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Haku Mo‘olelo

April 27, 2012
By EDWIN TANJI (hakumoolelo@earthlink.net) , For The Maui News

That Congress will need to act to assure the solvency of the Social Security and Medicare programs is clear. The Social Security board of trustees re-emphasized the point with the announcement on April 23 that the trust fund for disability insurance will be exhausted in 2016 while payments from the old-age/survivors insurance trust fund will exceed noninterest income this year. (Noninterest income comprises what workers/employers pay in FICA, taxation of benefits and payments from the federal treasury to offset payroll tax exemptions. Interest income provided $114 billion to the fund in 2011; payouts in 2012 are expected to total $760 billion.)

 
 

 

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