The upcoming election may be one of the most critical for Notch Babies. Voters will decide whether incumbent Members of Congress, including the more than 107 who support Notch Reform, will stay or go. The next Congress undoubtedly will be faced with the task of dealing with Social Security’s failing finances. Members of the next Congress are likely to consider whether Cost-of-Living Adjustments (COLAs) should be cut, and whether the Social Security benefit formula should be revamped to reduce future benefits.
Sign TSCL's Social Security Notch Victim Constituent Petition
Although no other generation has yet been affected by a similar Notch --that could change in the future. Congressional inaction on Social Security’s long-term financing problems could "give birth" to a whole new generation of Notch Babies. During hearings last year on the need for making Social Security more sustainable, David Walker, the Comptroller General of the United States, confirmed this, saying "Doing nothing means that we are going to head to a precipitous decline in benefits. Remember the Notch Baby problem?" he asked. "This would be a Notch Baby problem magnified multiple times and it should not be allowed to happen."
These issues rightfully raise concern, and TSCL is continuing to press for passage of "The Notch Fairness Act," H. R. 615, introduced by Representative Ralph Hall (TX). This legislation would provide Notch Babies, or survivors who receive benefits on their account, a choice of a $5,000 lump-sum payable in four annual installments or a higher monthly benefit. Congressman Hall tells us that he’s hopeful for passage of "The Notch Fairness Act" this year.
Because of the advanced ages of Notch Babies, the cost of correcting the Notch is falling every day. TSCL estimates (in 2006) that the cost of Notch Reform would be about $27 billion, or slightly less than $6.75 billion per year over the next four years. This could be financed by cutting wasteful pork barrel spending and reducing fraud and abuse in government programs. In fiscal year 2006 alone, lawmakers spent about $29 billion in pork-barrel projects, and the Government Accountability Office has estimated that in fiscal year 2005 government agencies improperly spent more than $38 billion.
This election year we encourage support for incumbents who co-sponsor The Notch Fairness Act. Please VOTE! To learn where your incumbent Member of the House or Senate stands on the Notch, click here.
October 2006
