Connect with us

Business and Finance

There are overpayments and future benefit cuts

Published

on


social security, already below significant financial pressures, has a staggering $23 billion in unrecovered overpayments.

Between fiscal years 2015 and 2022, the Social Security Administration (SSA) made nearly $72 billion in improper payments, most of which were overpayments. This comes amid a looming financial crisis wherein trust funds are expected to be depleted by 2035, potentially resulting in a 25% reduction in advantages for thousands and thousands of Americans.

Although improper payments represent lower than 1% of total advantages paid during this era, $23 billion in uncollected overpayments pose a major problem for SSA, in accordance with the Office of Inspector General (OIG). These overpayments – often the results of errors or misreporting by beneficiaries – highlight the agency’s efforts to keep up the financial accuracy of its payments.

Since 2002, OIG marked inappropriate payments as a “major management challenge” and made dozens of recommendations for stopping and correcting them. However, despite repeated audits and advisories, a lot of these recommendations remain unimplemented, which has impaired SSA’s ability to recuperate funds and prevent future overpayments.

According to OIG audits, one in all the major causes of improper payments is SSA’s reliance on beneficiaries to self-report changes of their circumstances. resembling income or housing conditions that affect payment amounts. The lack of sufficient controls in SSA’s automated and manual processes further complicates matters. The OIG urged SSA to acquire more accurate data from external sources, resembling other federal agencies and financial institutions, to raised assess eligibility and payment amounts.

Despite these ongoing challenges, SSA has made some progress. In October 2023, the agency began a comprehensive review of its overpayment procedures and is developing latest systems to access third-party payroll data. This could reduce improper payments, especially for beneficiaries who work while receiving advantages.

However, efforts to implement a brand new debt management product – intended to deal with several OIG recommendations – were halted in fiscal 12 months 2024 as a result of lack of funding. This leaves many key issues unresolved, making it difficult to effectively recuperate overpayments.

“Improper payments have long been a challenge for SSA,” said Michelle L. Anderson, deputy inspector general for audit and acting inspector general. “While the Agency has taken action to address this challenge, it must do more.”

With Social Security’s financial future hanging within the balance, addressing the issue of improper payments is critical to this system’s solvency. Preventing and recovering overpayments won’t fully solve the crisis, however it is a critical step in ensuring that Social Security can proceed to offer a living for the thousands and thousands of Americans who depend on it.


This article was originally published on : www.blackenterprise.com
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business and Finance

BlackWolf Rideshare debuts in Texas

Published

on

By

Crime, UBER, Car, shoot, shooting


Armed drivers will have the opportunity to drive around major Texas cities because of a brand new ride-sharing service called BlackWolf, which is known as “Uber with a gun”,

The a small ride-sharing startup has gained popularity on the social media app TikTok – with greater than 500,000 followers – and is recruiting experienced drivers in Dallas, Houston and Austin. Founder and owner Kerry KingBrown said the corporate hopes to take over Texas streets in late 2024 or early 2025. “It’s about protecting people,” he said. “Everyone deserves a chance and everyone deserves to drive safely.”

@blackwolfapp

Big things are about to go down in Dallas, Austin, and Houston. ⭐️🇺🇸 BlackWolf is bringing the next level of safe, secure rides to Texas — download the app! We are now accepting driver applications and onboarding drivers. Click the link in our bio to apply to drive. 🐺 More info on the official launch dates to come. And yeah… it’s time to upgrade my straw cowboy hat. 🤠

♬ original sound – BlackWolf App

A former private security director with 20 years of experience said that the thought for BlackWolf got here about when he was guiding a lady who had fallen victim to human trafficking. His client on the time encouraged him to create transportation for individuals who needed greater than only a ride, but extra peace of mind. KingBrown revealed that the service shouldn’t be about weapons, but more about educating riders on firearms training and de-escalation techniques. “At the end of the day, you know you’re getting into a safe car,” said the startup founder.

“The driver will know what to do in an emergency. This weapon will likely be the last resort.

AND A May 2023 article suggested that corporations like BlackWolf were filling the gap on gun violence in America. Another company created an oversized, collapsible secure for schools, and one other developed bulletproof backpacks and faculty desks.

The data confirms that apps like BlackWolf are needed. After launching in Atlanta in 2023, the app has been downloaded greater than 300,000 times in Miami, Orlando and Phoenix. The addition of Texas to the growing list was the results of a poll in which social media followers indicated which state must be next. The app hopes to employ 35 to 50 drivers in each city in the Lone Star State.

additional protection will cost customers — expected to be 10-15% higher than average Uber or Lyft rates. BlackWolf’s cost could be more comparable to the associated fee of an Uber Black ride, but KingBrown is not fearful in regards to the company being seen as a further ride-sharing competitor. Their drivers aren’t allowed to hold weapons on the job. “The gunmen are licensed, they are checked, and most of them are former military or law enforcement officers,” he said.

“These people know how to carry a gun. They were trained in this.”

KingBrown has identified who the drivers will goal. He wants BlackWolf to concentrate on veterans and first responders, including cops, firefighters and paramedics. It could be a probability for them to place their skills to good use. However, we encourage anyone who’s eligible to use.


