Author: Industry News

Ask Larry: ​​​​​​Is Social Security Right To Cut My Benefit?
Social Security Disability

Ask Larry: ​​​​​​Is Social Security Right To Cut My Benefit?

Ask Larry: ​​​​​​Is Social Security Right To Cut My Benefit?.
I told him I would receive around $200 and he said it would reduce my so’s Social Security benefit by about $50 a month.
On the other hand, if you qualified for the UK pension without regard to your work in the US, the WEP reduction likely applies.
Best, Larry How Are Benefits Calculated When Someone Received Both Spousal And Retirement Benefits?
Hi Larry, Marge applied for spousal benefits when she was 62 and her spouse was 64.
At the time, she had worked only 11 years.
Here’s an example of how her benefits would be calculated if her full retirement age benefit (PIA) was $500, and her husband’s PIA was $1,200: Reduced retirement benefit at age 62 = $375 (i.e. $500 x .75); Reduced excess spousal benefit at age 62 = $70 (i.e. ($1,200 / 2 – $500) x .70); Marge’s total spousal benefit = $445.
The 25% reduction for age would continue to apply to her reduced retirement benefit, so if her PIA was $600, her reduced retirement benefit amount would be $450.
If her spousal benefit was higher than the retirement benefit, her excess spousal benefit would be reduced to the difference between the retirement benefit amount and the reduced spousal benefit amount.
If you are approved, Social Security will start paying you the equivalent of your full retirement age benefit amount, but no payment is made for the first 5 months of disability, which is referred to as a waiting period.

Many U.S. children go days without eating any vegetables, survey finds

Many U.S. children go days without eating any vegetables, survey finds

Many U.S. children go days without eating any vegetables, survey finds.
American toddlers are more likely to eat french fries than green vegetables on any given day, according to a new national survey on children’s eating habits.
Many young kids also go without any vegetables at all, the survey found. “As we learn more about how dietary habits are established, we are seeing that even as early as infancy, breast milk consumption and consumption of fruits and vegetables can help lay the foundation for healthy eating habits,” Miles said.
The survey also revealed a decline in consumption of healthy fruits and vegetables among 1-year-olds.
The researchers found that nearly 60 percent of infants younger than 6 months did not consume any breast milk. “In the wealthier parts of town, you can walk a block and you find a grocery that has a wide variety of fruits and vegetables,” Stroustrup said.
Toddlers are newness-averse,” Stroustrup said. “You often have to offer a new food to a toddler up to 10 times before that toddler will accept it as something they will eat.” “Food preferences that we develop begin to be established as early as transition to solid foods, and that usually happens around 6 months for U.S. children,” Miles said.

Social Security Has No Place In Budget Discussions
Social Security Disability

Social Security Has No Place In Budget Discussions

— Notwithstanding any other provision of law, the receipts and disbursements of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund [I.e., Social Security] shall not be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of— (1) the budget of the United States Government as submitted by the President, (2) the congressional budget, or (3) the Balanced Budget and Emergency Deficit Control Act of 1985.
Under the same principle and for the same reason, the law requires that Social Security’s income and assets be held in trust, segregated from the general operating fund of its plan sponsor, the federal government.
Outrageously, politicians routinely ignore the clear legal prohibition and lump Social Security’s benefits together with general federal expenditures, and its premiums and investment income with receipts from the income tax and other federal taxes.
To its great credit, the People’s Budget follows the law and does not include Social Security in its proposed federal income and outgo.
The People’s Budget supports increasing Social Security’s modest benefits separate and apart from budget discussions, because Social Security does not add a penny to the deficit and, by law, is not to be counted as part of the federal budget.
And the People’s Budget deserves our support.
The other budgets, which appear to commingle Social Security’s dedicated, segregated revenue with general taxes deserves our condemnation, explain why so many Americans believe that their Social Security contributions have been stolen by their government, diverted to some unauthorized purpose.
Year after year, every proposed budget, except for the CPC’s, reinforces the harmful myth that the people’s pension monies – the Social Security trust funds — are not being properly managed.
If his budget does not make clear that Social Security is separate and apart from other government income and outgo, he will have breached his promise.
It is well past time that the Republican establishment and Donald Trump recognize what their voters and indeed the overwhelming majority of Americans understand: Social Security has no place in budget discussions.

