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From the category archives: Max Richtman

Scrapping the Cap: National Committee endorses Bernie’s new Social Security Bill; Marks the Day Millionaires Stop Paying payroll taxes.

Senator Bernie Sanders and Rep. Peter DeFazio introduced landmark legislation yesterday to keep Social Security solvent for the next six decades --- without cutting anyone’s benefits.  The National Committee endorses the bill, titled the Social Security Expansion Act, introduced on the day when the average millionaire reaches the payroll tax income cap of $127,000 per year.

National Committee President Max Richtman joined Senator Sanders, Senator Elizabeth Warren, Rep DeFazio and other dignitaries and advocacy groups on Capitol Hill to mark the day and support the new legislation, which would require high-earners to pay Social Security taxes on annual income over $250,000. 

The bill doesn’t “scrap the cap” right away; but for now only income between $127,000 and $250,000 would be exempt from payroll taxes.  Eventually the cap would phased out and completely scrapped.   The expanded payroll taxes (which only affect the top 1.5% of earners) would keep the Social Security Trust Fund flush until at least 2078.   

"We can expand the life of Social Security for 61 years, if we have the guts to tell millionaires and billionaires they’re going to have to pay more in taxes.” – Sen. Bernie Sanders

Senator Warren passionately defended the bill, saying it is necessary because, under current law:

"...Once [the wealthy] hit the cap, they can earn and earn and earn without paying into the system.  We want a Social Security system that works of all America, not just the millionaires and billionaires.” – Sen. Elizabeth Warren

NCPSSM President Max Richtman referred to a favorite metaphor involving a high-earning NBA superstar paying into Social Security.  “He’s already hit the cap and is done contributing before the first quarter of the first game of the season is over.” On a more serious note, he continued, “We are here today to say that for those who have so much, it is only right that they pay their fair share into the Social Security program.”

Richtman used the occasion to recall the words of President Franklin D. Roosevelt, who started the Social Security system:

"The test of our progress is not whether we add more to the abundance of those who have much, it is whether we provide enough for those who have little."  - FDR

In addition to lifting the cap, the Sanders-DeFazio bill increases Social Security benefits by an estimated $65 a month, improves the Special Minimum Benefit by making it easier for low-income workers to qualify for benefits, and links the cost-of-living adjustment (COLA) formula to a new Consumer Price Index for the Elderly (CPI-E) to factor in costs seniors traditionally face such as prescription drugs, utility bills and property taxes. 

 

Paul Ryan and House GOP on Fast-Track to Repeal ACA, Putting Millions of Insured at Risk

Speaker Paul Ryan and the House GOP are on a tear to repeal the Affordable Care Act (ACA), without being any closer to agreement on a replacement plan. The House will likely introduce a budget reconciliation bill to effectively repeal the ACA in the next two weeks… with no immediate replacement.  Ryan and his troops hope to have a replacement plan by April, but Max Richtman, the President of the National Committee to Preserve Social Security and Medicare is skeptical: 

 

"Given the potential political risk of displacing 20 million Americans who now have health coverage through the ACA, the legislative battle will probably take longer than they think."

Republicans meeting in Philadelphia this week to strategize about replacements for the Affordable Care Act were unable to come to a consensus. The disarray in the GOP caucus made for an alarming headline in this morning’s Los Angeles Times:  Republicans divided over whether millions of Americans should lose government-subsidized health coverage.

In the meantime, if Congress repeals the ACA soon but blows past April struggling to replace it, says Richtman, that could destabilize the health insurance market and endanger ACA policyholders’ coverage.

 
"If key parts of the ACA are repealed now, and insurance companies think the situation is too unpredictable, you have an immediate de facto loss of coverage for more than 20 million Americans."

The nearly 60 million seniors and disabled on Medicare are also at risk of losing benefits that the ACA mandated, including annual wellness visits and preventative screenings with no out of pocket costs, and will have to pay an average $1,000 per year more for prescription drugs unless those parts of Obamacare are retained.  Of course, at this point no one knows which of the ACA’s benefits will stay or be shredded, including House Republicans.

 
In a related development, the Washington Post reports the White House is pulling ads for ACA enrollments in advance of the 2017 enrollment deadline.

