Tag Archives: Greenspan
Federal Reserve is now big part of National Debt for bailing out banks; Social Security $$ not owed to us?
What government pretends to owe…
The Social Security Trust Fund of some $2.8 trillion is often listed in charts – such as the one above – as part of the National Debt. This particular graphic, the latest available, is from the Federal Reserve, an institution that is part of the huge debt and is owed $2.465 trillion by taxpayers.
The difference between the Social Security “debt” and the Fed debt is an amazing accounting sleight of a sharp pencil. Continue reading →
Now that nearly everyone, of every persuasion, seems to want to be married, seniors should advise the newly matrimonial-prone that true love expressed can cost you big bucks, when dealing with Uncle Sam. Here is a mock 1040 for a mythical single filer Herman Schmidlap:
Herman is filing single, and the return would be the same if filed as “married, but filing separately.” His wages were $15,000, plus $10,000 he was required by RMD to take from his IRA or face penalties, plus $25,000 Social Security Benefits. He has a $25,000 Continue reading →