Tag Archives: Social Security
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 →
H-2A workers don’t pay Social Security (FICA) tax, neither do the millionaires who are exploiting them
Foreign agricultural workers temporarily admitted into the United States on H-2A visas are exempt from U.S. Social Security and Medicare taxes on compensation paid to them for services performed in connection with the H-2A visa. This is true whether they are resident aliens or nonresident aliens.
In addition, compensation paid to H-2A agricultural workers for services performed in connection with the H-2A visa is not considered to be “wages” for purposes of federal income tax withholding, and thus is not subject to mandatory withholding of U.S. federal income tax…Internal Revenue Service
More than 160,000 new temporary (up to three years extension allowed) workers were issued H-2A Visas last year, with about half of those going to Georgia, North Carolina, Florida, Washington and California. Their employers did not pay the company share (6.2%) for FICA (Social Security) or Medicare tax (1.45%). Their bosses didn’t even withhold income taxes, making net pay almost the same same as gross pay. Continue reading →
Those April showers have drowned the media this year with reports of a petulant, prosthetic protuberant princess, also know as “What’s Her Name” or “Smarmy Scandals.”
Meanwhile, back in Congress, 233 members – 54% of that angst body – voted to destroy the Social Security system by not allowing the use of its $2.9 trillion in reserves, forcing cuts of up to 24% in coming years.
As a big boy bonus, this bookkeeping manipulation will allow the fiscal twits to proclaim that nearly three trillion dollars has been cut from the National Debt. These reserves come from excess FICA taxes previously paid by Americans to subsidize years where there was a tax collection shortfall.
But like Tiger Woods winning this year’s Masters (tied at 32), it was not to be. The bill – H.J. Res 2 – required a 66% vote to pass. It fell short by 12%, but under House rules this Constitutional Amendment can be brought up over and over again. Continue reading →
N Y Post can’t stand fact that worker earned a big pension while pub’s boss is worth $15,700,000,000
Retired NYC sanitation worker makes $285K a year from pension
That New York Post headline made many folks angry. Do garbage collectors get pensions worth more than they deserve? Are evil unions behind this? Or dopey Dems? Or a PC still running only DOS?
To illustrate their point, the newspaper published a photo, sort of artsy-fartsy, of a trash truck. That’s to show those readers, who live in gated communities, that there is a device, which removes that garbage the help takes out to the curb on Tuesdays and Fridays.
But back to that big pension – $285,000 a year.
The facts often get in the way of a sensational story, and this one is not an exception. Continue reading →
Ayn Rand’s novel, Atlas Shrugged, begins with a simple question: Who is John Galt?
The answer comes in the last third of that 1957 book, where Galt emerges as the champion of capitalism and defender of Rand’s Objectivism philosophy, which has opposed:
- Child and Adult Care Food Program
- Federal Housing Assistance
- Food Stamps
- Head Start
- Low-Income Home Energy Assistance Program
- Medicare & Medicaid
- Nationalized Health Care
- School Lunch and Breakfast Programs
- Social Security
- Special Supplemental Nutrition Program
- State Children’s Health Insurance Program
- Temporary Assistance for Needy Families
- The Pension Benefit Guaranty Corporation
- Title XX Social Services Block Grant Program
- Trade Adjustment Assistance
- Workers’ Compensation
Galt was not real, but he was a hero to the children of many wealthy families. These sheltered capitalists-in-training saw Ayn Rand as a hero, because she espoused that caring for nobody but yourself was not selfish, but a virtue. Continue reading →
When the right and left political wings agree, you can bet middle-class Americans are in trouble.
And if you are talking about Social Security, a new bipartisan plan spells major cuts in benefits, as the establishment is set to privatize our public retirement system after the mid-term elections next year.
About $2.8 trillion (2,800,000,000) has been borrowed since the 1980s from your Social Security contributions to pay for bureaucratic wars on poverty. to fight real wars on ungrateful Arabs, to sweetheart deals to campaign contributors, and to create a war machine larger than all other countries combined.
But the political class has decided it should not pay back this money, but will instead cut your Social Security benefits enough so they you only get benefits from FICA taxes paid in the current year, and receive none of the money borrowed from the Trust Fund, which will be dissolved. Continue reading →
Remember the promise of a tax cut primarily for the middle class?
For many Americans that will be a lie, and retired seniors will be hit the hardest, despite the attempted sleight of hand numbers game that “gives” you about double the standard deduction, but doesn’t mention the loss of personal exemptions.
Even worse, the so-called reform means that a couple that used to itemize deductions above $12,700 (under 65) and $15,200 (over 65) will now have to wait until the itemization exceeds $24,000.
The table below shows the current income tax formula for a senior couple with the average Social Security benefit, plus a part-time job, and an RMD. (At age 70 1/2 the government forces you to take out part of your IRA and pay income tax on it every year. If you have stocks or bonds, they must be sold to satisfy the IRS, even if they lost value.)
This average senior couple will pay $1,506 income tax under current law without itemization.
Some might wonder about that tax on Social Security Continue reading →
The Food and Drug Administration (FDA) last year had 4,036 generic drug applications waiting for approval. In October 2012, there was a backlog of 2,868 drugs. It now takes a median 47 months to approve a generic drug by the FDA – nearly four years.
What does this mean to the healthcare consumer?
First, it allows a drug company to continue selling their “brand name” drug because there is no replacement on the market. Brand name drugs are sold at incredible prices, pushed up by obscene profits, as well as constant advertising, plus promotion of drugs by medical professionals. To many in the health business, brand name drugs are the real money makers.
By comparison to the United States, the European FDA – the European Medicines Agency (EMA) – has just 24 generics awaiting approval. It takes about a year to get approval in Europe, one quarter the time of the U.S.
Why would it be faster to approve generics in Europe than here? The answer is that patients in America pay for their drugs, either directly or through health plan premiums. In Europe the government negotiates drug prices, because they are working to lower costs to benefit their citizens and reduce spending. It’s the difference between healthcare for profit or Continue reading →
71-year-old man shoots robbers at internet cafe in Florida
Last week, it became more dangerous to be old or disabled.
That’s because the Barack Obama brain trust ordained a rule that will force the Social Security Administration (SSA) to share records with the Department of Justice (DOJ) to look for so-called disabled or impaired individuals.
The government then decides whether or not to ban them from buying a gun.
The SSA maintains that “under our representative payee policy, unless direct payment is prohibited, we presume that an adult beneficiary is capable of managing or directing the management of benefits.” That means you better keep your checking account in your own name, and if you go crazy. just let someone handle your finances using only your name.
Social Security really needs to be reformed. Medicaid probably needs to be capped when it comes to the states. Medicare, there needs to be some sort of means testing.
The (Social Security) retirement age needs to be raised. A portion of Social Security ought to be privatized, if not all. And there probably needs to be some means testing. It’s a Ponzi scheme that’s not sustainable.
“Citing a story in USA Today, which reported that a rash of retirements in 2009 is pushing Social Security to the brink, Johnson said the retirement age needs to be raised perhaps to 70 or 72. “This is the reality, we’re broke,” Johnson said in 2012. Continue reading →