The Social Security Administration (SSA) is currently facing an unprecedented backlog of open cases, leading to significant concerns over improper payments to beneficiaries. A recent report from the SSA Office of the Inspector General highlighted that the backlog of pending actions has soared to an all-time high of 5.2 million as of February. This surge
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The recent resurgence of concerns about a possible U.S. recession has brought attention to the fragility of the unemployment insurance system. Experts warn that the system, which supports workers in times of job loss, is not adequately equipped to handle another economic downturn similar to what was experienced during the Covid-19 pandemic. According to Michele
The Biden administration’s SAVE plan, which aimed to provide affordable repayment options for student loan borrowers, is currently facing significant delays due to a series of legal challenges. The program, officially known as the Saving on a Valuable Education plan, has been put on hold indefinitely while the White House navigates these legal hurdles. With
When it comes to flood insurance, many homeowners may be surprised to learn that the coverage for personal property and items stored in basements is quite limited. Even if you have flood insurance, it may not cover all the items in your basement in case of a flood. This aspect of insurance policies can be
Former President Donald Trump has reiterated his plan to eliminate taxes on Social Security benefits for seniors, a move that has sparked concerns among policy experts. While this proposal may seem beneficial on the surface, experts warn that it could have serious repercussions for the solvency of Social Security and Medicare trust funds. By repealing
Credit card debt in the United States has reached an all-time high, with Americans collectively owing a staggering $1.14 trillion on their credit cards. The average balance per consumer has also seen a significant increase, standing at $6,329, up by 4.8% year over year. Additionally, credit card delinquency rates are on the rise, indicating that
The proposal to exempt Social Security from income taxes has gained bipartisan support, with both federal and state initiatives being put forth to address the financial struggles faced by retirees. Former President Donald Trump has proposed a federal policy while Minnesota Gov. Tim Walz recently implemented state legislation in this regard. Despite the shared goal
The recent data from the Bureau of Labor Statistics has revealed a concerning trend in the labor market – the rise in marginally attached workers. These individuals, who are willing to work but have not actively searched for a job in the past four weeks, are at risk of becoming disconnected from the workforce altogether.