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Hearings On The Hill Feed
The AWI, however, is susceptible to causing permanent benefit reductions when it turns negative, which can happen in years of deep economic recession and extraordinarily high unemployment, as was the case in 2020. Last year, concerns were high that the reductions could be as high as 9.1%, according to an estimate by Social Security's Chief Actuary Stephen Goss. But since then the economy and wages have steadily recovered and the dip in the AWI, if any, is not expected to be so deep. .A recent TSCL poll indicates that retirees are split between housing and healthcare costs as the hardest to cover. Forty percent of respondents said that housing, heat and utilities were hardest. Another 40% said healthcare and medications were hardest. Sixteen percent said nourishing food. Four percent said transportation was their most difficult cost. .If our forecast proves correct, this would. … Continued
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Category Issues Cola Articles Page 12
Second, Representative Brian Fitzpatrick (PA-8) also signed on to the CPI for Seniors Act (H.R. 2016), bringing the total up to six cosponsors. If adopted, this bill would require the Bureau of Labor Statistics to create and publish a new inflation index specifically for seniors so that lawmakers can better understand the price increases older Americans are experiencing. .Senate Committee Discusses Social Security Benefit Maximization .The TSCL legislative team continues to work diligently to promote the issues affecting our members. While much of this week's success was focused on current bills, our team also strives to stay on top of forth-coming legislation yet to be formally introduced. The work of our committed legislative team enables TSCL to keep capable eyes and ears on Congress' inner-workings to better represent the concerns of our valued members. … Continued
That spells trouble for people living on fixed incomes. "When COLAs fall down on the job of protecting benefit buying power, seniors face working longer, digging deeper into retirement savings, or falling into debt and poverty," says Ed Cates, Chairman of TSCL. .The odds are high that someone you know is receiving lower Social Security benefits than they deserve. Two federal laws – the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP) – affect millions of our nation's dedicated teachers, firefighters, peace officers, and other public servants by unfairly reducing or eliminating their earned Social Security benefits. .I applied for Social Security benefits in March 2007 when I was 62 years old. After a month I found a job. On September of 2007, I called Social Security to stop payment of my benefits because I was earning over the limits. I was told that the following year it would be automatically processed. From then on every year I got a few months payment. Now Social Security has informed me that I received too much and my overpayment is ,704. .Throughout the hearing, Barthold urged the Committee Members to address the corporate and individual tax codes. For both, he recommended total overhaul. .Chen cited two international flights from earlier stages of the pandemic where infection rates varied depending on mask use. On the first flight, no passengers were wearing masks, and a single passenger infected 14 people as the plane traveled from London to Hanoi, Vietnam. On the second flight, from Singapore to Hangzhou in China, all passengers were wearing face masks. Although 15 passengers were Wuhan residents with either suspected or confirmed cases of COVID-19, the only man infected en route had loosened his mask mid-flight and had been sitting close to four Wuhan residents who later tested positive for the virus. .This week, Members of Congress returned to Capitol Hill from the month-long summer recess to begin working on legislation that would avert a government shutdown on October 1st – the start of the 2014 fiscal year. Lawmakers have agreed that they would like to pass a stopgap bill to extend funding for federal programs through December 15th. They feel that a temporary measure will grant them the time needed to work out a more substantial fiscal package before the end of this year. .TSCL supports legislation that would strengthen the COLA three ways: .This failure of the COLA to keep up with rising Medicare Part B premiums and other retiree costs is creating a dilemma that is growing in magnitude, not only for older Americans, but also for the nation's safety net programs like Medicaid. A majority of Social Security recipients depend on their benefits for more than half of their income, and almost half of all retirees have only limited or no retirement savings at all. The lack of adequate growth in benefits over the past eight years is pushing modest income seniors into poverty, forcing even those who started out as middle-income retiree households to rely on Medicaid for help paying Medicare costs, rental subsidies, fuel assistance, food pantries and senior meals programs. .Changes are looming for Medicare and Social Security. Make your opinion count. Visit TSCL online at and take our monthly poll. We'll announce the results in upcoming issues of this newsletter.
