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Honesty About the Debt
I recently spoke about the nation’s debt outlook and why honesty about the numbers matters.
We are already seeing the trust funds for Social Security and Medicare heading toward exhaustion within seven years. We borrowed more than six hundred billion dollars in the first fifty-one days of the fiscal year, and we are on track to add one trillion dollars before Christmas. Interest on the debt and major demographic shifts are driving these pressures, and the bond market now holds more influence over our choices than many elected officials want to admit.
We cannot fix this with slogans. We need policy that grows wages, lowers costs, and strengthens long-term solvency.
New Guidance for Tipped and Overtime Workers
The Treasury Department and IRS released guidance that helps workers claim the new tip and overtime deductions created through the Working Families Tax Cut Act. These deductions run from 2025 through 2028 and give tipped workers the ability to deduct up to $25,000 each year. Workers who receive qualified overtime can deduct up to $12,500. The guidance explains how to calculate these amounts even when tips or overtime are not separated on a W-2 or 1099.
Updated IRS forms are on the way, and this relief will offer real support for millions of workers who rely on tips and extra hours to support their families.
Holiday Shopping Scam Reminder
The Federal Trade Commission (FTC) is warning shoppers to stay alert during the holiday season because online scams tend to increase this time of year.
The FTC advises people to watch for fake retail sites, counterfeit products, and phony shipping updates that ask for personal information. Shoppers should check that a seller is legitimate, use secure payment methods, and avoid clicking unexpected links. Be aware of additional fraud from gift card scams, shipping notification phishing, year-end invoice fraud, and stolen package scams.
The holiday season is here and so our scammers. Stay alert! A few precautions can help keep your holiday purchases safe.
Medicare Open Enrollment Ends December 7th
I want to bring to your attention that Medicare open enrollment closes December 7. This is your annual opportunity to review and make changes to your current Medicare plan, whether you're looking to switch plans, add prescription coverage, or explore new options that better meet your needs.
Unfortunately, this period also attracts bad actors looking to take advantage of seniors. Please stay vigilant and avoid sharing personal information with unknown sources.
To compare plans, speak with a Medicare representative, or learn how to protect yourself from Medicare fraud, visit Medicare.gov. Additional Medicare counselors are available through the Benefits Assistance Program at the Area Agency on Aging.
What I'm Reading and Why it Matters
Intel Brings AI PCs to Arizona State University Football, Extends Innovation Legacy
Intel highlighted a new partnership with Arizona State University football that brings AI-powered PCs to player development, training support and academic work. The project shows how Arizona programs are adopting advanced tools that can improve performance while preparing students for a tech-driven economy. It also reflects a broader trend of AI moving into day-to-day operations in sports, education and workforce development in ways that help strengthen innovation across the state. |