New York (CNNMoney) – Senior citizens would see their Social Security checks shrink under President Obama's latest budget proposal.
The budget plan, being released Wednesday, calls for changing the way the annual cost of living adjustments for Social Security and other federal programs are calculated. Shifting to "chained CPI" from the current inflation measure could reduce the federal debt by $230 billion, but it would also mean that seniors would get smaller increases in their Social Security payments each year.FULL STORY
New York (CNNMoney) – President Obama put a new offer on the table in the fiscal cliff negotiations, and it includes a wonky change that may raise your taxes and reduce your Social Security benefits ... a little.
The proposal centers around how the U.S. government calculates inflation.FULL STORY
New York (CNNMoney) - More than half of Americans have received benefits from government entitlement programs during their lifetimes, according to a Pew Research Center report released Tuesday.
The study found that 55% of Americans have been on at least one of the six largest government safety net programs: unemployment benefits, Social Security, Medicare, food stamps, Medicaid and Welfare.FULL STORY
(CNN) – Several major labor unions joined together to release an ad campaign this week pushing members of Congress to raise tax rates on the wealthiest Americans and protect entitlement programs from major cuts as a solution to the looming fiscal cliff, the groups announced Tuesday.
The American Federation of State, County and Municipal Employees (AFSCME), the Service Employees International Union (SEIU) and the National Education Association say they're spending $300,000 on an initial TV and radio buy for the ad campaign, according to a high ranking labor official. Combined, the three labor groups have more than 6.7 million members.
New York (CNNMoney) - When asked directly about Social Security during their first debate, President Obama and Mitt Romney each gave a brief, detail-free answer. Then they used the rest of their time to talk about Medicare.
Granted, Medicare poses a much bigger financial problem than Social Security. But Americans rely on both programs.FULL STORY
New York (CNNMoney) - More than one in three Americans lived in households that received Medicaid, food stamps or other means-based government assistance, according to a new report.
And when Social Security, Medicare and unemployment benefits are included, nearly half of the nation lived in a household that received a government check, according to the analysis of third-quarter 2010 Census data done by the Mercatus Center at George Washington University. That's more than 148 million Americans.FULL STORY
Editor's note: Part of the CNN Republican debate fact-checking series.
(CNN) – The statement: The Social Security payroll tax cut that President Barack Obama is seeking to extend "will cost the Social Security trust fund another $112 billion, and we don't have enough money this year in the Social Security trust fund to put out those checks - which means we have to go to the general Treasury to get the money." - Republican presidential candidate Rep. Michele Bachmann, at Saturday night's ABC News debate in Iowa. She added that the tax cut "blew a hole" in the trust fund.
The facts: The Obama administration says the Social Security payroll tax cut is projected to cost about $112 billion in the coming year. The administration says the money that would have gone to the trust fund would be made up from general revenues, with "no effect on individuals' current or future Social Security benefits."FULL STORY
NEW YORK (CNNMoney) - In all the talk about whether to extend the Social Security payroll tax cut, a lot of the focus is on the economy: Will the recovery suffer if Congress lets it lapse?
Much less prominent in the discussion is the potential effect of the payroll tax cut on the Social Security trust funds.FULL STORY
(CNN) – Republican presidential front-runner Newt Gingrich unveiled his plan to reform what he calls the "welfare empire" and make major overhauls to social programs like Social Security, Medicare and Medicaid.
"There are 185 federal programs that are income-related, that is, that are you know are supposedly helping the poor," Gingrich said St. Anselm College in Manchester. "185. Those programs collectively spend so much money that if you just gave it to the poor, there would be no poor left in America."
Programming note: GOP presidential candidates face off at 8 p.m. ET Tuesday, November 22, in the CNN Republican National Security Debate in Washington, D.C.
(CNN) – You have to give Republican presidential candidate Rick Perry at least some credit for putting major changes in Social Security on the table. Most politicians don't even want to touch this subject, especially because older Americans love their Social Security benefits, and older Americans vote in much higher percentages than younger Americans.
Perry is proposing very significant changes. For example, he wants to raise the retirement eligibility age.FULL STORY