Despite Decades of Warnings, Depletion of Social Security’s Trust Fund Is Getting Closer
The depletion dates for Social Security and Medicare’s Trust Funds are rapidly approaching.
Read MoreSocial Security Will Be Depleted By 2032, and Other Takeaways From the Trustees Report
Social Security’s primary trust fund is projected to be depleted by 2032, at which point, benefits for every recipient will be automatically cut by 22 percent.
Read MoreSocial Security and Medicare Trust Funds Will Be Depleted Within the Next Decade
The latest Trustees’ report projects that the Old-Age and Survivors Insurance Trust Fund will be depleted in 2032 — one year earlier than projected in the last two reports.
Read MoreHow Do Quantitative Easing and Tightening Affect the Federal Budget?
The Federal Reserve plays an important role in stabilizing the country’s economy.
Read MoreHow Much Government Spending Goes to Children?
Interest costs on the national debt are expected to rapidly outstrip spending on children in coming years.
Read MoreIRS Staffing Cuts Will Reduce Revenues, Driving Deficits Higher
Reductions in IRS personnel decrease federal revenues, increase deficits, and significantly exacerbate the gap between taxes that are owed and taxes that are actually paid.
Read MoreWhat Is a Value-Added Tax and Should the United States Have One?
Almost all developed economies have a value-added or similar consumption tax — but the United States does not.
Read MoreA Gas Tax Holiday Costs Billions, But Consumers See Only Marginal Savings
If the full savings from the gas tax holiday were passed on to consumers, the average licensed driver would only save approximately $8.90 per month.
Read MoreThe United States Spends More on Defense than the Next 6 Countries Combined
Defense spending by the United States accounted for 33 percent of military expenditures by countries around the world.
Read MoreBudget Basics: What Is the Earned Income Tax Credit?
The earned income tax credit (EITC) is a measure administered through the tax code to address poverty.
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