Tax Day is right around the corner. And if you’re like me, you’re wringing your hands about how much we owe to the federal government. But whether we realize it or not, most people pay more in Social Security taxes than income taxes.
Oklahomans may be hearing a lot about President Bush’s proposal to reform Social Security. With all the rhetoric flying back and forth, what you may not be getting are the real reasons why we are having this discussion. Simply put: this is a generational problem.
Ten thousand baby boomers turn 60 every day. In just two years, 77 million boomers will begin reaching early retirement age and will become eligible for Social Security benefits. When that happens, they will stop paying into Social Security and begin drawing money from it.
The Bush Administration has suggested shifting the calculation of initial Social Security benefits from wages to prices as a way to control the program’s soaring costs.
The president's declaration should signify to everyone that Social Security is no longer the third rail of American politics. And that's a good thing.
As the 2004 presidential campaign enters the final stretch, Democratic nominee John Kerry rolled out the tired election-year charge that his Republican opponent plans to cut Social Security benefits.
The annual report on the financial health of Social Security and Medicare was published this week. Contrary to some accounts that it pronounced Social Security in better health than last year, the report concluded that Social Security's long-term prospects are deteriorating rapidly.
Is the stock market too risky for retirement savings? Only if you believe the opponents of President Bush's proposal to reform Social Security with personal retirement accounts. Fortunately, history is not on their side.
This year's Republican victories in U.S. House and Senate races have been largely attributed to the popularity of President Bush. But beneath the surface, something else was going on, as many races across the country also became referendums on Social Security reform.
Today's questionable business environment; however, does not weaken the case for reforming Social Security with personal retirement accounts.
A debate, by definition, is a discussion between two sides. The current exchange over Social Security reform is not a debate. Instead, one side is ignoring the true issue at hand, while the other is arguing over semantics.
There is a little-known provision in the education bill Congress will soon pass that could have big effects at a school near you: "Supplemental Services." This limited, but significant, measure could actually pave the way for school choice that includes private schools.
For all the attention paid to Social Security, it is not the elderly entitlement program in most trouble; health care is. Government health care spending for the elderly will actually surpass spending on Social Security by 2060.
Ask any six-year-old and he will tell you – Bill Clinton's shining example aside – that it is wrong to tell a lie. But this simplest of schoolboy lessons has been lost on the critics of school choice.
Congress is moving forward with President Bush's education reform package. But with each new step the plan gets pieces shaved off and other pieces tacked on. The once comprehensive proposal now looks more like a patchwork quilt.
If you go on a trip without a map, it is quite likely you will not arrive at your destination, and wherever you do end up will be of little consequence. Our education system is on just such a journey. We don't really know what works, what doesn't, what the children are learning or where the problems are; but at the same time we demand that our schools improve.
President Bush's promise to form a Presidential Social Security Commission next spring indicates that he is ready to reform Social Security.
Social Security reform has become the number one issue of the final days of the 2000 presidential campaign. With all the talk about lockboxes, trust fund solvency and trillion dollar promises, it is very easy to get bogged down by what is unarguably a complex issue. But it doesn't have to be. When you break it down, Social Security is not really all that complicated.
In the closing minutes of the 2000 presidential debate, George W. Bush and Al Gore finally rattled sabers over Social Security reform, the most important issue at stake in this campaign, and the one that best demonstrates the differences between the two candidates.
When presidential contender Al Gore says we must "honor our commitment to the future" and "guarantee Social Security is there when you retire," it appears he is just talking to baby boomers and not Generation Xers and younger Americans. For younger workers, Gore's reform plans just don't deliver.
Presidential hopefuls Al Gore and George W. Bush both recognize that Social Security is in trouble, and both have developed extensive plans for dealing with the program's projected financial shortfall. But not all Social Security reform plans are created equal.
Wake up young workers of America! Our future is being mortgaged to grease the gears of government.