It was great to talk to @ayesharascoe about the state of Social Security’s finances and the steps Congress is going to have to take before the trust fund runs out of money in ~2033.

RT @andrew_lautz: Ever wonder how U.S. government spending, revenue, deficits, and debt compare to our peers around the world?. My colleagu….

RT @BPC_Bipartisan: Have you ever wondered when the “right” moment to claim #SocialSecurity benefits is?. It might be later than you think—….

RT @BPC_Bipartisan: Many retirees tap Social Security early, but did you know delaying benefits—and using a ‘bridge’ from your 401(k)—can b….

Our recent explainer on the House version of the deduction will get an update this week to reflect the increase from $4,000 to $6,000, but none of the fundamental analysis here is out of date. Check it out!.

This add'l deduct will reduce taxes on some middle & upper-mid earners but will provide zero benefit to lower earners and even many middle earners! Older married couples with income of up to ~$60,000 might get nothing at all, while those bringing in up to $150,000 *will* benefit.

OBBB does not eliminate any taxes on Social Security benefits. What SSA is portraying as two separate provisions here is, in fact, just one—the additional $6,000 deduction for seniors. (Explainer on the House version is linked below, and an update is coming soon!).

Especially galling:. "The new law includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries, providing relief to individuals and couples. Additionally, it provides an enhanced deduction for taxpayers aged 65 and older [. ].".

Got plenty of messages over the weekend about this email from SSA, and for good reason. Putting aside the propriety of an agency like SSA sending an email like this about a bill that only tangentially affects SSA, this includes some pretty suspect framing.

RT @BPC_Bipartisan: Bipartisan victories at the state level are having big impacts for Americans’ well-being. A growing number of states a….

RT @stevemorris__: Anyway, congrats to everyone who convinced themselves one book written by two people to the left of 75% of the country w….

RT @JustinWolfers: Sending a trading partner a letter is to a trade negotiation deal as masturbation is to sex: Whatever you're imagining,….

The differences in demographic projections between @SocialSecurity, @USCBO, and @uscensusbureau are really interesting. SSA assumes higher fertility, lower life expectancy, and higher immigration than CBO and Census—all of which makes their TF projections rosier.

This year's Soc Sec trustees report is out! Link to explainer in next tweet. Surprisingly, proj year of trust fund depletion didn't move up, but the report shows clearly that SS’s financial outlook has worsened over the last year, mainly due to SS Fairness Act. @BPC_Bipartisan

Interested in the additional deduction for seniors included in the reconciliation bill? How about how that compares to the campaign promise of eliminating taxes on Social Security benefits? Well do I have the explainer for you!.

RT @JackMalde: @BPC_Bipartisan @BPC_TBrown @te_sprick Read the report here!

‼️ICYMI, some rare(ly covered?) good news from @annetergesen: Avg 401(k) savings rates hit a record-high 14.3% of income in Q1, just below the oft-rec'd 15%.@BPC_Bipartisan has been at policy improvements here for a long time—more to come soon!

Right-to-work laws.Cheap electricity.Plentiful/low-cost housing.Low taxes.Faster permitting.More immigrants.

Fascinating opinion in WaPo argues that the loss of manufacturing in the Rust Belt is about being outcompeted by the U.S. South rather than undercut by foreign manufacturing. The South’s key competitive advantages? 👇

You might face huge financial shocks later in life, markets might absolutely tank, you might live to 110—but Social Security will provide the same purchasing power, month after month, until you die. *