Taxes
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2/14/2008 | Healthcare, Taxes
Senior benefit costs up 24%
USA Today
The cost of government benefits for seniors soared to a record $27,289 per senior in 2007, according to a USA TODAY analysis. That's a 24% increase above the inflation rate since 2000. Medical costs are the biggest reason. Last year, for the first time, health care and nursing homes cost the government more than Social Security payments for seniors age 65 and older. The average Social Security benefit per senior in 2007 was $13,184. "We have a health care crisis. We don't have an entitlement crisis," says David Certner, legislative policy director of the AARP, which represents seniors. He says seniors shouldn't be blamed for the growing cost of government retirement programs. The federal government spent $952 billion in 2007 on elderly benefits, up from $601 billion in 2000. It's the biggest function of the federal government. States chipped in $27 billion more in 2007, mostly for nursing homes. All three major senior programs � Social Security, Medicare and Medicaid � experienced dramatically escalating costs that outstripped inflation and the growth in the senior population. Benefits per senior are soaring at a time when the senior population is not. The portion of the U.S. population ages 65 and older has been constant at 12% since 2000. The senior boom, however, starts big time in 2011, when the first baby boomers � 79 million people born between 1946 and 1964 � turn 65 and qualify for Medicare health insurance. The oldest baby boomers turn 62 this year and qualify for Social Security at reduced benefits.
1/18/2008 | Economy, Taxes
Bush considering $800 tax rebate to boost US economy
President George W. Bush's administration is considering an individual tax rebate of up to 800 dollars as a short term measure to help boost the sagging US economy, a media report said Friday. The Republican leader was to unveil a fiscal stimulus plan later Friday, amid grim economic news that has united lawmakers and the Federal Reserve chief on the need to revive flagging US growth. The White House has said Bush would propose policies, not dollar amounts, because details of the plan must be hammered out with the Democratic-controlled Congress. "Privately, the White House has discussed its support for a tax rebate of as much as 800 dollars for individual taxpayers, more than double the 300 dollar rebate featured in a 2001 effort to spur economic growth," the Wall Street Journal said. In a key concession to Democrats, the US administration appeared willing to accept stimulus legislation that does not include an extension of Bush's tax cuts, the Journal said.
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