Opinion: Trump should lead the rescue of Greece

Opinion: Trump should lead the rescue of Greece

Greece is back in the news.
If Donald Trump stepped in, and refused to allow the International Monetary Fund to prop up this charade any longer, while simultaneous offering Greece the kind of recovery package that it actually needs, then he could make a real difference.
The Greek saga has been running for so long that most of us have understandably started to tune out.
The endless round of political crises and bailouts no longer arouse much interest, and certainly not the way they did in 2011 and 2012.
On Monday night, the Greek government agreed to a round of budget and reform measures that unlocked the path towards receiving the latest chunk of cash in its €85 billion bailout program.
In 2016, the country’s economy shrank by another 0.1%, in a year when the rest of the eurozone was recovering, and the European Central Bank was flooding the economy with 2.2 trillion of freshly printed euros.
The latest bailout deal includes yet another round of cuts to pensions — although the current rate is only €664 a month, hardly a fortune — as well as taking down the tax-free threshold from around €8,000 a year to less than €6,000, which amounts to a hefty tax rise for the lowest earners.
Greeks need to be back in the shops spending money again.
Next, it should lead an international package to restore Greek competitiveness, and pressure Germany to pay the largest share.
But at some point Greece needs to be rescued from the endless spiral of austerity and recession.

The number of reluctant part-time workers is still higher than before the Great Recession

The number of reluctant part-time workers is still higher than before the Great Recession

Millions of Americans don’t want to work part-time.
The U.S. economy added just 98,000 jobs in March, the smallest gain in nearly a year, after adding more than 200,000 jobs in January and February.
Economists predicted that the number of jobs created in March would hit 180,000, so the actual figures fell far short of that.
On Thursday, Amazon said it will create 30,000 part-time jobs in the U.S. over the next year, nearly double the current number.
There were some 5.6 million involuntary part-time workers in March 2017, little changed from the month before, but down from 6.4 million a year earlier, according to the Bureau of Labor Statistics.
Aside from the frequent lack of sufficient work hours, these part-time workers must also “navigate unpredictable and/or variable hours,” with their work schedules varying week-to-week at a rate more than double that of full-time workers, it added.
Compared to similar full-time workers, men working part-time earn 19% and women working part-time earn 9% per hour.
(The employer mandate requires certain businesses to provide health insurance when their employees work a set amount of hours.)
Approximately 40% of involuntary part-time workers report a total family income of less than $30,000, compared with just 18% of the latter and 29% of the population as a whole, according to an earlier report — “A Tale of Two Workforces: The Benefits and Burdens of Working Part Time” — published in 2015 by Rutgers University.
In 2015, then-Presiden Barack Obama introduced measures to require U.S. companies to pay overtime to millions of salaried workers, but that move was halted by a federal judge last December.

Fed set to leave interest rates unchanged, may hint at June hike

Fed set to leave interest rates unchanged, may hint at June hike

Thomson Reuters By Lindsay Dunsmuir WASHINGTON (Reuters) – The U.S. Federal Reserve is expected to hold interest rates steady at its meeting this week as it pauses to parse more economic data but may hint it is on track for an increase in June.
The central bank is scheduled to release its policy decision at 2 p.m. EDT (1800 GMT) on Wednesday at the conclusion of its two-day meeting.
Fed Chair Janet Yellen is not due to hold a press conference.
Most policymakers have already made plain that in contrast to previous years, the Fed feels more confident in its forecast of two more rate increases this year.
The Fed is in its first tightening cycle in more than a decade.
The rate-setting committee also is still waiting to see to what extent Trump administration policies on tax, spending and regulation will be able to get through Congress.
A stimulus package could speed up the pace of hikes.
However, a surge in business investment and the fastest wage growth in a decade suggest activity will regain momentum as the year progresses.
Jobs growth also slowed sharply in March but the unemployment rate dropped to a near 10-year low of 4.5 percent.
Economists have largely attributed the weak first-quarter reading to perennial issues with the calculation of growth during the January-March period and the pullback in hiring in March to weather effects.

AP PHOTOS: Greek poverty deepens during 7 years of austerity

AP PHOTOS: Greek poverty deepens during 7 years of austerity

AP PHOTOS: Greek poverty deepens during 7 years of austerity.
ATHENS, Greece – Over the past seven years, austerity has left visible scars in Greece’s capital.
A walk around Athens reveals more homeless than ever despite some signs of a rosier economic outlook.
Thousands of shops, mostly small businesses, are shuttered here and across the country.
In what used to be a busy shopping arcade, closed stores are padlocked against a backdrop of hanging Greek flags.
Whole families can be seen lining up for free meals at a growing number of soup kitchens.
On Tuesday, International Monetary Fund and European negotiators bailout negotiators reached an agreement with Greece’s government to continue rescue funding in return for a painful new round of cuts and higher taxes over the next three years.
A few steps away from the church-run soup kitchen is a homeless shelter also run by the church.
In less than 20 minutes, 230 hot meals were delivered to people who waited more than an hour to get them.
While in line, they fret over how to make ends meet after years of cuts to their earnings, worrying about more austerity being planned.

