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economy6 days ago•28 min saved

High earners could see caps on Social Security COLAs to shore up solvency

A bipartisan CRFB white paper proposes capping annual Social Security cost‑of‑living adjustments for the wealthiest beneficiaries to improve long‑term solvency. If adopted, the cap would anchor around the 75th percentile of benefits, meaning the top quartile (and especially the top 5%) would receive smaller COLAs in coming years, while lower earners continue to get full increases. The change would not fix the program by itself and is just a proposal; funds are projected to run short in the 2030s unless Congress acts, and lawmakers are weighing a range of ideas to close the funding gap.

via Yahoo Finance|

#cap-proposal #cola #crfb

us-news1 month ago•49 min saved

2032 Social Security cliff could slash retirement benefits for new couples

A nonpartisan analysis warns the Old-Age and Survivors Insurance trust fund will exhaust its reserves in late 2032 unless Congress acts, potentially forcing a 22% cut in benefits and about $16,900–$17,000 in annual losses for a typical newly retired dual‑income couple, with Medicare spending also at risk. Lawmakers have proposed a range of reforms—revenue measures, payroll tax changes, and benefit-structure adjustments—to restore solvency.

via Yahoo|

#crfb #oasi #retirement-benefits

business3 months ago•3 min saved

Social Security could see a near-4% boost in 2027 as inflation stays hot

Forecasters estimate a 2027 Social Security cost-of-living adjustment near 3.8–3.9% (about $80 more per month for the average retiree). This projection from the Senior Citizens League aligns with CRFB’s 3.8% forecast, though ranges could run 3–4.5% depending on inflation July–September. The final COLA will be set in October. A higher COLA would widen the SSA trust-fund shortfall (around $300 billion over the next decade) and hasten insolvency unless steps such as capping benefits for high earners (e.g., at $100,000) are taken, which could save up to $190 billion over ten years.

via CBS News|

#business #cola #crfb

economy10 months ago•3 min saved

US Fiscal Deficit Reaches $1.8 Trillion Amid Shutdown and Rising Debt Costs

The Committee for a Responsible Federal Budget criticizes the recent government shutdown as wasteful and reports a $1.8 trillion deficit for 2025, highlighting concerns over unsustainable borrowing, long-term entitlement insolvencies, and the need for bipartisan fiscal reforms to prevent the U.S. from losing its global standing.

via Fortune|

#crfb #debt #economy

finance2 years ago•1 min saved

"Rising National Debt: U.S. Interest Payments Exceed Defense Spending for First Time Since 1940"

The US government is projected to spend a record $870 billion on interest payments for the 2024 fiscal year, surpassing its budget for national defense for the first time since 1940, according to the Committee for a Responsible Federal Budget (CRFB). This spending is expected to exceed Medicare expenses and become the second-largest government expense, trailing only Social Security. The national debt currently stands at $34.332 trillion, and interest spending is on track to reach 3.1% of GDP this year, exceeding the previous record set in 1991.

via The Daily Hodl|

#congressional-budget-office #crfb #finance