News

  • Legislative Update For Week Ending August 24 2012

    (Washington, DC) – Low inflation in recent years may be helping younger workers cut costs at the gas pump, but it isn't translating into lower costs for older and retired Americans, says The Senior Citizens League (TSCL). According to a recent study by TSCL, Social Security beneficiaries have lost 23 percent of their buying power since 2000. And another year of low cost-of-living adjustments (COLAs) is in store for 2017, according to a new TSCL analysis of consumer price index (CPI) data through August 2016. .These bills would enable retired school teachers, university employees and thousands of civil servants to receive all of the Social Security pensions for which they are entitled. A Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) have long limited the full aid that these beneficiaries merit. .We will be putting out more information about this in the next few days and we are working on what we believe is a realistic solution to the COLA problem. Please be looking for that information. … Continued

  • Issues Prevention Of Fraud Waste Articles Feed

    New legislation, called the "National Senior Investor Initiative Act" or "Senior Security Act" (H.R. 1565), was introduced earlier this month with two Democrats and two Republicans as cosponsors. .A majority of those at this week's hearings, however, were strongly opposed to the IPAB. Multiple Members referred to it as the "denial of care board," and Ranking Member of the Energy and Commerce Committee Frank Pallone (NJ) called it the fruits of a "growing, imperialistic presidency." Critics believe that it will undermine Congress's ability to represent their constituents, and that elected officials — not a Board of Presidential appointees — should be legislating healthcare policy. .That report estimates the Social Security trust fund could be depleted by 2030, five years earlier than the official government estimate, because of the recession and long-term near-zero interest rates triggered by the pandemic. … Continued

To date, no government agency has released any complete estimate of the potential cost of illegal earnings to the Social Security Trust Fund. The best indication of the potential cost is contained in the Social Security Administration's "earnings suspense file" (ESF). .The coronavirus pandemic has also raised a new issue of concern regarding the price of any new treatment or vaccine for the virus. Congress is pumping billions of federal dollars into research and efforts to spur the production of treatments and a vaccine for Covid-19 but there are no price controls as part of the effort. That means you will have already paid, in-part, for any new vaccine or treatment for the virus. .Republican leaders have also begun discussing plans to reform Medicare and Medicaid next year in an effort to reduce the deficit that the .5 trillion tax bill will create. Speaker of the House Paul Ryan (WI-1) said in a radio interview on Wednesday: "We're going to have to get back next year at entitlement reform, which is how you tackle the debt and the deficit … This has been my big thing for many, many years. I think [Medicare is] the biggest entitlement we've got to reform." TSCL opposes reforms to Medicare, Medicaid, and other earned benefit programs that would result in higher out-of-pocket costs for older Americans. We will continue to advocate against benefit cuts in the months ahead. .With many seniors spending 30 or more years living in retirement, a COLA that keeps up with rising costs is essential protection for making retirement savings last, and for preventing seniors from falling into poverty. Yet over the past five years, Social Security benefits have grown on average about 1.4% per year — less than half the average rate of growth in previous years. Recent projections by the Congressional Budget Office for 2015 suggest another low COLA of 1.6% next year. .The fact is there isn't much information yet— even though doctors and their staff are reporting huge amounts of data mandated by the 2010 health law. Based on what I've been able to learn, the Administration is still tinkering with the system. .This week, The Senior Citizens League was pleased to see support grow for four key bills that would improve the Social Security and Medicare programs if adopted. .CMS Announces Preliminary MA Payment Changes . Lisa Kiplinger, USA TODAY 8:41 a.m. EDT June 27, 2016 .Cost-of-Living Adjustments (COLAs) have languished at exceptionally low levels in recent years. Administration officials and economists point to the sluggish economy and recent economic recession as the reason. But government tinkering with the consumer price index (CPI) is playing an enormous role in reducing the measured rate of inflation, in turn cutting the growth in Social Security benefits.