ABC
Social Security’s retirement and disability programs have enough funds to cover the next 20 years, but that could change come 2033.
Every year the Social Security Board of Trustees releases its report outlining the stability and financial security of the two biggest federal programs in the United States, Social Security and Medicare.
This year’s report says that because of an increase in pressure on these programs — Americans are living longer and the baby boomers are beginning to collect — funds could run out sooner than expected. In addition, the slow-rebound of the economy and high energy prices are leading to a quicker deterioration of the trusts that fund Social Security.
“In 2033, incoming revenue and trust fund resources will be insufficient to maintain payment of full benefits,” . Treasury Secretary Tim Geithner, said, referring to Social Security. “At that point there will only be enough money to cover about three-fourths of full benefits.”
Social Security is broken into two arms: Retirement, and its disability program, which aids 11 million Americans and will be exhausted two years earlier than last year’s estimate.
In 2011, the report estimated that funds would last until 2036.
Medicare’s Hospital Insurance Trust Fund maintained the same projection as last year, with sufficient resources to maintain benefits through 2024. This is attributed to the 2 percent cut in Medicare that Congress enacted last year.
“Please, please remember that ‘exhaustion’ is an actuarial term of art and it does not mean there will be no money left to pay any benefits,” Commissioner of Social Security Michael Astrue cautioned. “After 2033, even if congress does nothing there will still be sufficient assets to pay about 75 percent of the current level of benefits.”
According to Public Trustee Charles Blahous, the bleak projections for these two programs, which accounted for 36 percent of federal expenditures in fiscal year 2011, signifies the largest actuarial deficit seen in Social Security since the 1983 reforms and the “second largest single year deterioration in all trustee reports since the last major reforms.”
“Never since the 1983 reforms have we come as close to the point of trust fund depletion as we are right now,” Blahous said. “Our window for dealing with it without substantially destructive consequences is closing fairly rapidly.”
The Affordable Care Act has offered some stabilization to the Hospital Insurance Trust Fund that finances Medicare. Originally the Hospital Insurance Trust Fund was set to expire in 2016.
“As a result of the law, we’ve added another eight years to its life, putting Medicare on much more solid ground,” Kathleen Sebelius, secretary of Health and Human Services, said.
She said that the law does this “through a range or reforms, from cracking down on fraud to helping providers prevent costly medical errors to reducing excess payments to Medicare advantage plans.”
Both Sebelius and Geithner emphasized the importance of quick action to solve the problem facing the giant retirement and disability programs.
Thursday, April 26, 2012
Thursday, April 19, 2012
Moms: 'I can't afford to work'
NEW YORK (CNNMoney) -- After factoring in the rising cost of child care, the daily commute and other work-related expenses, a growing number of mothers are figuring out that having a job just doesn't pay.
"It comes down to a cost analysis and I have several clients that have taken the route of quitting," said Anna Behnam, a financial advisor at Ameriprise Financial in Rockville, Md. "Factor in taxes, transportation costs, clothing and lunch -- what is the true net that you bring home after salary?"
Over the past few years, the debate over which lifestyle is more financially feasible -- working and paying for child care versus staying at home -- has come up more often among Behnam's clients than ever before. For most working parents, child care is by far the greatest expense. In 2010, the cost of putting two children in child care exceeded median annual rent payments in every state, according to a report by Child Care Aware of America.
The recent run up in gas prices has only drained paychecks further, shaving 8.7% off of the average worker's annual income, according to the Oil Price Information Service. And then there are the rest of the expenses that add up for workers, including clothing and dining out during the day, which are also on the rise.
Andrea Hayken, 34, made about $45,000 a year as a third grade teacher in the Fairfax, Va. county public school system. But licensed daycare for her now four-year-old son would have cost $2,000 a month, eating up nearly half of her before-tax income.
Since her husband, an attorney, earned more money than she did, it made more sense for Hayken to be the one to stay home.
"When all was said and done, there just wasn't enough money to make [working] worth it," she said.
Hayken, who now also has a two-year-old daughter, says she is ultimately very happy with her decision. But other moms are more conflicted. "It's a complex decision where you are weighing all sorts of factors," said Ellen Galinsky, president and co-founder of non-profit Families and Work Institute. "It's your current costs and your future earnings and your desire to be at home, in combination with the desire for your children to have early educational experiences."
