ADVISORY/Social Security Expert Tim Penny Available To Discuss Findings of Annual Social Security Trustees 2004 Report; Report To Be Released March 23rd.Business Editors/Calendar Editors ADVISORY...for Tuesday (March 23) --(BUSINESS WIRE) WHAT: The much anticipated report from the Social Security Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. on the financial status and long-term outlook for Social Security will be released to the nation on Tuesday, March 23rd. The 2003 report stated that starting in 2018, more money will be paid out in benefits than comes in, creating a deficit. By 2042 the Trust's funds will be exhausted and the system will be bankrupt BANKRUPT. A person who has done, or suffered some act to be done, which is by law declared an act of bankruptcy; in such case he may be declared a bankrupt. 2. It is proper to notice that there is much difference between a bankrupt and an insolvent. . Everyone is anxiously awaiting the 2004 numbers because of attention generated by FED Chairman Alan Greenspan's comments. He shocked Americans by saying the retirement age should be raised and benefits for future retirees should be cut in order to sustain the system; otherwise, payroll taxes Payroll Tax Tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee. In most countries, including the U.S., both state and federal authorities collect some form of payroll tax. would have to be raised. WHO: Tim Penny Timothy Joe "Tim" Penny (born November 19 1951), is an American politician from Minnesota. Penny was a Democratic-Farmer-Labor member of the United States House of Representatives, 1983–1995, representing Minnesota's 1st congressional district in the 98th, 99th, 100th, , former Democratic Member of Congress from Minnesota and Chairman of For Our Grandchildren GRANDCHILDREN, domestic relations. The children of one's children. Sometimes these may claim bequests given in a will to children, though in general they can make no such claim. 6 Co. 16. National Advisory Council (a non-partisan Social Security education and reform organization) will be in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on March 23 and be available for in-studio interviews as well as radio interviews to address the finding of the report and discuss solutions. He will also be available by satellite from 6:00AM-9:30AM ET on March 24. Tim Penny served in Congress for 12 years and continues to work in the areas of Federal Budgeting, Trade issues and rural development. In 2001 he was appointed to President Bush's bipartisan Commission on Social Security. He will be able to discuss where Social Security is heading and the various options needed to fix the problem including Personal Retirement Accounts. His discussion points are: -- What You Need To Know About The Future of Social Security And Why It Needs To Be Fixed Now. -- Why Cutting Benefits or Raising The Retirement Age Is Not The Answer. -- The Need For Personal Retirement Accounts To Secure Each Individual's Future With A Savings Account Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: That Each Person Controls. -- Dispelling the Myth That There's Not Enough Money Coming Into Social Security Right Now To Create Personal Accounts, While Maintaining Current Benefits. |
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