News

  • Legislative Update Week Ending January 4 2019

    This week, TSCL's legislative consultants, Former Congressman David Funderburk and Mrs. Betty Funderburk, along with TSCL's legislative assistant, Jarrad Hensley, were on Capitol Hill for meetings with Members of Congress and their top staff. .Unfortunately, no. The highly controversial U.S. Social Security Totalization Agreement with Mexico that was signed by the Bush Administration is still pending. The agreement has not been submitted for review to the President or Congress, but that could quickly change, particularly in an election year. TSCL believes that if put into effect as it currently is written, the agreement would drain funds away from Social Security that are needed for the benefits of U.S. senior citizens. Totalization agreements were designed to eliminate dual taxation that occurs when a workers from one country works in another country and is required to pay Social Security taxes to both countries on the same earnings. .Since enactment 84 years ago, Social Security has been the most reliable source of retirement income that most retirees have. That said, our current Social Security program has a funding imbalance that's creeping forward. In 2018 the Congressional Budget Office reported that Social Security's total benefit costs exceeded its total income, including (for the first time) the "interest" income on the special obligations bonds, or I.O.U.s that are held by the trust fund. According to the Social Security Trustees, from here forward, Social Security benefits will be financed with a combination of payroll taxes, revenues from the taxation of Social Security income, "interest" income from the special obligation bonds, and net redemptions of those bonds, until the reserves held from the Trust Funds are depleted. … Continued

  • Legislative Update For Week Ending June 15 2012

    Democrats have delayed the start of the program in part because of its cost and an agreement to limit the overall spending in the Biden budget bill to .5 trillion. There is some talk on Capitol Hill of offering seniors limited vouchers to use toward dental benefits before 2028 as a compromise. .In March 1988, the General Accounting Office (now General Accountability Office) cited an example of two Notch Babies who were sisters. Edith and Audrey started work at the same book bindery on the same day. Audrey was born in March 191Edith was born in June 191When they retired, Edith received a monthly benefit of 1.80 less than Audrey, a difference of almost 18%. .Senate Group Proposes Medicare Phase-Out … Continued

New Legislation to Stop Looming Cuts to Medicare Urgently Needed .For updates on the three bills endorsed by TSCL this week, follow the Legislative News or the Track Bills sections of our website. To view TSCL's full legislative agenda for the 115th Congress, click HERE. .The article continued, "The NBER study zeros in on how increases in prescription drug costs among Medicare recipients affect patient choices and comes to a stark finding: ‘Patient cost-sharing introduces large and deadly distortions into the cost-benefit calculus,' the report said." .Please join us in our drive to gather 100,000 signatures on a petition to the White House by clicking Here to sign our petition or by pasting this into your address bar: https://petitions.whitehouse.gov/petition/stop-calling-payroll-tax-cuts-and-preserve-social-security-and-medicare .At a seven-hour Senate Judiciary Committee hearing this week, Homeland Security Secretary Janet Napolitano praised the Gang of Eight for their comprehensive plan, while members of the committee picked it apart and discussed potential amendments. Secretary Napolitano called the plan "realistic" and "achievable" and she said the department would be ready to implement border security provisions within the outlined timeframe. However, committee members seemed wary, and Ranking Member Charles Grassley (IA) said: "This bill would put no pressure on this secretary or any future secretary to secure the borders." .The Congressional Budget Office (CBO) and the Joint Committee on Taxation have boosted previous estimates and now say that switching to the chained consumer price index (C-CPI) will cut Social Security and other federal retirement benefits by 8 billion and increase taxes by 2 billion over the next 10 years. The loss to beneficiaries would compound over time and grows deeper each year as illustrated in the following chart. As seniors grow older and more likely to develop costly health conditions, their Social Security benefits would become less adequate to cover rising costs more quickly. .House Speaker Nancy Pelosi announced earlier this month that the House will soon take up surprise billing legislation. TSCL waits with anticipation on legislation to end surprise billing practices as it is something we support and want to see stopped at the hospital doors. .Since 2010, seniors have failed to receive a COLA increase three times. When a COLA increase did occur, it has never met seniors' needs. In 2016, the increase was a meager 0.3% and it was only 2% in 2017. .65 million Americans currently rely on Social Security benefits, yet many still struggle just to make ends meet, to the shame of the nation, millions have worked all their lives, paid into a system, and receive a below poverty line check from Social Security.