, 2002
WASHINGTON - With Enron's collapse and the shaky stock market leaving many Americans anxious about their retirement savings, President Bush sought yesterday to reassure workers that money put away in pensions and in the Social Security system will be available when they stop worki