News you can use

Articles written by Stephen Ohlemacher Associated Press Writer Parkersburg


Sorted by date  Results 1 - 1 of 1

  • Social Security to cash U.S. IOUs

    STEPHEN OHLEMACHER Associated Press Writer PARKERSBURG, W. Va.

    The retirement savings and assets of an entire generation of Americans are stashed away in this small town along the Ohio River: $2.5 trillion in IOUs from the federal government, payable t o t h e S o c i a l S e c u r i t y Administration. It's time to start cashing them in. For more than two decades, Social Security, the federal pension system, collected more money in payroll taxes than it paid out in benefits — billions more each year. Not anymore. This year, for the first time since the 1980s, when Congress last o...