By Editorial Board, Denver Post – Aug 2, 2014

The good news last week from the trustees of Social Security is that the program is still projected to go belly-up in 2033, just as it was last year. The crisis hasn’t deepened.

But that’s also the bad news. Another year has passed without Congress and the administration acting and there is absolutely zero prospect of getting anything done this year, either. And yet the longer Washington waits, the more controversial and difficult the solution will have to be.

If the program is left on automatic pilot, the combined Social Security trust fund reserves will begin to shrink in 2019 — just five years from now — and be depleted altogether in 2033, according to the trustees.

By James T. Mulder, Syracuse.Com

The report, by the trustees who oversee Medicare and Social Security, shows the financial health of Medicare, the government health insurance program for people 65 and older, has improved.

But a section of the report that received little attention shows 23 percent of the average Social Security recipient’s check is needed to pay for premiums for Medicare Part B, which covers doctor and other outpatient services, and Part D, which covers prescription drugs, and co-payments. The report predicts that portion will grow to 44 percent by 2088.

Forbes – Aug. 1, 2014

As has been the case since the President rolled out the Affordable Care Act at the end of last year, there are conflicting reports as to whether it’s working or not.

A new Rasmussen Reports poll finds that only 39 percent of Americans view Obamacare favorably while 57 percent view the law unfavorably.

Those aren’t great numbers. But there are over 10 million Americans adults that are newly insured this year and almost 9 million of them received private insurance through the exchanges.

By Kent Hoover, Memphis Business Journal – Aug. 1, 2014

The Senate passed the House bill on an 81-13 vote Thursday night. Without action, the Federal Highway Administration said it would have start rationing federal funds for highway, bridge and transit projects on Friday.

The Tennessee Department of Transportation would have lost 1,000 jobs and $850 million – half of its $1.8 billion budget– if the bill hadn’t passed.

State transportation officials and construction companies were relieved by this last-minute fix to the shortfall in the Highway Trust Fund, but they note this bill is only a short-term solution.

By Associated Press – July 31, 2014

WASHINGTON (AP) — Medicare says premiums for prescription drug plans will rise in 2015 for the second year in a row.

Officials said Thursday that Medicare’s average monthly drug premium will rise next year to $32.

The modest increase of $1 a month comes amid worries over the future impact of costly new medications. Sovaldi, for example, cures hepatitis C but costs $1,000 a pill.

Most Medicare beneficiaries have prescription drug coverage.

By Paul Katzeff, Investors Business Daily – July 30, 2014

Eighty-nine percent of recent retirees are somewhat or very satisfied with retirement so far, according to a new survey by mutual fund giant T. Rowe Price.

That’s despite the fact that the typical retiree says he or she is living on only 66% of his preretirement income, on average.

Still, that has not hurt the retirees’ standards of living. Eighty-five percent say they don’t need as much money as they did before retiring to be satisfied.

FoxNew.Com – July 30, 2014

The House backed the lawsuit resolution on a vote of 225-201, with all Democrats opposed.

Republicans say the lawsuit is necessary to keep the president in constitutional check, after he allegedly exceeded his authority with unilateral changes to the Affordable Care Act.

By Glenn Kessler, Washington Post Blog – July 29, 2014

“We ought to have a platform to plan to save Medicare from bankruptcy. Under current law, Medicare goes bust. I don’t think that’s responsible. We have laid out a plan to save it from bankruptcy not only for current seniors but for future generations. I’d like to see the president and the Senate put some plan on the table other than letting it go bust, which is it will do right now.”

–Rep. Steve Scalise (R-La.), incoming House majority whip, appearing on Fox News Sunday, July 27, 2014

Rep. Scalise made these remarks in response to host Chris Wallace’s observation that House Republicans have proposed to raise the eligibility age for Medicare over the next 10 years from 65 to 70.

By Robert Schroeder; MarketWatch ~ Jul 29, 2014

There was some ominous news Monday for the roughly 11 million Americans who receive benefits under Social Security’s disability program: If Congress doesn’t act, the program’s trust fund will run out of reserves in just two years.

In practice that means a 19% cut in benefits if Congress does nothing by 2016, explained Marc Goldwein, senior policy director of the Committee for a Responsible Federal Budget. But will Congress do nothing? Only if it wants to. There are several options at lawmakers’ disposal, Goldwein said, including delaying checks. Borrowing from Social Security’s trust fund that pays retiree benefits is one option. Lawmakers could also raise the disability insurance payroll tax or cut spending for the program to ensure full benefits are paid.