Advertisement
YOU ARE HERE: LAT HomeCollectionsSocial Security Fund
IN THE NEWS

Social Security Fund

FEATURED ARTICLES
CALIFORNIA | LOCAL
June 27, 1988
Things are looking up all over: Unemployment and the trade deficit continue to decline; our allies are assuming more of NATO's defense costs; the national debt can safely be paid off with the Social Security fund merely by raising the retirement age to 71; there's perestroika in Petrograd; AIDS immunization shows promise; student drug use declines; my Padres win 9 of their last 12; and now that I'm 87 they're going to put expiration dates on...
ARTICLES BY DATE
BUSINESS
March 8, 2011 | Michael Hiltzik
The "lockbox" is back. The "lockbox," you may recall, was the concept presidential candidate Al Gore used during the 2000 election to signify his devotion to the security of Social Security. The principle supposedly was to sequester the program's annual surplus, which was then running about $150 billion a year, so that it couldn't be frittered away on irresponsible government spending. After the election, the lockbox disappeared from public discourse. But the idea that the government is squandering Social Security assets, leaving nothing to pay benefits, has never faded.
Advertisement
NEWS
April 1, 1986 | From Times Wire Services
Social Security will be solvent well into the 21st Century, but Medicare, America's health insurance system for the elderly, is ailing and could be exhausted in 1993, an Administration report said Monday. "Early corrective action is essential in order to avoid the need for later, potentially precipitous changes," the report said, urging that "Congress take early remedial measures to bring future . . . program costs and financing into balance."
NATIONAL
March 6, 2005 | Joel Havemann, Times Staff Writer
Yes, Mary Platz, there really is a Social Security trust fund. You can find it -- about $1.7-trillion worth of special-issue Treasury bonds -- in a Bureau of the Public Debt safe in Parkersburg, W.Va. Platz, 78, of Mableton, Ga., was one of many people who complained to their representative in Congress at meetings around the country in recent weeks, that the government was squandering its surplus Social Security funds on other federal programs.
BUSINESS
September 12, 2004
"No Market Magic for Aging U.S." (James Flanigan, Sept. 5) seems to accept at face value the old canard -- attributed in the column to Stanford University economist John Shoven -- that the only two ways to save Social Security are to either increase FICA taxes on workers or reduce our benefits. The obvious solution, not mentioned anywhere in the article, is to reduce the FICA tax rate but remove the cap on the amount and types of income subject to the tax, including interest, dividends and capital gains.
BUSINESS
January 15, 1995
I found the letter "Blessed Are Today's Recipients of a Teetering Social Security" (Jan. 8) by baby boomer Dennis Robman to be infuriatingly full of false figures and conveniently myopic thinking. Take his hypothetical case of an earner contributing the maximum to the Social Security Fund. (I should have been so lucky in 1941 when the minimum wage was 40 cents an hour.) Mr. Robman comes up with a contribution of $34,000 over 47 years, with his pensioner receiving a payoff of nearly $500,000.
CALIFORNIA | LOCAL
December 4, 1998
House Judiciary Committee Chairman Henry Hyde and his colleagues claim that they are truly concerned about a double standard developing which would allow the rich and powerful to avoid prosecution for perjury while average folks get hammered (Dec. 2). I would be far more willing to believe such claims if they started by pressing charges against those rich and powerful tobacco executives who testified under oath that tobacco is neither harmful nor addictive. It all smells like political hypocrisy.
CALIFORNIA | LOCAL
December 6, 1997
Re "Privatization Offers Option for Social Security," editorial, Dec. 1: There are far better ways to "fix" Social Security. A Times Board of Advisors member, Robert Eisner, had a column on Nov. 30 in which he points out that the Social Security Fund trustees gave a "low-cost" projection, which foresees no problem at all. It assumes 2.5% annual inflation over the long run and 5% unemployment. Eisner goes on to say that the current unemployment rate is 4.7% and the current inflation rate is less than 2%. No one has a crystal ball to accurately foretell future inflation and unemployment, but if the kind of politicians who run up trillions of dollars of national debt can be kept out of the office of president, there is a reasonable chance for the low-cost projection.
CALIFORNIA | LOCAL
December 21, 1988 | ERNEST CONINE, Ernest Conine writes a column for The Times.
During the presidential campaign, George Bush repeatedly denied charges by Democratic rival Michael S. Dukakis that, if elected, he would cut Social Security benefits in order to reduce the federal budget deficit. There is every reason to believe that Bush meant what he said. Now that he has been elected, however, a whole parade of people--many of them Democrats--are pressing him to change his mind. Those urging him to put Social Security "on the table" have included Rep.
