News
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Legislative Update For Week Ending December 21 2012
For the last few weeks we have reported on President Trump's executive order to allow employers to defer payroll taxes owed by workers, which funds Social Security and Medicare. TSCL is opposed to payroll tax cuts of any kind because they seriously jeopardize the financial viability of both programs. .On Tuesday evening, President Obama gave his fifth State of the Union Address before both chambers of Congress. To The Senior Citizens League's (TSCL's) surprise, the sixty-five minute speech included no mention of Social Security or Medicare, but the President did speak briefly about immigration reform and a new retirement savings plan called "myRA." .As we have written recently, Grassley's main problem in getting his bill passed in the Senate is opposition from his fellow Republicans. Grassley said he needs at least 25 Republican co-sponsors to get his bill (S. 2543) to the floor of the Senate for a vote. Ten Republicans other than Grassley have so far made public shows of support for the legislation. … Continued
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Category Legislative News Page 37
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. Benefit Bulletin: June 2013 What Caused The Social Security Notch? .By Representative Mike Kelly (PA-3) .The President's favored nations rule has also upset conservative groups along with the industry and patient organizations. Some of those groups had launched a media campaign against the proposal before Trump actually announced it. … Continued
Since 2000, COLAs have increased Social Security benefits by a total of 55%, yet typical senior expenses over the same period grew by 101.7%. The average Social Security benefit in 2000 was 6 per month. That benefit grew to ,262.40 by 2021 due to COLA increases. However, because retiree costs are rising at a far more rapid pace than the COLA, this study found that a Social Security benefit of ,645.60 per month in 2020 would be required just to maintain the same level of buying power as in 2000. .TSCL recently released an analysis of the proposal that estimates the chained CPI would cut the growth in average benefits of ,100 today by ,634 over the course of a 25-year retirement, and that assumes that the economy becomes more stable soon. The reductions in COLA growth compound over time, and are the deepest when seniors are the oldest and sickest. By the time seniors are in their late 80s or 90s, when they are most likely to have chronic health problems, monthly benefits would be about 5 lower using the chained CPI. .TSCL agrees with Congressman Doggett, and we were pleased to lend our support to both bills this week. For more information or to track the progress of the bills through the House, visit the Bill Tracking section of our website. .Should I Continue to Pay Into Social Security for Other Work I am Doing Now? .The Senior Citizens League (TSCL) shares Senator Nelson's concerns, and we are hopeful that Congress will take action in the near future to ensure lower out-of-pocket spending for Medicare beneficiaries. In the weeks ahead, we will continue to monitor the confirmation of Congressman Price, and we post updates here in the Legislative News section of our website. .But critics say the failure to make in-person checks prevented states from identifying lapses at a crucial time. The fact that family members were blocked from visiting their relatives — a policy intended to prevent the virus from entering the facility — removed another source of accountability in homes, some of which ended up having more than half of their residents stricken with the coronavirus. .One new cosponsor – Rep. Denny Heck (WA-10) – signed on to Rep. Allyson Schwartz's (PA-13) Medicare Physician Payment Innovation Act (H.R. 574) this week, bringing the total up to thirty-three. The bill, if signed into law, would repeal and replace the faulty formula that is currently used to determine reimbursements for physicians who treat Medicare patients. .Each month, due to the Social Security Act Amendments that were signed into law in 1977, more than 3.7 million Notch babies receive Social Security checks that are lower than the benefits they originally anticipated. Last year, Representative Mike McIntyre (NC-7) introduced the Notch Fairness Act, a bill that would provide modest compensation to those who were born in the Social Security Notch, or those years between 1917 and 192Even though TSCL lobbies aggressively in favor of the Notch Fairness Act, many Members of Congress believe that the bill's passage is unlikely this year because it would add approximately .9 billion to a growing deficit. To offset the cost of the Notch Fairness Act, we've come up with three fair and responsible options that we hope Congress will consider. First, Congress could increase efforts to reduce waste, fraud, and abuse. .More Harmful Chemicals Found in Some Hand Sanitizers
