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Social Security Administration
Government: No Increase for Social Security Next Year
By not in system - AOL NewsWASHINGTON (Oct. 15) -- The government says there will be no increase in Social Security benefits next year, the second year in a row without an increase for more than 58 million retirees and disabled Americans. The Social Security Administration said Friday that inflation has been too low since the last increase in 2009 to warrant one for 2011. The announcement marks only the second year without an increase since automatic adjustments for inflation were adopted in 1975. The first year was this year. The cost-of-living adjustments, or COLAs, are automatically set each year by an inflation ...
Contrary to Politico, Social Security Benefits Aren't Pegged to Growth
By Paul Wachter - AOL News(Oct. 14) -- Social Security turned 75 this year. How's it doing these days? On Wednesday, Politico's Simmi Aujla reported on some gloomy news regarding the federal benefits program. He wrote, "On Friday, Social Security recipients will learn that they won't receive higher benefits for the second year in a row because the economy isn't growing fast enough." There's just one problem with this: Social Security benefits aren't pegged to growth, they're tied to inflation. Indispensable economist and media gadfly Dean Baker pounces: The cost of living adjustment for Social Security has nothing ...
No Social Security Cost of Living Adjustment in 2011
By not in system - AOL News
WASHINGTON (Oct. 10) -- 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. It would mark only the second year without an increase since automatic adjustments for inflation were adopted in 1975. The first year was this year. "If you're the ruling party, this is not the sort of thing you want to have happening two weeks before an election," said Andrew Biggs, a former deputy commissioner at the Social ...
72,000 Stimulus Payments Went to Dead People
By not in system - AOL NewsWASHINGTON (Oct. 7) -- More than 89,000 stimulus payments of $250 each went to people who were either dead or in prison, a government investigator says in a new report. The payments, which were part of last year's massive economic recovery package, were meant to increase consumer spending to help stimulate the economy. But about $18 million went to nearly 72,000 people who were dead, according to the report by the Social Security Administration's inspector general. The report estimates that a little more than half of those payments were returned. An additional $4.3 million went to more than ...
FBI Launches Largest Cop Corruption Case Ever in Puerto Rico
By Dana Chivvis - AOL News(Oct. 6) -- The FBI launched what it calls the "largest police corruption case" in the history of the agency early this morning in Puerto Rico, arresting 129 people around the country -- most of whom were public servants ranging from police officers to municipal workers to U.S. Army soldiers. The defendants face drug trafficking charges with possible sentences ranging from 10 years to life in prison. "The actions of these individuals proved they were not worthy of the title of public servant," Luis Fraticelli, special agent in charge of the FBI's San Juan office, said in a statement. "They ...
At 75, Social Security Is Showing Its Age
By Joann M. Weiner - Politics DailyAmerica's Social Security system celebrates its 75th anniversary today. Hurray. Thanks to this program, more than 55 million elderly or disabled Americans (and their dependents) receive an average of $1,070 each month. Yet, for all the retirement security that the program provides, its future looks bleaker than ever. Earlier this month, the trustees for the Social Security Administration reported that the system will not be able to pay full benefits after 2037. Despite the dismal forecast, most politicians steer clear of any serious attempt at reform. It's one of those issues described as ...
Social Security Turns 75: How Healthy Is It?
By Andrea Stone - AOL NewsWASHINGTON (Aug. 12) -- Is Social Security showing its age? When President Franklin D. Roosevelt signed "old-age" benefits into law on Aug. 14, 1935, nearly half of men and almost 40 percent of women died before they were old enough to cash in. The program later grew to include disability benefits and Medicare, which provides health care to the elderly. Today, with people living longer and baby boomers starting to collect their checks, many wonder if the Depression-era program is finally over the hill. "Social Security at 75 is fairly arthritic," said Stuart Butler, head of domestic and ...
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