Budget Office Says Social Security will Start Losing Money in 2020 - KAIT Jonesboro, AR - Region 8 News, weather, sports

Washington

Budget Office Says Social Security will Start Losing Money in 2020

FEBRUARY 1, 2005 - Posted at 3:13 p.m. CST

 

WASHINGTON - A report from the National Women's Law Center says proposed cuts in Social Security would be unduly harsh on women in Arkansas and North Dakota.  Those two states are among those President Bush will visit this week after his State of the Union address.

Bush wants to give younger workers the option of setting aside a portion of their payroll taxes into personal retirement accounts.  Aides have also indicated the administration may propose reducing the starting benefit for future retirees by as much as 40 percent.

The National Women's Law Center yesterday issued a state-by-state report estimating that benefit cuts for future retirees would fall particularly hard on widows under an option that administration officials are studying. 

It said the typical widow benefit of $865 a month would be reduced to $476 under the leading privitization plan.

Meanwhile, in Washington yesterday, the Congressional Budget Office said the Social Security system will take in more money annually than it pays out in benefits until 2020, two years later than earlier estimated.

(Copyright 2005 by The Associated Press.  All Rights Reserved.)

  • Region 8 News</span><a class="customMoreLink" href="/Global/category.asp?C=4391" target="_top">More >></a>Region 8 NewsMore>>

  • A-State goes bowling Wednesday

    A-State goes bowling Wednesday

    Wednesday, December 13 2017 9:36 PM EST2017-12-14 02:36:16 GMT
    Wednesday, December 13 2017 10:39 PM EST2017-12-14 03:39:52 GMT
    A-State defensive end Ja'Von Rolland-Jones looks on as A-State defensive back Blaise Taylor bowls Wednesday night in Montgomery, Ala. (Source: KAIT)A-State defensive end Ja'Von Rolland-Jones looks on as A-State defensive back Blaise Taylor bowls Wednesday night in Montgomery, Ala. (Source: KAIT)

    The A-State Red Wolves are set to go bowling Saturday night when they face Middle Tennessee in the Raycom Media Camellia Bowl before a national audience on ESPN.

    The A-State Red Wolves are set to go bowling Saturday night when they face Middle Tennessee in the Raycom Media Camellia Bowl before a national audience on ESPN.

  • Sharp Co. SO: Child with head injury, father arrested

    Sharp Co. SO: Child with head injury, father arrested

    Wednesday, December 13 2017 7:06 PM EST2017-12-14 00:06:17 GMT
    Wednesday, December 13 2017 10:04 PM EST2017-12-14 03:04:54 GMT
    Carl Adrian Ring (Source: Sharp County Sheriff's Office via Vinelink)Carl Adrian Ring (Source: Sharp County Sheriff's Office via Vinelink)

    A Sharp County man is in trouble with the law in connection with an investigation into his three-month-old child having a head injury, Sharp County authorities said Wednesday. 

    A Sharp County man is in trouble with the law in connection with an investigation into his three-month-old child having a head injury, Sharp County authorities said Wednesday. 

  • Funeral home faces suspension after cremation mix-up, officials say

    Funeral home faces suspension after cremation mix-up, officials say

    Wednesday, December 13 2017 9:06 PM EST2017-12-14 02:06:36 GMT
    Wednesday, December 13 2017 9:33 PM EST2017-12-14 02:33:17 GMT
    (Source: KAIT)(Source: KAIT)

    A funeral home in Batesville faces a temporary suspension after it reportedly cremated the wrong body.

    A funeral home in Batesville faces a temporary suspension after it reportedly cremated the wrong body.

Powered by Frankly