In the end, many lower- and middle-class mothers just don't make enough money to afford to work, she said. Either as a result of layoffs, dismissals or voluntary exits, roughly 177,000 women left the labor force in March, bringing their participation rate to a level not seen since 1993, according to the Bureau of Labor Statistics.
Even though women surpass men in educational attainment, they earn an average income of $35,776 a year, about 20% less than their male counterparts, according to the Labor Department.
"It comes down to a cost analysis and I have several clients that have taken the route of quitting," said Anna Behnam, a financial advisor at Ameriprise Financial in Rockville, Md. "Factor in taxes, transportation costs, clothing and lunch -- what is the true net that you bring home after salary?"
Over the past few years, the debate over which lifestyle is more financially feasible -- working and paying for child care versus staying at home -- has come up more often among Behnam's clients than ever before. For most working parents, child care is by far the greatest expense. In 2010, the cost of putting two children in child care exceeded median annual rent payments in every state, according to a report by Child Care Aware of America.
The recent run up in gas prices has only drained paychecks further, shaving 8.7% off of the average worker's annual income, according to the Oil Price Information Service. And then there are the rest of the expenses that add up for workers, including clothing and dining out during the day, which are also on the rise.
Andrea Hayken, 34, made about $45,000 a year as a third grade teacher in the Fairfax, Va. county public school system. But licensed daycare for her now four-year-old son would have cost $2,000 a month, eating up nearly half of her before-tax income.
Since her husband, an attorney, earned more money than she did, it made more sense for Hayken to be the one to stay home.
"When all was said and done, there just wasn't enough money to make [working] worth it," she said.
Hayken, who now also has a two-year-old daughter, says she is ultimately very happy with her decision. But other moms are more conflicted. "It's a complex decision where you are weighing all sorts of factors," said Ellen Galinsky, president and co-founder of non-profit Families and Work Institute. "It's your current costs and your future earnings and your desire to be at home, in combination with the desire for your children to have early educational experiences."
In the end, many lower- and middle-class mothers just don't make enough money to afford to work, she said. Either as a result of layoffs, dismissals or voluntary exits, roughly 177,000 women left the labor force in March, bringing their participation rate to a level not seen since 1993, according to the Bureau of Labor Statistics.
Even though women surpass men in educational attainment, they earn an average income of $35,776 a year, about 20% less than their male counterparts, according to the Labor Department.
Monday, April 16, 2012
Florida rep labels congressional Democrats as communists
(CNN) – Florida Rep. Allen West's controversial comments have once again landed him in the headlines – this time with the sort of accusation not seen in Congress since the 1950s.
At a town hall meeting with constituents in Jensen Beach, West was asked how many members of Congress are "card-carrying Marxists."
According to CNN affiliate WPEC, West responded, "I believe there's about 78 to 81 members of the Democratic Party that are members of the Communist Party."
West's campaign manager, Tim Edison, pointed reporters to West's next comments, when he says the members in question belong to the Congressional Progressive Caucus. "This group advocates for state control over industries, redistribution of wealth, reduced individual economic freedom and the destruction of free markets," Edison added in a statement. "These members of Congress advocate the type of policies that have put Europe on the brink of economic and fiscal collapse, and are driving the United States in the same direction. It is interesting that amid the swirl of feigned outrage and media misreporting of the Congressman’s remarks, all the attention is focused on the semantics, but no one is disputing the Progressive Caucus’s support for policies central to socialist and even Marxist systems."
The Congressional Progressive Caucus responded to West's comments with a statement calling the comment and others like it "personal attacks." "Calling fellow Members of Congress 'communists' is reminiscent of the days when Joe McCarthy divided Americans with name-calling and modern-day witch hunts that don't advance policies to benefit people's lives," the statement, by caucus co chairs Reps. Raúl M. Grijalva and Keith Ellison, read.
A spokesman for the Communist Party USA said Wednesday that the remarks are "not the epithet it once was." "We think it's ridiculous statement and totally untrue. It's clear he's trying to give the impression that there are people with a secret agenda in the Congress," party vice chair Libero Della Piana said. "We don't take offense at it. Really it wasn't a statement about us at all," he added, but rather a myth about Democrats.
