Main Street Independent

TAG  ·  Economy

wage and pension

Congress weighs bipartisan Social Security fixes ahead of 2032 deadline

Congress weighs bipartisan Social Security fixes ahead of 2032 deadline
  • Congress is publicly weighing bipartisan Social Security proposals as the program's trust fund faces projected exhaustion in 2032 with automatic 22% benefit cuts.
  • Sens. Bernie Moreno (R-Ohio) and Elizabeth Warren (D-Mass.) are jointly proposing elimination of the Social Security payroll-tax cap, which currently ends at $184,500 in wages.
  • Reps. Tom Cole (R-Okla.) and Tom Suozzi (D-N.Y.) and a separate bipartisan Senate group are backing bills that would create advisory commissions with expedited votes on solvency plans.
  • Sen. Tim Kaine (D-Va.) said he wants "the public to see, like, we're not sleepwalking here" and that lawmakers have "got to now convert it into action."
 2026-08-30 · 3 MIN READ

UK unemployment holds at 4.9% as wage growth steadies

Illustration accompanying article: UK unemployment holds at 4.9% as wage growth steadies
  • The U.K. unemployment rate held at 4.9% in the three months through May, unchanged from the prior period and below the 5.0% that economists had expected, the Office for National Statistics reported Tuesday.
  • Annual wage growth excluding bonuses held steady at 3.4% for a third consecutive month, pointing to a stabilization of labor cost pressures for businesses.
  • Suren Thiru, chief economist at the Institute of Chartered Accountants in England and Wales, said the figures point to a "fragile labor market" and "likely shut the door on a July interest rate rise."
  • In a speech last week, Bank of England Gov. Andrew Bailey said the impact of higher energy prices from the conflict in Iran on U.K. inflation has so far been limited.
 2026-07-21 · 4 MIN READ
Labor Force Participation Rate: falling from 62.90 to 61.50 (2015-01-01 to 2026-06-01).