Social Security Insolvency Timeline Moves Closer Again, Now Forecast for 2032
The Congressional Budget Office now projects that the Social Security Old‑Age and Survivors Insurance Trust Fund will be exhausted by 2032, a year earlier than its 2023 forecast. The acceleration stems from higher inflation‑driven cost‑of‑living adjustments and weaker payroll‑tax revenue. As reserves dwindle, the agency would have to cut benefits to roughly 81% of scheduled amounts unless Congress intervenes. The looming shortfall underscores the growing fiscal strain on the nation’s primary retirement safety net.
IRS Says Average Tax Refunds Rise to $2,290; Higher than Last Year Due to Trump’s Tax Law
Early IRS data shows the average 2026 tax refund has risen to $2,290, an 11 % increase over the previous year. The surge is linked to President Trump’s One Big Beautiful Bill, which introduced retroactive tax cuts and seven new deductions while withholding tables...
New York City Mayor Mamdani Eyes 9.5% Property Tax Hike that Could Affect Middle-Class Residents
New York City Mayor Zohran Mamdani unveiled a $127 billion preliminary budget that includes a 9.5% property‑tax increase to address a projected $5.4 billion shortfall. The hike would affect over 3 million residential units and more than 100 000 commercial buildings and can be...
Trump Administration CFPB Pullback Cost Americans $19 Billion, Report Says
A Senate‑staff report estimates that the Trump administration’s scaling back of the Consumer Financial Protection Bureau cost U.S. consumers roughly $19 billion in lost relief. The agency’s enforcement slowdown, abandoned overdraft‑fee caps and a blocked credit‑card‑late‑fee rule account for the bulk...