Last summer, West wrote an email to Florida Rep. Debbie Wasserman Schultz describing her as "the most vile, unprofessional and despicable member of the US House of Representatives." Last February, he described a fellow member of Congress who is Muslim as "someone that really does represent the antithesis of the principles upon which this country was established."
West was suggested as a possible GOP vice presidential nominee last week by the party's most recent nominee, former Alaska Gov. Sarah Palin. The first term congressman said on CNN's "Newsroom" that he is open to the possibility.
"(My family) has always stepped up to the plate to serve our country, and if it's the right thing, then I will do so. But I really doubt that would ever happen," he said. But, he has said, Romney has yet to call.
At a town hall meeting with constituents in Jensen Beach, West was asked how many members of Congress are "card-carrying Marxists."
According to CNN affiliate WPEC, West responded, "I believe there's about 78 to 81 members of the Democratic Party that are members of the Communist Party."
West's campaign manager, Tim Edison, pointed reporters to West's next comments, when he says the members in question belong to the Congressional Progressive Caucus. "This group advocates for state control over industries, redistribution of wealth, reduced individual economic freedom and the destruction of free markets," Edison added in a statement. "These members of Congress advocate the type of policies that have put Europe on the brink of economic and fiscal collapse, and are driving the United States in the same direction. It is interesting that amid the swirl of feigned outrage and media misreporting of the Congressman’s remarks, all the attention is focused on the semantics, but no one is disputing the Progressive Caucus’s support for policies central to socialist and even Marxist systems."
The Congressional Progressive Caucus responded to West's comments with a statement calling the comment and others like it "personal attacks." "Calling fellow Members of Congress 'communists' is reminiscent of the days when Joe McCarthy divided Americans with name-calling and modern-day witch hunts that don't advance policies to benefit people's lives," the statement, by caucus co chairs Reps. Raúl M. Grijalva and Keith Ellison, read.
A spokesman for the Communist Party USA said Wednesday that the remarks are "not the epithet it once was." "We think it's ridiculous statement and totally untrue. It's clear he's trying to give the impression that there are people with a secret agenda in the Congress," party vice chair Libero Della Piana said. "We don't take offense at it. Really it wasn't a statement about us at all," he added, but rather a myth about Democrats.
Last summer, West wrote an email to Florida Rep. Debbie Wasserman Schultz describing her as "the most vile, unprofessional and despicable member of the US House of Representatives." Last February, he described a fellow member of Congress who is Muslim as "someone that really does represent the antithesis of the principles upon which this country was established."
West was suggested as a possible GOP vice presidential nominee last week by the party's most recent nominee, former Alaska Gov. Sarah Palin. The first term congressman said on CNN's "Newsroom" that he is open to the possibility.
"(My family) has always stepped up to the plate to serve our country, and if it's the right thing, then I will do so. But I really doubt that would ever happen," he said. But, he has said, Romney has yet to call.
Tuesday, April 10, 2012
Board recommends dismissal of anti-Obama Marine
(CNN) -- A Marine Corps board has recommended that a politically active Marine sergeant who questioned President Barack Obama's authority be dismissed from service with an "other than honorable" discharge.
Sgt. Gary Stein, 26, who posted anti-Obama comments on his Facebook page, stands accused of violating a catch-all military justice provision against conduct endangering "good order and discipline." He is also accused of violating a Department of Defense policy limiting the political activities of service members. The case has raised First Amendment issues.
The recommendation for dismissal, made late Thursday after a 13-hour hearing, will now go to a separation authority headed by Brig. Gen. Daniel Yoo, commander of the Marine Corps Recruit Depot in San Diego, said Maj. Michael Armistead, the public affairs director for the installation.
If he leaves the Marines with an other than honorable discharge, Stein will be demoted a rank to lance corporal. One of Stein's lawyers, Capt. James Baehr, said Stein would also lose benefits and his uniform.
Baehr said his client was extremely disappointed. "I don't think any law was violated by Gary Stein," he said. "The reason we have this reticence in the military to get engaged in politics is that we were afraid a long time ago of military dictatorship," Baehr said. "We are so far from that in suggesting that on a private Facebook page, you can't say something about politics."
Stein came under scrutiny from Marine officials after saying he would not obey Obama's orders.
