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Social Security Trust Fund

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CALIFORNIA | LOCAL
February 2, 1998
The subhead of Paul S. Hewitt's Jan. 26 commentary, "Abolish the 'Trust Fund' That Isn't," was, "We pay for today's retirees. Tomor- row's workers will pay for us." So what! Social Security has been operating successfully this way for more than 50 years, and it will continue to work this way in the future. Further, any attempt to revise this system will require today's workers to pay for both current retirees' Social Security and their own. The Social Security system is sound in every respect.
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BUSINESS
April 1, 2014 | By Michael Hiltzik
There should be a rule--or even a law--that politicians who propose "fixes" to Social Security should at least show they know something about the program. By that standard, House Budget Committee Chairman Paul Ryan, R-Wisc., would flunk. What's worse, his misunderstandings--heck, let's go ahead and call them misrepresentations--are aimed at taking your money. What's at issue is a passage in the budget resolution Ryan released today , the fourth annual version of his "Path to Prosperity" budget.
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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.
NEWS
May 31, 2013 | By Jon Healey
The trustees overseeing the finances of Social Security and Medicare issued their latest report Friday, declaring that a) the Social Security Trust Fund is expected to run out of money in 2035, the same estimate as last year; b) Medicare's hospital trust fund is expected to run out of money in 2026, a two-year improvement over last year's estimate; and c) the Disability Insurance Trust Fund is expected to run out of money in 2016, just as projected last year. So, what kind of spin would you put on this news?
NEWS
August 16, 1990 | MAURA REYNOLDS, TIMES STAFF WRITER
What's the best way to spend $170 billion? Even as the federal deficit has widened, Social Security reserves have mushroomed, quadrupling since 1986 alone, to $170 billion this spring. With that rising surplus, one of the few bright spots in the federal ledger, all kinds of proposals have been made for its use. Right now, Social Security surplus funds are invested in government securities, primarily Treasury bonds.
CALIFORNIA | LOCAL
July 25, 1996
I haven't heard a peep recently from the experts who were telling us it would be a good idea to invest Social Security Trust Fund revenues in the stock market. I wonder why. GEORGE KISEDA Los Angeles
BUSINESS
November 29, 1998
According to "Russian Budget Is Beyond 'Deficit' " [Nov. 21], the shortfall is so serious that the word "deficit" is no longer adequate. Their chief economic guru says they need a new word. Haven't they learned anything from us? You call it a surplus. That's what Congress (with White House acquiescence) does. They borrow (steal?) from the Social Security trust fund and--presto--no more deficit. You say the Russians don't have a Social Security trust fund? Well, don't tell anybody, but neither do we. The money is gone.
CALIFORNIA | LOCAL
January 7, 1999
President Clinton is quick to take credit for the fiscal discipline that Washington has exercised in wiping out deficit spending for the second year in a row. "We can say the era of big deficits is over," he declared Wednesday in announcing a revised estimate of the budget surplus for fiscal 1999. Not quite, Mr. President. This much heralded budget "surplus," now put at $76 billion, is a bookkeeping myth.
NEWS
November 5, 1985
The delay by Congress in raising the national debt ceiling will cost the Social Security trust fund $38 million in interest in the next 10 days, a Treasury spokeswoman said. The Treasury dipped into the trust fund last week for $15 billion so it could meet government obligations, spokeswoman Kim Hoggard said. Hoggard said the money borrowed from Social Security is enough to last through Nov. 14. "We will lose roughly $38 million (in interest) between Nov. 1 and Nov. 14," Hoggard said.
BUSINESS
March 22, 1998
At last a journalist with the courage to tell it like it is. Columnist James Flanigan's "Using Tomorrow's Pensions to Create 'Surpluses' Today" [Feb. 22] is the first time a reporter has understood the shell game that is going on in Washington with the Social Security Trust Fund. Now maybe President Clinton and Congress will stop trying to hoodwink us about how to save Social Security. The answer is simple. Pay back what has been "borrowed" in the past. RUBIN GREEN Playa del Rey
OPINION
May 2, 2012
Re "Two views of Social Security," Postscript, April 28 I have a solution for Social Security: Why not let the Social Security deduction tax all wages, as the Medicare deduction does? What is the reasoning behind Social Security stopping at $110,100? This makes no sense to me. Why just penalize the average worker with this deduction and let the rich cease paying at this foolish number? This solution would fund the account for decades to come. Seems like a very simple solution.
OPINION
April 28, 2012
A Times editorial on Wednesday called on Congress to shore up Social Security quickly, as its looming insolvency would only get more difficult to address as time dragged on. But Business columnist Michael Hiltzik, in a piece that ran the same day , wrote that Social Security benefits should be expanded. Hiltzik pointed out that the Social Security Trust Fund ran a large surplus last year. Noting the difference in outlook between the two articles, reader Bob Murtha of Santa Maria wrote: "Times editorial board members and Hiltzik need to get together to compare notes.
NEWS
December 6, 2011 | By Lisa Mascaro
Congressional Republicans continue to pose deep resistance to President Obama's proposal to keep a payroll tax holiday that expires at the end of the year, saying they are willing to allow a $1,000 tax hike Jan. 1 on 160 million working Americans rather than go along with a policy they oppose. Republicans in both the House and Senate are defying party leaders who insist the GOP wants to avoid new taxes. Republican presidential candidate Mitt Romney has said he would be willing to support continuing the payroll tax holiday, even though he prefers more substantial long-term economic policies.
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.
BUSINESS
March 3, 2011 | David Lazarus
Social Security now doles out more money in benefit checks than it takes in from taxes, and its trust fund is projected to run out of cash in about 26 years. So this is a good model for healthcare reform? Yes, indeed, says Philip Bredesen, a former health insurance executive who just completed two terms as Tennessee's governor. In his book, "Fresh Medicine," he argues that a key element of meaningful healthcare reform is creation of a Social Security-like trust fund that would raise money from payroll taxes and issue vouchers to all Americans.
OPINION
April 27, 2005
President Bush's Social Security privatization idea is a mistake. Not a policy mistake, a simple mathematical one. It cannot work -- if by "work" one means leaving future retirees better off than under the current system. On Tuesday, the Senate Finance Committee began congressional consideration of the plan. Amid the rhetoric, keep the following in mind. * Much of the money put into Social Security isn't an "investment" -- it is paid directly to current retirees.
NEWS
November 5, 1985 | United Press International
The balanced budget dispute in Congress and the resulting delay in raising the national debt ceiling will cost the Social Security trust fund $38 million in interest in the next 10 days, a Treasury spokeswoman said Monday. The Treasury dipped into the trust fund Friday for $15 billion so it could meet government obligations, spokeswoman Kim Hoggard said.
CALIFORNIA | LOCAL
April 20, 1998
"Social Security 101" (editorial, April 13) makes the assumption that all of the personae offering solutions to the projected meltdown of the Social Security fund some decades from now have in mind, first and foremost, the continuity of the system. Au contraire, mon ami. Although the Republican pit bulls have quit their public howling for the total abolition of Social Security, they have never abandoned this as their ultimate goal. Privatization of Social Security, separating responsibility for the fund from federal control, is the first step on the way to oblivion.
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