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  • Congressional Corner Rebuilding The Economy Needs To Include Mobility For Senior Citizens

    According to the committee's report, AbbVie has raked in more than 0 billion in net revenue from those two drugs since 2013, which the committee said was "driven in large part by AbbVie executives' decision to repeatedly raise the prices of Humira and Imbruvica." The company's top executives pocketed 0 million in compensation during that span, "much of which was directly linked to revenue increases," the report said. .In addition to ensuring that we insulate seniors from fraud, we must support older Americans seeking to remain an active part of the workforce. Earlier this year, I worked with Rep. Rodney Davis (R-IL) to introduce the Empowering Encore Entrepreneurs Act to create job opportunities for seniors who have not yet reached retirement but possess years of business experience. My bipartisan bill will expand successful collaborative efforts between AARP and the Small Business Administration that offer mentoring and training to people over age 50 seeking to expand or start a small business. Older workers, once unemployed, are more likely than others to remain unemployed, which is why we need to revitalize our economy by supporting those who found themselves out of a job before retirement. .Both chambers of Congress adjourned for the President's Day Holiday this week and are expected to return to Capitol Hill on Monday, February 25th. Meanwhile, Alan Simpson and Erskine Bowles, former co-chairs of the National Commission on Fiscal Responsibility and Reform, released a new proposal that would avert the looming sequester and trim .4 trillion from the deficit. In addition, two Members of Congress re-introduced a critical bill that would extend the solvency of the Social Security Trust Fund without cutting benefits. … Continued

  • Tag Social Security Cola

    For most retirees the average Social Security benefit of ,100 is their main source of income. But the sluggish economy has made the federal budget deficit, including that of Social Security, balloon more rapidly than expected, according to a new report from the Congressional Budget Office (CBO). In 2010, for the first time since 1983, annual costs for Social Security exceed annual revenues, and that won't improve very much in coming years. Instead, it will become a persistent problem. .Fraud is so prevalent that prevention is only part of the solution. One in 20 seniors in the U.S. is a target of fraud schemes. Yet, the National Adult Protective Services Association has found that only one in 44 seniors report that they are victims of a fraud scheme, suggesting seniors lack information on how to file a complaint. .Last Friday the Chairman and Chief Executive Officer of Pfizer, Inc., urged President Biden to form a bipartisan coalition in Washington to address high drug costs. … Continued

Nursing homes not being checked .Commissioner Colvin backed the plan to address the DI program's looming insolvency that was released by President Obama in his recent fiscal 2016 budget blueprint. That proposal would adjust the distribution of payroll tax revenues for a period of five years, so that the DI program would receive 0.9 percent more than it currently is receiving, adding around seventeen years to the trust fund's solvency. .TSCL agrees that doing away with the payroll tax cap would be a fair and responsible solution to the Social Security program's solvency issues. As the negotiations evolve over the coming months, we will continue to monitor them closely, and we will provide updates here in the Legislative News section of our website. ." ‘If it comes to getting my family members vaccinated, and all that's available is J&J or Novavax, I'd tell them to take it,' said Robert Hancock, president of the Texas College of Emergency Physicians." .Three Key Bills Re-Introduced in Congress .On its website the BLS explains that it calculates the COLA this way: .Provide a guaranteed minimum COLA of 3 percent. Providing a COLA guarantee of 3 percent in years when no, or an extremely low COLA is payable would eliminate the triggering of hold harmless and subsequent Medicare premium spikes on a program-wide basis. Because the vast majority of beneficiaries would be able to afford their premium increase, the cost of Part B premiums would be shared over the greatest possible number of beneficiaries, keeping Part B increases lower. .I understand there is a large problem with illegal workers obtaining Social Security Disability (SSDI) or Suplemental Security Income (SSI) benefits using fraudulent Social Security numbers. Do we have some data verification? .What cost increases should you keep an eye on in 2015? Prescription drugs! To learn more see "Unprecedented Generic Drug Price Spikes Wreaking Havoc."