News

  • Illegal Workers Could Access Billions In Social Security Money Says Social Security Administration

    "Social Security was originally created to lift older Americans out of poverty," Johnson notes. "The annual COLA is intended to prevent erosion in the buying power of benefits," Johnson says. "Between the growth in healthcare costs and flat growth in benefits, the COLA is failing the very people it's intended to protect," she says. .Baicker, the public policy school dean, thinks public scrutiny will prevent outrageous pricing. The industry has made various pledges, trying to balance corporate citizenship against making eager investors happy: Astra Zeneca has promised 1 billion doses for low- and middle-income countries. Johnson & Johnson says it would make the COVID-19 vaccine available on a "not for profit basis" at for "emergency pandemic use." .The Social Security Administration maintains a special Earnings Suspense File of wage reports that don't match the name and Social Security number of those in Social Security records. According to data from the Social Security Administration, an average of 9,762,500 wage reports per year with invalid names or Social Security numbers were received from 2000 through 2007 for an average of .68 billion in wages per year. That much in wages would be worth more than billion per year in Making Work Pay tax credits in 2009 and 2010 if those trends continue. … Continued

  • Public Opinion Can Sway Votes In Congress 4

    How is Social Security different from a Ponzi scheme? Interestingly, the Social Security website has a research note comparing the two. Charles Ponzi became infamous in 1920 when he used the money he received from later investors to pay extravagant rates of return to early investors to entice more people to invest in his phony investment scheme. This only works when there's an ever-increasing number of new investors coming into the scheme. Eventually the scheme runs out of new investors and collapses, taking everyone's money with it. .Fourth, one new cosponsor – Representative Raul Ruiz (CA-36) – signed on to Medicare Prescription Drug Price Negotiation Act (H.R. 242), bringing the total up to forty-four. This bill, if adopted, would require the Centers for Medicare and Medicaid Services (CMS) to negotiate lower prescription drug prices on behalf of Medicare Part D beneficiaries. Under current law, CMS is prohibited from doing so. .In addition, other medical supplies, including masks, gloves, and gowns are also made, in large measure, in China. … Continued

This study looks at 39 expenditures that are typical for people age 65 and up, comparing the growth in the prices of these goods and services to the growth in the annual COLAs. Based on consumer price index data through April 2021, it appears that the next COLA will be considerably higher in 202The Senior Citizens League (TSCL) is forecasting that the 2022 COLA could be 4.7%, making it the highest since 200But with such a high level of inflation volatility, this estimate could change several times before the COLA is announced in October 2021. .The Chairman of the House Armed Services Committee, Adam Smith (D-Wash.) has announced that if the bill is vetoed the House will come back into session over the holidays and vote to override. .In Washington, my priority is helping improve the lives of the American people, and that includes addressing our nation's retirement system to ensure it serves our seniors more effectively. One way Congress did this was by passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 201This bill, which passed with my support, will streamline and update our nation's retirement system in several ways, including removing the age limitation on IRA contributions, increasing access to retirement plans by allowing small businesses to join together to offer plans, and allowing penalty-free distributions from a retirement account for the birth or adoption of a child. This legislation isn't perfect, but it is a step forward, and I am glad the SECURE Act was passed into law at the end of 201While approximately half of American households still don't have an option for work-based retirement plans, as a nation we must continue to work to advance access to retirement savings vehicles and decrease barriers to entry for small employers who want to offer savings plans to their employees. ."The Reality Behind Generic Drug Inflation," Express Scripts, December 30, 2014, http://lab.express-scripts.com/insights/drug-options/the-reality-behind-generic-drug-inflation. .TSCL believes COLAs need to be more fairly and accurately calculated, and strongly supports recently introduced legislation that would provide an emergency COLA. To learn more, visit . .When asked what portion of Social Security benefits retirees spent on healthcare here's how survey participants responded: ."Congressional Pay Grows 15 Times Faster Than Social Security Checks" .Lawmaker Sponsors Honesty in CPI Reporting Act .The judge's order stops the implementation of the rule until the completion of the notice and comment process.