Expected announcement before election couldn't be worse for Democrats
WASHINGTON — As if voters don't have enough to be angry about this election year, the government is expected to announce this week that more than 58 million Social Security recipients will go through another year without an increase in their monthly benefits.

Second year without an increase

Social Security fund slides into permanent deficit
WASHINGTON — Social Security's finances are getting worse as the economy struggles to recover and millions of baby boomers stand at the brink of retirement.

New congressional projections show Social Security running deficits every year until its trust funds are eventually drained in about 2037.

Cut Social Security, Medicare?

Social Security, the largest federal program, mainly benefits retirees. Medicare provides health coverage for older people. Medicaid helps those with low incomes. Combined, the three consume about 40 percent of the budget. Their costs are growing rapidly. Social Security and Medicare benefits now exceed the payroll taxes that fund them.

Depends partly on your age

Over age 54? You needn’t worry about the proposal House Budget Committee chairman Paul Ryan, R-Wisc., unveiled Tuesday for a redesign of Medicare.

Paul Ryan previews FY2012 budget, pushes back on political attacks

Obama eyes tax hikes, Medicare changes in budget plan

Earlier Wednesday, Republican leaders said they would not support tax increases as part of a deficit-reduction plan. Their comments came shortly after hearing initial details of Obama's proposal.

The Social Security Administration is saying goodbye to the paper check.

The two major choices for electronic payments are direct deposit, in which the government directly transfers your payment into your bank account, and a Direct Express card. That’s a debit card that automatically will be loaded up with your payment each month and doesn’t require a bank account.

US: Medicare to hit financial woes sooner than expected
WASHINGTON — Two of the government's most popular programs for the elderly, Medicare and Social Security, will run out of money sooner than thought earlier as a slow-growing economy saps revenues, a report Friday said.

Congress reconvenes this week to consider options in budget talks
Obama administration officials are offering to cut tens of billions of dollars from Medicare and Medicaid in negotiations to reduce the federal budget deficit, but the depth of the cuts depends on whether Republicans are willing to accept any increases in tax revenues.

I find this uproarishly hilarious. the baby boomers have to reap what THEY sowed. BAHAHAHAHA!

Biden talks just burning up the clock

Where will Washington find $4 trillion in cuts?
Obama is now said to be open to changes in Social Security, Medicaid and Medicare that could result in big savings from those programs — which together by 2021 will account for half of all federal spending.

quote:

Originally posted by BigPoppa:
I find this uproarishly hilarious. the baby boomers have to reap what THEY sowed. BAHAHAHAHA!

The Generations Project
Welcome to the WTHR Generations Project. Join our dialogue on one of the most fascinating topics in American life today, a topic designed to enhance your life: understanding and discussing our unique and powerful generations.

If no deal by Aug. 2, Obama can't guarantee Social Security checks will go out
In an interview with CBS Evening News, President Obama says he can't guarantee Social Security checks will go out Aug. 3rd if a debt-ceiling deal is not reached by the Aug. 2nd deadline.