Fact check: Trump distorts facts on Obama’s stimulus bill

Fact check: Trump distorts facts on Obama’s stimulus bill

Trump described it as an “infrastructure bill” but “[n]obody ever saw anything being built” and most of the money was used on “social programs.” Although the Obama administration promoted the bill’s infrastructure projects, the overriding goal of the stimulus package — which Trump praised at the time — was to jump-start the economy through a combination of tax cuts to spur spending, federal contracts and grants to create private-sector jobs, and federal aid to local and state governments to ease the effects of the Great Recession.
It’s true that about a third of the $840 billion stimulus package went toward social programs such as unemployment benefits, food stamps and Medicaid assistance to states.
As we said, Obama and his team often touted infrastructure projects in the stimulus bill, but it was not strictly, or even primarily, an infrastructure bill.
According to the archived ARRA website, the total funds allocated from the legislation came to $840 billion and broke down like this: $290.7 billion to tax relief; $261.2 billion to “contracts grants and loans”; and $264.4 billion to entitlements (including Medicaid and Medicare and unemployment benefits).
According to the White House’s ARRA website, $33.8 billion was spent on “infrastructure,” which included broadband, highway construction, and water and sewer projects.
But there was other infrastructure money in other parts of the bill, such as the $39.2 billion spent on transportation, including highway infrastructure, high-speed rail corridors, and grants for railroads and airports.
about the stimulus package, estimated about $80 billion in the stimulus went to infrastructure.
“It’s accurate to say that President Obama and his team promoted the stimulus as an infrastructure bill,” Grabell told us in an email.
In all, $94 billion was spent on education.
As BuzzFeed notes, after the Feb. 9, 2009, Obama press conference we cited earlier, Trump went on Fox News to sing the praises of the plan, saying, “this is what we need.” “Well, I think taxes are very good.

Eurozone jobless count falls by smallest in a year

Eurozone jobless count falls by smallest in a year

Eurozone jobless count falls by smallest in a year.
The decline in the number of people without jobs across the eurozone was the smallest in almost a year during March, a development that is likely to inspire caution among policy makers at the European Central Bank.
The European Union’s statistics agency Tuesday said the number of unemployed workers fell by just 5,000 during the month, the smallest decline since a 3,000 drop in April 2016.
If sustained, the slowdown would likely reinforce the ECB’s caution as it faces pressure from German politicians to begin to wind down its stimulus programs.
In recent months, the ECB has stressed the importance of rising wages to keeping the inflation rate at its target of just below 2% over coming years. “As unutilised resources are still weighing on domestic wage and price formation, measures of underlying inflation remain low and are expected to rise only gradually over the medium term,” ECB President Mario Draghi said in a news conference Thursday.
Surveys of manufacturing companies around the eurozone that were released Tuesday suggest unemployment will continue to fall over coming months, and March may have been a blip.
In response to data firm IHS Markit, manufacturers reported that they hired new workers at the fastest rate in six years.
The data firm said its Purchasing Managers Index for the manufacturing sector rose to 56.7 in April from 56.2 in March, slightly below its preliminary estimate of 56.8, but still the highest activity reading since April 2011.
Write to Paul Hannon at

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“This is a congressional rebuff of the administration’s funding request,” said Justin Draeger, president and CEO of the National Association of Student Financial Aid Administrators.
Those guidelines included significant cuts, especially for the Department of Education.
Clare McCann, a senior policy analyst with New America’s Education Policy program, said Congress doesn’t appear to have an interest in pursuing the drastic cuts outlined by the White House, especially outside of a reauthorization of the Higher Education Act.
McCann said lawmakers restored year-round Pell eligibility in a responsible way by capping students at 150 percent of a maximum Pell Grant in a single year.
The $22.5 billion included for Pell Grants in the spending package, combined with mandatory funding, will also allow the maximum size of the grant to rise modestly by $105, to $5,920.
But advocates for student aid say there is still serious work to be done on Pell even after year-round eligibility is restored.
Lawmakers agreed to provide more than $34 billion to the National Institutes of Health in the deal, another divergence from the Trump budget plan that makes 2017 the second consecutive year in which the agency would receive an increase of $2 billion. “These increases follow a decade of reduced investments that constricted American medical innovation,” said Peter McPherson, the president of the Association of Public and Land-grant Universities, in a statement.
And the budget deal increased funding for apprenticeship programs, which experts said is a signal that congressional Republicans share the Trump White House’s stated interest in expanding that approach to job training.
The bill continues funding to states and industry and other intermediaries to support that expansion, while also increasing the federal appropriation for apprenticeships to $95 million, an increase of $5 million.