News

  • Best Ways To Save May 2016

    Very modestly boosting the payroll tax paid by workers and matched by employers to employers. .(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. .Changes to federal immigration policy affect the revenues that Social Security and Medicare receive and would also increase the number of people eligible for benefits in the future, according to the Congressional Budget Office. Both Social Security and Medicare face solvency and funding challenges. … Continued

  • Category Issues Cola Articles Page 12

    The U.S. depends on China for thousands of chemicals needed to make prescription drugs. That's because it turns out that pharmaceutical companies have outsourced our generic medicine manufacturing to China. .So far, 800,000 federal workers have been furloughed, and Members of the House have begun taking a piecemeal approach that would send some of them back to work by providing funding for certain agencies. However, the Senate has rejected each bill. Leaders in that chamber believe a piecemeal approach will set a bad precedent and give the opposing political party "veto power over what is funded and what isn't," according to Sen. Chuck Schumer (NY). .Let's consider what the I.O.U.s held by Social Security represent. The I.O.U.s are bookkeeping entries, a lot like entries in checking accounts, but are not represented by real cash sitting in a strong box anywhere. The U.S Treasury collects Social Security payroll taxes from employers. In turn, the U.S. Treasury issues I.O.U.s to the Social Security trust fund. In the meantime, those payroll taxes are immediately used for other federal budget operations. When more payroll taxes were collected than needed to pay benefits, that reduced the amount of borrowing from the public that was needed for the general revenues, and lowered taxes. Now, however, the situation has reversed, and the Treasury must increase borrowing from the public to redeem the I.O.U.s held by the trust fund in order to pay benefits. Increased borrowing, and the cost of interest on the debt, further drives up our federal spending. According to many economists, that can weaken our economy, and our nation's ability to respond to a crisis. … Continued

The poll, which was conducted in September and October of this year, during the debt limit budget standoff, found that respondents voted higher and more fair COLAs as an even greater priority than "Preventing 20% Social Security Disability Insurance benefit cut" or "increases in Medicare premiums and cost-sharing"— two provisions which were passed in the recent debt deal. .Watch our newest video featuring TSCL's Board of Trustees as they work for our benefits in our nation's Capitol. .The Senior Citizens League is opposed to any payroll tax cut which would remove the major portion of Medicare Part A hospital insurance funding. That's money today's beneficiaries paid into the system during their working careers, and the same funds are needed today to reimburse hospital services for today's patients. .If signed into law, H.R. 973 would repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) – two federal provisions that unfairly reduce the earned Social Security benefits of millions of teachers, firefighters, peace officers, and other state or local government employees each year. .It also included a second round of direct payments of ,200 per person, and up to ,000 per household. The bill also extended the 0 per week federal unemployment insurance benefit through January, which expired at the end of July. .At The Senior Citizens League, we understand the scope of the nation's deficit and we know that some small changes to Medicare may be necessary. However, we firmly believe that any adjustments should be phased in gradually, and that current enrollees and those nearing retirement should be protected from sudden changes. Congress is not likely to vote on any Medicare reform plans before the November election, but TSCL will continue to monitor the evolving negotiations. To learn more, visit our website at . .Will Our New Congress Pass a Benefit Boost? .The age at which you start receiving Social Security benefits. .By using reconciliation, it would mean there would have to billions of dollars cut from current spending programs, including Medicare.