News

  • Benefit Bulletin Octobernovember 2014

    One big difference between Social Security and a Ponzi scheme is the establishment of Social Security by law. Both the amount paid out and the financing coming in can be, and frequently has been, adjusted by Members of Congress. Unlike Ponzi schemes that are supported by voluntary investments, Social Security is supported by tax revenues from working individuals and taxes on a portion of Social Security benefits paid by seniors, both of which are required by law. While Ponzi promised phony payouts, Social Security payouts are established by law as well. They too, have been adjusted over the years. .Instead, locality pay increases are intended to keep the salaries of current federal workers competitive with private sector jobs in the same locality pay area. The Bureau of Labor Statistics measures non-federal compensation in a particular market and compares it to federal pay for federal employees who perform similar work in the same region. The gap between the two helps determine the locality pay adjustment for a specific area in a given year. .The senator wants his measure included in the next coronavirus legislation and plans to move ahead "with or without Democrats," his spokesman said. … Continued

  • Legislative Update Week Ending September 19 2014

    "Switching to the chained CPI would have a long-term impact on the ability of Social Security COLAs to prevent an erosion in the buying power of benefits," states TSCL Social Security policy analyst Mary Johnson. "The index, known as the Chained Consumer Price Index for all urban consumers (C-CPI-U), would reduce benefits by roughly 7 percent over a 30 - year retirement," Johnson stated in an analysis prepared for TSCL. .Using the tool takes computer know-how, and interpreting the results can take some special training. You can get free unbiased help through your State Health Insurance Assistance Program (SHIP). Call your local Area Agency on Aging. Check the number in your local phone book and when you call, say you need help comparing drug plans. .TSCL enthusiastically supports S. 2011, H.R. 2575, H.R. 991, and H.R. 1205, and we were pleased to see support grow for each one this week. For more information about these and other bills endorsed by TSCL, visit the Bill Tracking section of our website. … Continued

Reducing prescription drug prices is a top issue for older voters. Seventy – two percent of survey participants support a proposal to tie Medicare Part D drugs prices to those paid in other industrialized nations, through the use of an "international drug pricing index" — an approach similar to prescription drug legislation passed by the House (H.R. 3). .The TSCL report which contains Social Security Administration (SSA) data from 1937 through 2013, includes the following findings: .Until we know more about those questions, everyone — even people who've had their vaccines — should continue taking basic prevention steps when recommended. .A recent study by TSCL, which examines the price changes in the goods and services typically purchased by retirees, found that Social Security benefits lost 30 percent of their buying power since 2000. The loss of buying power jumped 7 percent in just one year, rising from 23 percent in 2016, to 30 percent in 201The steep one-year loss of buying power occurred as costs rose far more rapidly than the COLA and it is an early indication that the COLA for 2018 will likely be higher than usual. .However, it remains unclear if lawmakers will be able to successfully negotiate an omnibus before the December 11th deadline. Many in Congress are hoping to attach language to the spending measure that would block funding for an immigration executive order that President Obama is set to announce in the coming weeks. Sen. Barbara Mikulski (MD), Chairwoman of the Appropriations Committee, called the request a "deal-breaker," and said that it would likely result in a veto from President Obama. .What do you think of these proposals? TSCL wants to hear from you! Please take TSCL's 2017 Senior Survey. .Improving the Social Security cost-of-living adjustment (COLA). According to TSCL's research, Social Security benefits have lost over 30 percent of their buying power since 2000 due in large part to inadequate COLAs and rising health care costs. The bipartisan Fair COLA for Seniors Act (H.R. 1553) would improve the annual COLA by adopting the Consumer Price Index for the Elderly (CPI-E), which more adequately measures the inflation seniors experience. .Social Security is by far and away the nation's most successful and popular insurance program. .This week, The Senior Citizens League's legislative team hand-delivered nearly eight hundred petitions to leaders in the Senate. The petitions urged lawmakers to support legislation that would boost Social Security benefits while strengthening the financing of the program by adopting the Social Security Expansion Act (S. 427).