This article was originally published on : www.blackenterprise.com
Continue Reading

Business and Finance

Grocery prices continue to rise, but some states are feeling the brunt of the crisis

Published

on

By

Elizabeth Warren, Kroger


From 2020, grocery prices in the USA have increased According to the Bureau of Labor and Statistics, by 20%. According to the latest data collected by American households in 2023, American households spent roughly $270.21 per week on groceries. United States Census Bureau.

Hawaii and Alaska rank amongst the highest, with average weekly costs of $334 and $329, respectively. Both states receive a major amount of food from the mainland, so shipping costs drive up prices.

Californians pay a mean of $298 every week for groceries – the third highest in the country. The total cost of living in the Sunshine State is 38.5% higher than the national average, making it one of the most costly states lives in, according to.

On average, Mississippians pay $291 per week for food, it’s reported to be the fifth largest in the United States. According to the U.S. Census Bureau, Mississippi’s poverty rate is eighteen%, making it the second most impoverished state in the country. Similarly, New Mexico is one of the poorest states in the country and food costs are amongst the highest.

Midwestern states like Nebraska, Iowa and Wisconsin have some of the lowest food costs in the country, with the average weekly grocery bill starting from $231 to $235. These states are amongst the leading agricultural producers in the country, which lowers food prices.

In August 2024, Federal Trade Commission Chair Lina Khan announced that the agency planned to investigate grocery prices, which have been rising steadily since the Covid-19 pandemic.

“We want to make sure that major companies do not use their power to inflate grocery store prices for American families,” he added. Khan said in a press release. Additionally, this increase in grocery prices could have a fair more significant impact on Black Americans. While the overall poverty rate in the United States is 11%, data shows that African-American poverty is sort of 18%. collected by United States Census Bureau. In a study conducted by the National Institutes of Health, researchers discovered that compared to the national average, African Americans are more likely to experience food insecurity.


This article was originally published on : www.blackenterprise.com
Continue Reading

Business and Finance

The study shows the cheapest cities with affordable rent

Published

on

By

rent, deceased woman,


On October 21, real estate company Clever published a study on the cheapest cities to live in for employees earning minimum wage. The federal minimum wage is $7.25, but it surely varies by state. The study took under consideration state minimum wage and basic rental costs when determining which cities are best.

“Clever evaluated the 50 largest housing markets in the United States, examining typical rental prices for various apartment sizes and their relationship to the minimum wage in the area.”

Earning the federal minimum wage signifies that a full-time employee will live below the poverty line. Before taxes, the worker would earn $1,190 monthly. Many of the locations listed are only above the poverty line, with the highest being Denver, Colorado at $18.29. Even as the city with the highest salaries, Denver is not in first place. 9 on the list. Buffalo, New York, ranks first with a $15 minimum wage and lower average rent.

The study shows that statistics show that Buffalo residents still struggle to afford housing.

“Minimum wage employees in Buffalo can expect to pay 39% of their income for a typical one-bedroom apartment. This is the lowest rent-to-income ratio of any major city in the country, but still higher than the common affordability threshold of 30%.

The reality today is that the housing and rental market is volatile. Many individuals are like that struggling with the burden of low wages, rising rent, hidden fees and rising inflation. Moving to a city with a greater wage-to-rent ratio can ease financial stress for people and families. With the spirit of optimism in mind, BLACK ENTERPRISES intends to destroy a few of the cheapest places to live.

Buffalo, New York

Nestled in the northeast corner of the United States, Buffalo is a hop and a skip away from Canada. The $15 minimum wage is twice the federal wage. Residents can ensure that they may experience a fantastic winter. The city is just 6 hours away from New York.

St. Louis, Missouri

Gateway Arch headquarters, St. Louis, is a city of synthetic wonders. The city has a minimum wage of $12.30 and the average rent is $984 monthly. The city has its own distinct Midwestern culture and is entirely home to its skilled baseball team, the St. Louis Cardinals.

https://twitter.com/chickenjoestl/status/1854320162369110258?s=46

Cincinnati, Ohio

Ohio is home to certainly one of the biggest living basketball players, LeBron James. Cincinnati cannot claim the honor of being the hometown of a legend. However, the city tied with Cleveland and Kansas City for sixth place on the list of affordable cities.

Denver, Colorado

Living near the mountains is just not for everybody. People who like extreme climates would do well in a city characterised by temperature fluctuations: from hot and dry summers to frosty and snowy winters. With a top minimum wage of $18.29, the mountains will be bearable.

Detroit, Michigan

Better often known as the Motor City and residential of Motown Records, Detroit is steeped in culture. The city is in 1st place in the rating. Number 10 on the list because 61% of the minimum resident income is required to cover the average rent of $1,060. However, if the cost of living in other areas is controlled, the remaining 39% can provide a good quality of life.


This article was originally published on : www.blackenterprise.com
Continue Reading
Advertisement

OUR NEWSLETTER

Subscribe Us To Receive Our Latest News Directly In Your Inbox!

We don’t spam! Read our privacy policy for more info.

Trending