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Poverty and Income Assistance

Friday, April 27, 2012

World’s best investment? Delaying Social Security

Thomas N. Bethell, Visiting Scholar, National Academy of Social Insurance

That headline – atop a recent Wall Street Journal column by Jack Hough, associate editor of SmartMoney.com – pretty much says it all.

Hough writes: “For an investment return that tops those offered by hedge funds, insurance firms or Wall Street banks, baby boomers should look to Social Security… All you need is a way to make ends meet while delaying the start of Social Security benefits from age 62 to as old as 70.”

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Posted on April 27, 2012  |  8 comments  |  Add your comment
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Friday, February 3, 2012

Employers in Many States Face Tax Hike To Help Repay Federal UI Loans

Jasmine Tucker, National Academy of Social Insurance

Employers in 28 states owing $38.2 billion to the federal government for unemployment insurance benefits incurred an increase in their Federal Unemployment Tax Act (FUTA) tax this week.  Revenues from the tax increase will go directly toward repaying the balance of the loans.  A total of 35 states opted to borrow federal dollars because their unemployment insurance trust fund reserves were insufficient to weather the recent economic downturn.  The deep and prolonged Great Recession, current sluggish recovery, and continued high rate of long-term unemployment have further reduced revenues and increased outgoing unemployment insurance payments.

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Wednesday, November 30, 2011

Project on Social Security in Rural Areas Reveals Impact of the Program on Local Economies

Jennifer Clark, National Academy of Social Insurance

The Center for Rural Strategies, an awardee of NASI’s Improving Lives of Vulnerable Americans Through Social Security project, recently analyzed Social Security recipients by county in the U.S. The Daily Yonder (affiliated with the Center for Rural Strategies) used this breakdown of Social Security beneficiaries to find the counties most dependent on Social Security.

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Monday, November 21, 2011

Thankful for Three Key Social Insurance Programs That Kept More Than 24.0 Million Americans Out of Poverty in 2010

Jasmine Tucker, National Academy of Social Insurance

This Thanksgiving, more than 24.0 million Americans, will undoubtedly be thankful for three critical social insurance programs that helped keep them out of poverty in 2010: Social Security, unemployment insurance and workers' compensation.

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Thursday, October 13, 2011

COLA Lite? There's a rumor that the supercommittee may push for the chained CPI

Virginia P. Reno, National Academy of Social Insurance

Rumor has it that the Joint Select Committee on Deficit Reduction, aka “supercommittee,” is considering a switch from the present Consumer Price Index (CPI) to a “chained CPI” to determine Social Security’s cost-of-living adjustment (COLA). While proponents describe the change as a “technical correction” (because the present CPI is believed to overstate the inflation experienced by average consumers), the chained CPI would understate the inflation experienced by older Americans, largely because of their relatively high out-of-pocket healthcare costs and their limited ability to make substitutions (such as fuel for food) when prices rise. Switching to a chained CPI would mean cutting Social Security benefits by gradually eroding their purchasing power – a cut that would compound over time, becoming more and more severe as beneficiaries grow older.

Two NASI fact sheets discuss the consequences.

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Posted on October 13, 2011  |  Write the first comment
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