BUSINESS
January 31, 1999 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
In the two weeks since President Clinton first proposed investing Social Security funds in the stock market, any hope that a consensus opinion might emerge from the nation's normally genteel economic fraternity seems all but lost. Opponents, led by Federal Reserve Chairman Alan Greenspan, have burst forth to claim that the idea would lead to well-intentioned bureaucratic meddling in markets at best, and outright socialism at worst.
BUSINESS
September 12, 2004
"No Market Magic for Aging U.S." (James Flanigan, Sept. 5) seems to accept at face value the old canard -- attributed in the column to Stanford University economist John Shoven -- that the only two ways to save Social Security are to either increase FICA taxes on workers or reduce our benefits. The obvious solution, not mentioned anywhere in the article, is to reduce the FICA tax rate but remove the cap on the amount and types of income subject to the tax, including interest, dividends and capital gains.
BUSINESS
August 29, 2002 | WILL EDWARDS, BLOOMBERG NEWS
The country clubs and cruise lines will have to wait. The share of American men 55 and older and still working rose to 40.4% in July, the highest since January 1984, according to Labor Department figures. The 28% for women was a record, and participation in the labor force among females over 65 jumped 6.5% during the last year. Seniors are putting off retirement or returning to work after watching slumping stock prices take a bite out of their savings over the last two years.
NEWS
August 28, 2001 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
The federal government will dip into surplus Social Security funds for $9 billion by the end of September, according to Congressional Budget Office figures obtained Monday that contradict the Bush administration's rosier projections. Last week, the White House said the government would conclude the fiscal year with a surplus of $1 billion, excluding nearly $158 billion in excess funds collected through payroll taxes for Social Security.
CALIFORNIA | LOCAL
August 24, 2001
Re "White House Sees Shrinking Budget Surplus" (Aug. 23) and the Social Security trust fund: Those rascally Republicans are going to steal the old folks' Social Security money. What is this, sequel five or a rerun? Come on now, it was a silly story the first time around and isn't any better today. Democrats will lose the White House again and again until they show just a glimmer of imagination. William John Mikus Beverly Hills President Bush, defending his tax cut as the federal surplus shrinks, said, "The biggest threat to our recovery is for the Congress to overspend" (Aug.
NEWS
August 23, 2001 | ROBERT A. ROSENBLATT and WARREN VIETH, TIMES STAFF WRITERS
The projected federal budget surplus has shriveled since April, the White House said Wednesday, setting the stage for a bitter partisan struggle over proposals to provide prescription drug coverage under Medicare and boost spending on defense and education. The combined effect of tax cuts, spending increases and a slumping U.S. economy have reduced this year's estimated surplus to $158 billion, down from $281 billion projected by White House budget officials only four months ago.
NEWS
July 4, 2001 | MEGAN GARVEY, TIMES STAFF WRITER
The Democratic head of the Senate Budget Committee charged Tuesday that the slowing economy coupled with the massive tax cut pushed by President Bush will force lawmakers to dip into the Social Security trust fund as soon as next year to make the government's ends meet. Sen. Kent Conrad (D-N.D.) also estimated that $17 billion of the Medicare surplus will be needed this year to close the gap.
NEWS
May 17, 1993
H ere's Dr. Sol Londe's prescription for a long life: "Be interested in something outside of yourself." At 89, the Northridge pediatrician is living proof that the doctor is healing thyself. Londe, who made a name in blood-pressure research, still spends two mornings a week performing physicals on young offenders at Juvenile Hall.
CALIFORNIA | LOCAL
May 31, 1988
My blood reached the boiling point when I read that Congress is considering spending the surplus that is building up in the Social Security fund. What right does Congress have even considering doing such a horrendous thing? In the first place that money belongs to those of us who have paid and are still paying into it, not to Congress. If there is such a surplus, then the people who were born in the years of 1917-1919 should be given the benefits that those born in other years receive from Social Security.
NEWS
December 3, 1999 | JANET HOOK, TIMES STAFF WRITER
Despite bipartisan promises to preserve the sanctity of the Social Security funds, the federal budget recently passed by Congress will borrow $17 billion in Social Security revenue for other programs, a new report said Thursday. The report by the nonpartisan Congressional Budget Office belied much-touted claims by GOP congressional leaders and President Clinton that, for the first time in decades, the budget would leave Social Security surpluses untouched.
NEWS
October 29, 1999 | JANET HOOK, TIMES STAFF WRITER
Capping a steady march to a final budget confrontation with President Clinton, the Republican-controlled House approved a spending bill Thursday that would cut funding for all government agencies by 1%--a last-ditch austerity measure designed to help the GOP meet its much-vaunted goal of not tapping Social Security revenues for other uses. Far more was at stake in the bill--which would finance education, labor and health programs--than just one piece of the sprawling annual budget.
Los Angeles Times Articles
|