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Social Security Finances

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NEWS
March 31, 2000 | ROBERT A. ROSENBLATT and ALISSA J. RUBIN, TIMES STAFF WRITERS
The booming economy is generating huge tax revenues that will extend the life of the Social Security fund another three years until 2037 and give Medicare a big eight-year boost until 2023, federal officials reported Thursday. "Americans will live longer and grow richer than previously thought," Treasury Secretary Lawrence Summers said at a news conference.
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WORLD
August 6, 2004 | Marla Dickerson, Times Staff Writer
In a showdown with one of the nations' most powerful unions, federal legislators on Thursday approved reforms aimed at shoring up Mexico's financially troubled social security system, which provides healthcare for 50 million Mexicans. In the predawn hours of an emergency session, the Mexican Senate took aim at ballooning pension liabilities that are straining the system's finances to the breaking point.
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WORLD
August 6, 2004 | Marla Dickerson, Times Staff Writer
In a showdown with one of the nations' most powerful unions, federal legislators on Thursday approved reforms aimed at shoring up Mexico's financially troubled social security system, which provides healthcare for 50 million Mexicans. In the predawn hours of an emergency session, the Mexican Senate took aim at ballooning pension liabilities that are straining the system's finances to the breaking point.
NEWS
March 31, 2000 | ROBERT A. ROSENBLATT and ALISSA J. RUBIN, TIMES STAFF WRITERS
The booming economy is generating huge tax revenues that will extend the life of the Social Security fund another three years until 2037 and give Medicare a big eight-year boost until 2023, federal officials reported Thursday. "Americans will live longer and grow richer than previously thought," Treasury Secretary Lawrence Summers said at a news conference.
NEWS
March 25, 1998 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The Social Security system, says the conservative Heritage Foundation, is a bad bargain for just about every American of working age. And for no ethnic group does Social Security promise so meager a retirement package as for the nation's Latino population. The reason, say experts from Heritage and elsewhere: Latinos as a group are younger than the rest of the population. They bear a disproportionate share of the payroll tax burden, which supports today's retirees.
NEWS
February 14, 1996 | RONALD BROWNSTEIN, TIMES POLITICAL WRITER
One reason Sen. Bob Dole of Kansas won Monday night's Republican Party caucuses in Iowa was that he ran up a large margin among older voters. And one way Dole amassed his large margin was by running television ads accusing rival candidate Steve Forbes of supporting "a radical, untested plan that would end Social Security as we know it."
BUSINESS
June 16, 1985
In an otherwise serious article on the budget deficits, ("Huge Budget Deficits Aren't Going to Disappear," June 9) John Oliver Wilson succeeded in making at least four serious errors in one sentence dealing with Social Security and its impact on the federal budget: He claims that in 1962, only 18% of federal budget expenditures went to the elderly, compared to 33% now. Social Security was not included in the federal budget until 1969, and Medicare...
BUSINESS
May 31, 2013 | By Michael Hiltzik
The release of the annual trustees reports for Social Security and Medicare has generated some of the most overheated hand-wringing about the health of these two crucial programs in recent years, largely because the economic slump has made them look weaker than they may be over the long term.  The reports were released Friday, and so far the reaction has been muted -- possibly because both reports have more good news, or at least neutral news,...
NATIONAL
February 5, 2005 | Warren Vieth, Times Staff Writer
Long before he took possession of the White House, before he talked the issue to the top of the national radar screen, George W. Bush began making the case for personal investment accounts in Social Security. Bush was promoting private accounts as far back as his unsuccessful race for Congress in 1978, five years before a federal commission came up with a combination of tax increases and benefit cuts to avert an imminent financial crisis.
NATIONAL
February 18, 2005 | From Reuters
Federal Reserve Chairman Alan Greenspan embraced President Bush's vision of an "ownership society" Thursday, saying private Social Security accounts could foster feelings of wealth among poor Americans. In a second straight day of congressional testimony, the influential Fed chief argued that a personal accounts-based system would be less likely to face the type of fiscal crunch that retiring baby boomers pose to the pay-as-you-go program.
NEWS
March 25, 1998 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The Social Security system, says the conservative Heritage Foundation, is a bad bargain for just about every American of working age. And for no ethnic group does Social Security promise so meager a retirement package as for the nation's Latino population. The reason, say experts from Heritage and elsewhere: Latinos as a group are younger than the rest of the population. They bear a disproportionate share of the payroll tax burden, which supports today's retirees.
NATIONAL
May 1, 2005 | Joel Havemann, Times Staff Writer
The latest wrinkle in President Bush's plan to shore up Social Security's finances follows a familiar pattern: Bush and his opponents can't agree on the most basic facts. This time, the two sides are at loggerheads over whether the president, in his effort to guarantee the system's solvency, would cut retirees' benefits. Bush never uttered those words in his Saturday radio address, which focused on Social Security.
OPINION
April 5, 1998 | LAURENCE J. KOTLIKOFF and JEFFREY D. SACHS, Laurence J. Kotlikoff is a professor of economics at Boston University. Jeffrey D. Sachs is a professor of economics at Harvard University and director of the Harvard Institute for International Development
Notwithstanding all the attention on the current budget surplus, the nation's finances are in crisis. The reason is that two huge programs, Medicare and Social Security, are heading into the red. Medicare, which is being addressed by a special commission, will run out of money around 2010. This is about 10 years later than it would have been absent last year's budget agreement.
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