News and Events
What Social Security Means to You
Have your read you Social Security Statement Lately?
Below is an exerpt direct from the Social Security Statement provided by the United States Government:
Social Security is a compact between generations. For decades, America has kept the promise of security for its workers and their families. Now, however, the Social Security system is facing serious financial problems, and action is needed soon to make sure the system will be sound when today's younger workers are ready fro retirement.
In 2017 we will begin paying more in benefits than we collect in taxes. Without changes, by 2041 the Social Security Trust Fund will be exhausted and there will be enough money to pay only about 78 cents for each dollar of scheduled benefits.
History of U.S. Government Bailouts
September 29, 2008 4:23 pm EDT
With the flurry of recent government bailouts, we decided to try to put them in perspective. The circles below represent the size of U.S. government bailout, calculated in 2008 dollars. They are also in chronological order. Our chart focuses on U.S. government bailouts of U.S. corporations (and one city). We have not included instances where the U.S. government aided other nations.
Click Here to see how the Treasury did in the end after initial government outlays.(pdf)
The Financial Hurricane
Since 2008 is an election year we hear a lot of promises of what the new President will do for our Country. Universal Healthcare, end the war, etc. What we don't hear them discuss is the issue of the Financial Hurricane headed our way.
What is a Financial Hurricane?
Un-funded Entitlements Programs
1. Medicare
2. Medicaid
3. Social Security
This is the 1st year that Medicare & Medicaid Expenditures Are Greater Than Social Security. Click here to request the complete presentation
Source: Federal Spending - By The Numbers, Brian M. Riedl, The Heritage Foundation March 8, 2007.
Tax Freedom Day
Tax Freedom Day, the day on which Americans have earned enough money to
pay all their federal, state and local taxes for the year, will fall on April 23 this year, according to the Tax Foundation's annual calculation using the latest government data on income and taxes.
Tax Freedom Day is calculated by dividing the official government tally of all taxes collected in each year by the official government tally of all income earned in each year. Governments-federal, state and local-took 29.6% of income in 1970, 30.4% of income in 1980, 33.6% in 2000, and so on. This percentage is the nation's total tax burden. We then use the historical trend and the most recent economic data to make a projection of what the tax burden will be in the current year and we convert that burden into a date-a percentage of the year-on which Americans will have earned enough income to pay their total tax bill for the year.
This year's Tax Freedom Day falls three days earlier than in 2007. Fiscal stimulus rebates and a projection of slow growth in 2008 are the principal reasons for the earlier celebration. However, if the large projected deficit for 2008 were counted as a tax in the current year, Tax Freedom Day would fall on May 3. more
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