New research from George Mason University's Mercatus Center warns that delaying Social Security reform could negatively impact the bond market and the broader U.S. economy. With the Old-Age and Survivors Insurance trust fund projected to deplete in Q4 2032, inaction may lead to increased borrowing, higher interest rates, and a potential fiscal crisis.
Social Security's OASI trust fund may be depleted by Q4 2032, with 78% of benefits payable, according to new projections. This has intensified calls to tax the wealthy, with bipartisan efforts emerging to lift the payroll tax cap, though significant challenges remain.
An FIR has been filed against eight individuals, including Tinnu Yadav and Anukalp Mishra, for alleged embezzlement of donations at the Ram Temple in Ayodhya. The Shri Ram Janmabhoomi Teerth Kshetra Trust lodged the complaint following an SIT report to the chief minister.
Australia has refused to release internal documents concerning a US$200 million trust fund for Tuvalu, a Pacific nation vulnerable to climate change. The documents, requested via Freedom of Information laws, were withheld citing potential diplomatic damage, despite the fund being invested in fossil fuel industries.
New projections from the Penn Wharton Budget Model (PWBM) suggest Social Security's trust funds may have more time before depletion than previously estimated. The OASI fund could be depleted in February 2033, and combined funds in February 2035, slightly later than the Social Security trustees' projections.
The Social Security trust fund is projected to be depleted by 2032, leading to a potential 22% cut in benefits for over 60 million retirees unless Congress acts. A new report cites demographic shifts and tax cuts as key challenges.
Social Security's retirement trust fund is projected to be depleted by 2032, potentially leading to a 24% benefit cut for 63 million beneficiaries. A report highlights that monthly reductions could average $500 nationally, with some states facing even steeper cuts.
HMRC has launched a campaign to contact 21-year-olds with unclaimed Child Trust Funds, tax-free savings accounts set up by the Labour government in 2005. Over 6 million CTFs were created for children born between September 2002 and January 2011, with average balances of £2,200. More than 750,000 accounts remain unclaimed despite two-thirds of recipients being over 18 and entitled to access their money.
