7 posts tagged “social security”

Also, he plans not to tax the first $50,000 of retiree's income. That will go a long way to securing the retirement of people like me who won't make nearly that much in retirement.

Obama Annouces Proposal to Protect Social Security

http://news.enquirer.com/apps/pbcs.dl...

Sen. Barack Obama promised senior citizens Friday that as president, he would protect Social Security benefits and provide universal health care. To extend the life of Social Security, Obama proposed applying a payroll tax to annual incomes above $250,000, affecting the wealthiest 3 percent of Americans. The Democrat also proposed eliminating income tax for any retiree making less than $50,000. "Secure retirement is no longer a guarantee for the middle class,'' Obama said during a visit to Oakleaf Village retirement center with his wife, Michelle. "It's harder to save and harder to retire."

Social Security doesn't need huge changes to keep it going. Medicare is a different story, but let's stick to Social Security here. I've heard several of the candidates for President trying to frighten Americans (especially those of us nearing retirement, such as moi) by using hyperbole on this issue.

In yesterday's mail, I received a quarterly statement from my current 401k plan with my employer. In the newsletter that came with the statement, T. Rowe Price included a Social Security fact that I found interesting. It states that "Based on the 2007 annual report of the trustees of the Social Security Administration, benefits can be paid through 2041, even if Congress does nothing to bolster the system."

You don't have to take the word of the trustees. Alan Greenspan weighed in on the subject recently on Meet the Press, "Social Security is not a big crisis. We’re approximately 2 percentage points of payroll short over the very long run.  It’s a significant closing of the gap, but it’s doable, and doable in any number of ways."

So, when you hear candidates speak to this issue, keep the facts in mind and don't be influenced by hyperbole and distortion.

With all the bad news that we hear of murder, terrorism, the war in Iraq, the spread of nuclear weapons, poverty, suffering, homelessness, hunger, disease, etc., it is often quite easy to get so discouraged by the events on the world stage to do anything. We feel helpless in the face of world events. I feel it. I know you do too.

I know that when I get personally discouraged, especially during the darkness of winter, that I literally have to start counting my blessings to get out of my funk. I don't want to sound trite here, because I really do this. Instead of dwelling on the negative, I compare how I'm living with how most of the rest of the world lives, and I know that things really aren't so bad after all.

Lately, I am starting to think of how things will soon be much, much better. Not just for me. No. For most of us. Given the state of politics in the US, I dare say that we will probably elect a Democrat as President in 2008 and the election of a fillibuster-proof Senate (60 vote majority, not counting Lieberman). Although I still want Gore to run, I can support any of the Democratic candidates...and will. There is not a Republican in the race that I would support because I want change...major change. Obama's entrance into the contest has certainly raised hope in a lot of places. I like him too.

So, all things are possible. We can do more than dream. We can plan to work in a campaign to make things happen. Instead of feeling helpless, we can feel powerful and be powerful.

We can look for candidates who want to house the homeless, to feed the hungry, to bring healthcare to the sick and non- or under-insured, to add more police again to our streets as crime is now rising again, to reduce our oil addiction and reduce greenhouse gases, to restore America's leadership and reputation as a democratic nation, to strengthen Social Security to help those retired and nearing retirement (as I am), to help those poor people on the Gulf coast who are still suffering from Katrina and government inaction even now, and...well the list is almost endless. "Imagine," as John Lennon sang. All things are possible with new beginnings.

I'm passing this along from the Alliance for Retired Americans (emphasis mine). I agree the Bush plan is a bad one, especially that it ignores the working poor.

President Bush's proposed tax deduction for health insurance appears to be shaping up as a tough sell in the Democratic Congress, according to the Associated Press. Rep. Pete Stark (D-CA) said on Monday that the tax changes, which the President would later promote in last Tuesday night's State of the Union speech, would encourage employers to stop providing health insurance. 

The President's plan would allow each family to deduct $15,000 a year from its taxable income to offset the cost of health insurance - and those who file their tax returns as individuals would be allowed $7,500 each. To pay for this tax break, the value of employer-provided health insurance exceeding the deductions would be taxed as income. 

The conservative Tax Foundation said 53 percent of Americans without health insurance pay nothing in federal income taxes and would get nothing from a break on such taxes. To reach a generous assessment of the proposal for the working poor, White House economists assume that employers would pass on their payroll tax cut to their workers in the form of raises - an assumption that many find unlikely to occur. 

"The President's health care proposal with skewed tax credits disproportionately affects retirees and health plans with older workforces. This misguided proposal could hasten the dropping of health care coverage for retirees," said George J. Kourpias, President of the Alliance. Mr. Kourpias also said, "If the President wants to solve problems, not create more gridlock, he could reverse his veto threat of a bipartisan House-passed bill to require the Secretary of Health and Human Services to negotiate lower drug prices on behalf of Medicare beneficiaries."

Better telephone or write your Representatives and Senators now. Add to that a letter or call to the White House. Plus, work with the Alliance for Retired Americans and other groups to support the Social Security Administration to negotiate lower drug prices for Medicare recipients, much as Veterans Administration does for military vets.

Hoping to prevent Congress from letting the government negotiate lower drug prices for millions of older Americans on Medicare, the pharmaceutical companies have been recruiting Democratic lobbyists, lining up allies in the Bush administration and Congress, and renewing ties with organizations of patients who depend on brand-name drugs.

Many drug company lobbyists concede that the House is likely to pass a bill intended to drive down drug prices, but they are determined to block such legislation in the Senate. If that strategy fails, they are counting on President Bush to veto any bill that passes. With 49 Republicans in the Senate next year, the industry is confident that it can round up the 34 votes normally needed to uphold a veto. [NY Times]

Some of my hopes and dreams for our great nation were reinforced by yesterday's wave of rejection of "stay the course." We have fought a war based on lies and false evidence for 3 1/2 years. It must end soon. Since we picked the fight, we need to help the people of Iraq come to some conclusion before we leave, but leave we must, as Yoda might say. The nation expects no less.

Also, we can now start to think again of having a country where all children can receive a good education, all people without medical insurance can afford it, researchers can continue to find new cures and treatments, the poor can receive a higher minimum wage for their labor, and our retirees can benefit from a strengthened Social Security and Medicare system.

Let's look for ways to bridge our differences and get on with becoming a beacon of democracy and freedom once again while keeping our nation secure. Peace.

The greed of corporate capitalists never ceases to amaze me. Yet most Katrina victims are still without housing, Bush is again trying to kill Social Security, global warming continues, the price of gas is forcing price inflation while most worker bee wages are frozen, and we don't have universal healthcare. And I bet some of these folks attend a church as pretend Christians.

I once worked for Phonezilla (AT&T) and am glad I work for a tiny company where people are treated well. I pray for all the people that suffer from corporate capitalist greed.

CBS News has reported that in 2006, more than 100 of the Fortune 1,000 biggest companies have terminated or frozen pension plans, complaining of the costs.  But in many cases the companies' leaders' benefits are getting bigger.  For example, AT&T's CEO, Edward Whitacre, will be entitled in November to a yearly pension of $5.4 million for life.  The Wall Street Journal found that 45 percent of AT&T's pension expenses go to just 1,500 top executives - less than 1% of the total number of AT&T workers.  The rest covers the other 189,000 employees. [Source]