News
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Legislative Update Week Ending January 18 2019
Larson will soon be reintroducing the Social Security COVID-19 Correction and Equity Act. This bill prevents an unintended and unanticipated cut to Social Security benefits for those affected; it also expands benefits for those who need it most during COVID who have faced long term systemic economic inequalities. .Sources: "Divided Deficit Panel OKs Proposal," John Maggs, Politico, December 3, 20"The Moment of Truth" The National Commission on Fiscal Responsibility and Reform, December 2010. .The trillion Senate Republican stimulus proposal comes with a measure that could curb federal spending in the future by reducing costs tied to Social Security, Medicare, and highway trust funds. … Continued
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Legislative Update September 2011 Advisor Feed
Which COVID-19 Vaccine Should You Take? .Trump Expected to Issue Executive Orders about Prescription Drugs .The annual COLA increased Social Security benefits in January of 2021 by just 1.3 percent. While mild inflation in 2020 did improve the buying power of Social Security benefits by 2 percentage points through the month of January 2021 — from a loss in buying power of 30 percent to a loss of 28 percent — that improvement was completely wiped out by soaring inflation in February and March of this year," says Mary Johnson, a Social Security policy analyst for The Senior Citizens League (TSCL). Based on consumer price data through July 2021, the erosion in the buying power of Social Security benefits has deepened to 32 percent over the 2year period. … Continued
Back in April, President Trump picked out a single computer model of coronavirus spread to use for guidance about the coronavirus. It turns out that that model initially had rosier estimates than others, and it projected many fewer Covid-19 deaths. .Compare costs. Before making any decision to drop your current plan ask for a breakdown of costs of the plan you are considering. However, keep in mind the information supplied by an insurer or agent may be incomplete or omit important cost information. Don't sign anything without consulting several outside sources of information. .I believe it is imperative that we fully support programs that protect the nation's most vulnerable, and ensure that they can easily access them in their time of need. The SNAP Simplification for the Elderly Act will make great strides in that direction. .To strengthen Social Security and Medicare, 84% of respondents strongly agreed that Congress should focus on getting Americans back to work. Jobs and the payroll taxes paid by people during their working years finance the benefits received by today's Social Security and Medicare beneficiaries. While jobs were the top deficit fix, only 11% agree with cutting the Social Security payroll tax as a means to generate employment. Congressional leadership and the President are battling over spending cuts and higher taxes that will be needed to avoid hitting a "fiscal cliff" by the end of this year. .Changes in your earnings: Did you report increases in salary or commissions? You need to keep Social Security informed of higher earnings in order for your benefits to be accurately withheld. .About 30 percent of the "other than legal " immigrants who were living in the U.S., and age 62 in 2000, would be eligible to receive retiree benefits. .However, price negotiations could be included later this year in a reconciliation bill, a fast-track budgetary move that only needs 51 votes to pass the Senate and cannot be blocked using a filibuster. .As part of the economic stimulus bill just passed by Congress those sharp cuts have been put on pause. .In an ironic twist, the proposal runs counter to Republicans' belief in the free market system and Congressional Republicans have long opposed it, while Democrats, including Senator Bernie Sanders (I-Vt.), have long advocated it.
