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One of the favorite liberal solutions to Social Security’s financial problems is to eliminate the wage cap entirely but give people who earn more than the cap no benefits above the current formula.
Social Security is one of the most hotly debated social programs in America. While all seem to acknowledge that it's a vital necessity, how the program is funded and administered -- as well as its...
5 proposed solutions to fix Social Security. Shoring up the projected shortfall of the Social Security trust fund isn’t a one-size-fits-all solution. Numerous proposals have been discussed over ...
Because Social Security tax receipts and interest exceed payments, the program also reduces the size of the annual federal budget deficit commonly reported in the media. For example, CBO reported that for fiscal year 2012, the "On-budget Deficit" was $1,151.3 billion. Social Security and the Post Office are considered "Off-Budget".
Disability recipients Survivors benefits Retired Social Security In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration (SSA). [1]
The first Social Security office opened in Austin, Texas, on October 14, 1936. [10] Social Security taxes were first collected in January 1937, along with the first one-time, lump-sum payments. [8] The first person to receive monthly retirement benefits was Ida May Fuller of Brattleboro, Vermont. Her first check, dated January 31, 1940, was in ...