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Social Security Trust Fund goes cash-flow negative

| March 27th, 2010 by in Economy/Budget

Today the New York Times had a shocking story: this year the Social Security Trust Fund will pay more out in benefits than it takes in in revenue. There are several reasons this is an important story.

First, it is important because it reminds us that our country is on the edge of a fiscal precipice. The baby boomers will begin retiring next year. Indeed, with the recession some have started to retire early. As the story notes, “payments have risen more than expected during the downturn, because jobs disappeared and people applied for benefits sooner than they had planned.”

Continue reading article from Redstate.

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Bipartisan deal falls apart, endangering expiring unemployment benefits

| March 27th, 2010 by in US Politics

 A bipartisan Senate deal to briefly extend a package of expiring provisions fell apart Thursday night, endangering unemployment aid set to expire April 5.  

Senate leaders from both parties had neared a deal to allow swift passage of a package providing benefits for another week that would be fully paid for, according to Senate sources from both parties. The compromise was needed because Sen. Tom Coburn (R-Okla.) blocked Senate Democrats from quickly passing a month-long extension. Coburn objected because its cost, $9.2 billion, wasn’t offset and would increase the $12.7 trillion national debt.

Continue reading article from The Hill.

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