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  • Legislative Update For Week Ending October 12 2012

    Sources: Hearing on Combating Waste, Fraud, and Abuse, Office of the Inspector General, Social Security Administration, January 24, 201"Levin, Conrad Introduce CUT Tax Loopholes Act," Senator Carl Levin, February 7, 2012. .The President ordered a payroll tax deferral, not a cut, meaning the taxes will not be collected for a while but they will still be due at a later date. However, some observers have suggested that rather than give employees the additional money and then try to collect it back from them at the end of the year, employers will simply hold onto the money so that the employees would never see it in their paychecks. .Alexandria, VMore than 62.5 million seniors, as well as recipients of other federal benefits, may be at high risk of not receiving any cost-of-living adjustment (COLA) next year, according to a new forecast from The Senior Citizens League (TSCL), a nonpartisan seniors organization. Based on the government's most recent inflation data over the past 12 months, growth in the consumer price index is so low that, should the trend continue through the third quarter of the year, inflation would be about 2% lower than the same period last year. "That would mean no COLA would be payable in 2015," says TSCL Chairman, Ed Cates. "Although a lot can happen between now and then," Cates notes, "TSCL anticipates that the buying power of benefits will be impacted." … Continued

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    I hate that we're placing seniors in no-win situations, and that's why I've re-introduced My Seniors' Security Act. It ensures that COLA increases aren't just eaten up by rising health care costs and it recalculates COLAs completely. Specifically, my act would create a ‘circuit breaker' of sorts, so seniors never lose more than 30% of their COLA to Medicare premiums. .It's true that public opinion can sway votes in Congress, especially during a critical election year like this one. TSCL strongly believes that grassroots lobbying is the most effective way for the public to communicate with elected Members of Congress. Our members spoke loudly and clearly when they signed more than 1.5 million petitions, and many Congressional offices met our deliveries with surprise and gratitude. We look forward to partnering with many of those offices in the future to ensure that Congress lives up to the commitments it has made to seniors. .What happens when Congress waits too long to address a Social Security funding crisis? Deeper benefit cuts, sudden tax increases, and glitches in the implementation of reforms that can lead to significant benefit inequities between people close to each other in age. Consider the case of the Social Security Notch that led to the most significant benefit inequities in the history of the program. The Notch affects seniors born from 1917 through 1926 and other seniors having similar work histories and earnings. … Continued

While TSCL supports this first legislative step, more work will be needed in the years ahead to provide greater financial certainty for disabled Social Security recipients. What do you think about the recent legislation and fixes for Social Security disability? Take TSCL's 2016 Senior Survey. .Repurpose "heirlooms in time." If you have boxes of "almost antiques" hidden away in antiques or basements pick out a few to repurpose for a second time around. Restring those old broken beads, cut apart shrunken felted sweaters and sew into new tote bags for the market. Drill holes in into old loose-leaf tea cans and plant some thyme, rosemary or a small parsley plant for a sunny windowsill. A great place to get inspiration is www.Pintrest.com. .Three Key Bills Re-Introduced in Congress .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. .I heard that Medicare would be mailing new cards. When can I expect to get mine? .Lawmakers from both the House and Senate remained in their home states and districts for the last week of the month-long August recess. They are expected to return to Washington on September 5th, where they will face many important challenges including lifting the debt ceiling and passing a spending bill to continue funding the government. .The Senate-passed bill includes a repeal of the Affordable Care Act's individual mandate, which experts predict will result in a loss of health insurance coverage for 4 million individuals, many of whom are older Americans who are not yet eligible for Medicare. Those who remain insured through the individual market are expected to see premium increases of 10 percent or more – a hike that would make health insurance unaffordable for many. Most House Republicans have said they support a repeal of the mandate, and it is expected to be included in the final version of the bill. .However, we believe Congress can and must do more to reduce prescription drug prices. In the months ahead, we will continue to advocate for legislation like the Medicare Prescription Drug Price Negotiation Act (S. 41, H.R. 242), the Affordable and Safe Prescription Drug Importation Act (S. 469, H.R. 1245), and the Improving Access to Affordable Prescription Drugs Act (S. 771, H.R. 1776). .This week, lawmakers in the House and Senate adjourned for a week-long holiday recess. They are expected to return to Washington on Tuesday, June 5th. In the meantime, many Members of Congress will be attending local events or hosting town hall meetings in their home states and districts.