Coronel José Vicente: ‘FACHIN LIMITOU A AÇÃO DA POLÍCIA, MAS JUSTIFICATIVA POLICIAL TAMBÉM É FALHA’

The social security number (SSN) was meant to identify you for the purposes of social security benefits. It was mandated as part of the Social Security Act of 1935 (section 205(c)(2)). The Social Security Act enabled social insurance for retirement, unemployment, child welfare, disabled persons care, and aid to families with dependents. This insurance is funded by a tax on your pay. A percentage of your pay must be taxed and paid to the IRS, under the Federal Insurance Collections Act (FICA).

Everyone’s worried about the future of the whole Social Security concept. Of course the economy is slow and the government is kind of overbudget on everything; but it’s been this way before and economic trouble has never been a reason for existential anxiety: no matter what, you always knew that you would get your Social Security benefits check from the government. There’s nothing that actually foretells of anything specific, but experts in public finance do see the stage being set for a major cutback. Public debt is at an all-time high and getting higher, and the lawmakers seem to be exhausting the places they can cut back. Sooner or later, they’ll think of Social Security benefits; not least because the savings there can be huge.

I am borrowing the phrase from Betty White’s upcoming book for a reason. Is anyone watching the news?

Still more reports that were negative surprises, worse than economists’ forecasts. They indicate that forward looking forecasts continue to be well behind the curve, and sharply lower revisions for second half growth are on the way.

Jobless claims rise – no surprise here but politicians act astonished. The market will probably ignore these dire warnings as well. It’s almost as the old proverb: if a tree falls in the forest, does anybody hear it? Well, if the wheels come off the recovery, does anybody care?