In a January 26 post to the Armed Forces Tea Party Facebook page, Stein called Obama a liar. Two days later, he said the president is "the 'Domestic Enemy' our oath speaks about."
In a March 4 posting, he questioned Obama's birth certificate. Another discussion on the site in March said he would refuse to obey orders given by Obama. He later clarified to say he meant illegal orders, which he has explained as orders such as sending the military to Syria without congressional approval.
"The allegations drummed up against me are no more than an agenda by the Marine Corps to use me as an example," Stein said in a statement posted to his page. "If I am guilty of anything it would be that I am American, a freedom loving Conservative, hell bent on defending the constitution and preserving Americas greatness."
Sgt. Gary Stein, 26, who posted anti-Obama comments on his Facebook page, stands accused of violating a catch-all military justice provision against conduct endangering "good order and discipline." He is also accused of violating a Department of Defense policy limiting the political activities of service members. The case has raised First Amendment issues.
The recommendation for dismissal, made late Thursday after a 13-hour hearing, will now go to a separation authority headed by Brig. Gen. Daniel Yoo, commander of the Marine Corps Recruit Depot in San Diego, said Maj. Michael Armistead, the public affairs director for the installation.
If he leaves the Marines with an other than honorable discharge, Stein will be demoted a rank to lance corporal. One of Stein's lawyers, Capt. James Baehr, said Stein would also lose benefits and his uniform.
Baehr said his client was extremely disappointed. "I don't think any law was violated by Gary Stein," he said. "The reason we have this reticence in the military to get engaged in politics is that we were afraid a long time ago of military dictatorship," Baehr said. "We are so far from that in suggesting that on a private Facebook page, you can't say something about politics."
Stein came under scrutiny from Marine officials after saying he would not obey Obama's orders.
In a January 26 post to the Armed Forces Tea Party Facebook page, Stein called Obama a liar. Two days later, he said the president is "the 'Domestic Enemy' our oath speaks about."
In a March 4 posting, he questioned Obama's birth certificate. Another discussion on the site in March said he would refuse to obey orders given by Obama. He later clarified to say he meant illegal orders, which he has explained as orders such as sending the military to Syria without congressional approval.
"The allegations drummed up against me are no more than an agenda by the Marine Corps to use me as an example," Stein said in a statement posted to his page. "If I am guilty of anything it would be that I am American, a freedom loving Conservative, hell bent on defending the constitution and preserving Americas greatness."
Tuesday, April 3, 2012
Study finds dramatic increase in skin cancer in young adults
By Alexandra Sifferlin
HEALTHLAND
As a young adult with porcelain skin — I prefer that term to “pale” — I get it. Bronzed skin is perpetually “in” and nobody likes going to the beach only to have to sit under an umbrella and shield their eyes from the glare of their own upper thighs. But a new study from the Mayo Clinic finds an alarming increase in skin cancer among young adults, and the reason may be their persistent efforts to tan.
Published in the April issue of Mayo Clinic Proceedings, the study reports that between the years 1970 to 2009, the incidence of melanoma increased eightfold among young women and fourfold among young men aged 18 to 39. Although men generally have a higher lifetime risk of melanoma than women do, the researchers found the opposite trend to be true among the young adults. “We knew we would see an increase in rates among young women, but we were surprised we saw such a dramatic increase. This seems to be higher than what has been reported previously,” said Mayo Clinic dermatologist Dr. Jerry Brewer in a teleconference.
The researchers looked at first-time melanoma diagnoses for all patients. Based on previous studies on tanning behavior, the authors suggest that the rise of melanoma among young women is linked to their penchant for indoor tanning.
In 2009, the International Agency of Research on Cancer declared tanning beds a human carcinogen, moving them into the top cancer-risk category alongside cigarettes. According to Dr. Brewer, tanning beds and cigarettes have the same cancer risk, but teens are ignoring the warnings. He says there is a disconnect in education about the dangers of tanning-bed use that needs to be acknowledged.
“Tanning beds can give you seven times the dose of UV radiation as the sun,” says Dr. Brewer, “but young adults are still going.”
It’s important to note that although melanoma rates are on the rise, mortality rates have improved. Researchers credit this to improved early detection methods and prompt medical procedures. “People are now more aware of their skin and of the need to see a doctor when they see changes. As a result, many cases can be caught before the cancer advances to a deep melanoma, which is harder to treat,” said Dr. Brewer in a statement.
