The bill would limit price increases in drugs covered by Medicare Part D plans to the rate of inflation or drug makers would be forced to pay a penalty in the form of a rebate. "Since Social Security benefits only grow at the rate of inflation, it would help level the playing field if the cost of prescription medications were required to be adjusted in like fashion," Johnson notes. Research on typical retiree costs conducted by Johnson has found that from 2000 to 2019, annual cost – of – living adjustments (COLAs) increased Social Security benefits by 50 percent but spending on prescription drugs grew five times faster — 253 percent — over the same period. .TSCL was pleased to hear that SSA decided to reverse the policy this week after receiving complaints from beneficiaries. TSCL's policy consultant Mary Johnson told Karen Damato this week, "We are grateful for a reprieve, even a temporary one." Policy analyst Jessie Gibbons also told Mary Beth Franklin of Investment News: "We believe the administration made the right decision to rescind their new cell phone texting requirement while they continue to pursue more options." .Voting this way is a temporary answer to reduce health concerns raised by dozens of lawmakers. Several lawmakers have disease and dozens of others placed themselves in self-quarantine after exposure to someone who was infected. The sister of California Representative Maxine Waters (D-Calif.) died because of an infection. .A couple of weeks ago we told you about a recent study that made it clear that we are on the right track as we carry on the fight for lower prescription drug prices. When prices are so high, not only does it affect the financial well-being of individuals, but it also affects their physical well-being and can even have fatal consequences. .Four Bills Gain Support .Tax legislation enacted at the end of last year makes significant changes that touch virtually all taxpayers. While most of the new provisions have consequences for the 2018 tax year and thereafter, there are at least a few things that pertain to the 2017 tax returns of older taxpayers. (Remember, as always, nothing in this newsletter constitutes legal or tax advice. Please consult tax advisors with your tax questions and for assistance in making decisions.) .The additional coronavirus emergency legislation is likely to crowd out many other items that were once on the Congressional priority lists for the summer. As a result, the list of other "must pass" legislation is increasingly small, with priority being given to bills to fund the federal government and renew Pentagon programs. .Use a consumer price index that better reflects the costs of retirees — the Consumer Price Index for the Elderly (CPI-E). .Employment and average earnings information from the Bureau of Labor Statistics (BLS) indicate that average wages were down about 4.4% in 2020. But BLS wage data can vary from the final wage data that employers report to the Social Security Administration. Adjusting for the difference, the AWI for 2020 may drop only slightly, by roughly 0.65 percentage point. We are closely watching for the new AWI for 2020 from the Social Security Administration, but that final number won't be known until the end of the year.