#michael-i-kotlikoff

#michael-i-kotlikoff

Britain's tax wedge, which estimates total taxes on labour paid by employees and employers, minus cash benefits received by working households, increased by 2.45 percentage points last year, the most in the OECD.

Public debt stands at more than $39 trillion, with the interest expense on that borrowing now exceeding $1 trillion a year, highlighting the urgent need for a sustainable fiscal path.

Some financial experts recommend enjoying a portion of the windfall while allocating the rest towards savings or investments to ensure long-term benefits.

The ratio of workers to beneficiaries has plummeted from 10 or more in the mid-20th century to merely two or three today. As a result, the timeline for the depletion of the program's surplus trust funds has accelerated, shifting from 2035 to the end of 2032. After 2032, incoming payroll tax revenue, income from taxation of benefits, and interest on the trust funds will not cover 100% of promised benefits.

Enter Frank Bisignano. The Jamie Dimon protegee had a storied career in banking, and was appointed to lead SSA last spring (he has since added the job of IRS CEO to his resume, which you can read about here.) But the changes he has quickly enacted at SSA-drawing heavily on his time in the private sector-are real, and they're impressing even the Administration's fiercest critics.

Seniors main source of income is their Social Security. The five largest worries for seniors are housing, transportation, food, health care and taxes. Living in high-cost areas where school and infrastructure bonds are an open checkbook makes it impossible for seniors to keep their homes, let alone sell their homes in an unstable housing market. If families cannot afford housing, how can seniors with fixed incomes afford to thrive? They cannot.

Seniors main source of income is their Social Security. The five largest worries for seniors are housing, transportation, food, health care and taxes. Living in high-cost areas where school and infrastructure bonds are an open checkbook makes it impossible for seniors to keep their homes, let alone sell their homes in an unstable housing market. If families cannot afford housing, how can seniors with fixed incomes afford to thrive? They cannot.