Dr. Brewer and his fellow researchers support bans on tanning booth use — especially for teens and young adults, who are more vulnerable to the damaging effects of early and frequent tanning — but they recognize the difficulty of enforcing them. “It’s like trying to ban cigarettes, it’s very hard. Should we be limiting tanning beds? Absolutely. Is it easy? Absolutely not. Many states do have bans, but kids are smart. We say, ‘You need a parent’s signature,’ and the kids write the signature themselves,” said Dr. Brewer in the teleconference.
The study group was predominately caucasian, but the researchers say the findings are valid and applicable to similar U.S. populations of the same age range. “There is currently a melanoma epidemic in the U.S., particularly in young women and middle-aged men. This has been documented by various large population based studies, with our study confirming that trend in young women,” says Dr. Brewer.
But if people know what to look for, they can prevent melanoma. It only takes about three minutes to do a skin exam. “Simply look at your skin,” says Dr. Brewer. “This includes getting mirrors and looking at your back and other hard to see areas. It takes a bit of education to get young people to start performing this initial first step, but once they do, the simple act of looking over your skin can significantly decrease chances of dying from skin cancer.”
HEALTHLAND
As a young adult with porcelain skin — I prefer that term to “pale” — I get it. Bronzed skin is perpetually “in” and nobody likes going to the beach only to have to sit under an umbrella and shield their eyes from the glare of their own upper thighs. But a new study from the Mayo Clinic finds an alarming increase in skin cancer among young adults, and the reason may be their persistent efforts to tan.
Published in the April issue of Mayo Clinic Proceedings, the study reports that between the years 1970 to 2009, the incidence of melanoma increased eightfold among young women and fourfold among young men aged 18 to 39. Although men generally have a higher lifetime risk of melanoma than women do, the researchers found the opposite trend to be true among the young adults. “We knew we would see an increase in rates among young women, but we were surprised we saw such a dramatic increase. This seems to be higher than what has been reported previously,” said Mayo Clinic dermatologist Dr. Jerry Brewer in a teleconference.
The researchers looked at first-time melanoma diagnoses for all patients. Based on previous studies on tanning behavior, the authors suggest that the rise of melanoma among young women is linked to their penchant for indoor tanning.
In 2009, the International Agency of Research on Cancer declared tanning beds a human carcinogen, moving them into the top cancer-risk category alongside cigarettes. According to Dr. Brewer, tanning beds and cigarettes have the same cancer risk, but teens are ignoring the warnings. He says there is a disconnect in education about the dangers of tanning-bed use that needs to be acknowledged.
“Tanning beds can give you seven times the dose of UV radiation as the sun,” says Dr. Brewer, “but young adults are still going.”
It’s important to note that although melanoma rates are on the rise, mortality rates have improved. Researchers credit this to improved early detection methods and prompt medical procedures. “People are now more aware of their skin and of the need to see a doctor when they see changes. As a result, many cases can be caught before the cancer advances to a deep melanoma, which is harder to treat,” said Dr. Brewer in a statement.
Dr. Brewer and his fellow researchers support bans on tanning booth use — especially for teens and young adults, who are more vulnerable to the damaging effects of early and frequent tanning — but they recognize the difficulty of enforcing them. “It’s like trying to ban cigarettes, it’s very hard. Should we be limiting tanning beds? Absolutely. Is it easy? Absolutely not. Many states do have bans, but kids are smart. We say, ‘You need a parent’s signature,’ and the kids write the signature themselves,” said Dr. Brewer in the teleconference.
The study group was predominately caucasian, but the researchers say the findings are valid and applicable to similar U.S. populations of the same age range. “There is currently a melanoma epidemic in the U.S., particularly in young women and middle-aged men. This has been documented by various large population based studies, with our study confirming that trend in young women,” says Dr. Brewer.
But if people know what to look for, they can prevent melanoma. It only takes about three minutes to do a skin exam. “Simply look at your skin,” says Dr. Brewer. “This includes getting mirrors and looking at your back and other hard to see areas. It takes a bit of education to get young people to start performing this initial first step, but once they do, the simple act of looking over your skin can significantly decrease chances of dying from skin cancer.”