National Committee President Rallies Crowd at Day of Action to Protect ACA, Medicare and Medicaid

 

Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare, joined other advocates, politicians, and everyday Americans at a Day of Action rally in Richmond, Virginia Sunday. The Day of Action was an opportunity for people across the country to stand up for the Affordable Care Act, Medicare, and Medicaid.  The Richmond rally – attended by Richtman, Senator Tim Kaine, Rep. Bobby Scott (D-VA), and Governor Terry McAulife – was one of more than 40 protests nationwide.

Some one thousand people gathered on the grounds of the Virginia State Capitol to make their voices heard.  Max Richtman rallied the crowd early on with a reminder of the struggle to defend Social Security in 2005.  “We had a president (George W. Bush) whose top agenda item was to privatize Social Security. Even with a GOP House and Senate, we were able to kill it.  Not a single bill reached the floor.  And that’s what we can do today.  We can defeat any changes to the ACA which will endanger Medicare.”

Ricthman reminded the crowd in stark terms exactly what is at stake if the Affordable Care Act is repealed, “despite a lot of the myths that citizens have heard in the past few years.”  Medicare beneficiaries, in particular, would lose the valuable improvements that the ACA provided.  “Here is the truth,” Richtman said from the podium, “For the first time ever, Medicare beneficiaries were able to get annual wellness exams with no out of pocket costs under the ACA. For the first time ever, they could get preventative screenings with no out of pocket costs, including mammograms, colon cancer screenings, and diabetes screenings.  All of that will disappear if the ACA is repealed.”  He warned that the Part D Prescription Drug “donut hole” – which the ACA was rapidly closing – would return with repeal, costing the average beneficiary more than $1000 a year.

As the Washington Post reports, the Day of Action was the brainchild of Senator Bernie Sanders and other democratic leaders in Congress.  At rallies across the country, crowds heard poignant testimonials from Americans who benefitted from the Affordable Care Act.  Kate Barrett of Richmond worried that her daughter suffering from incurable cancer could be denied coverage or won’t be able to afford treatment if the ACA is repealed.  73-year old Scott Gledhill said he was diagnosed with pancreatic cancer two months after signing up for Medicare. “My bill would have been half a million dollars. I would have lost everything I had, after a whole lifetime of work and saving.”

Day of Action organizers want Republicans in Congress to feel public pressure against ACA repeal, and urged attendees to contact their elected representatives right away.  “Don’t agonize. Organize!” was the rallying cry of the day, said Richtman.  “As we've learned from our past battles,” he explained, “Once politicians feel the heat, they begin to see the light.”

America’s Gender Pay Gap Lasts a Lifetime

We’ve written a lot about how pay inequity has hurt generations of working women, not just while they’re on the job, but lasting throughout their retirement.   The economic challenges facing American women in retirement is the heart of our “Eleanor’s Hope” project, designed to raise awareness and advocate for legislation to address the inequities threatening millions of retired women.

“Over a working woman’s career, that pay gap could accumulate to a half million dollars in lost income and even more for women of color.  A comprehensive analysis of gender pay inequality, released by the Joint Economic Committee’s Democratic staff, shows how the gender pay gap grows over time.  It’s not just an issue for working women because this inequality can also have a compounding and devastating impact on retired women.

The thought of running out of money in retirement keeps 57% of women awake at night. That’s not a surprise when you consider the many combined factors which make retirement especially challenging for American women. Women earn less than men even when doing the same jobs, they more often work part-time or in jobs that do not offer retirement savings plans, and they tend to spend more time out of the workforce as a consequence of their caregiving responsibilities. Women could lose $430,480 in earnings over the course of a 40-year career due to the wage gap alone.”...Max Richtman, NCPSSM President/CEO

That is a staggering number. But what does it really mean to you?

A new tool created by the Economic Policy Institute allows women workers to calculate how much you could be earning, in an equal pay world.  Remember, that equal pay would have also meant a more equal retirement benefit.

 

Advocates Gear Up for Medicare Battle on Capitol Hill

 The National Committee to Preserve Social Security and Medicare participated  today in the delivery of over 1,000,000 petition signatures demanding that Congress “keep its hands off of Medicare.”  National Committee President and CEO Max Richtman joined Senators Chuck Schumer and Bernie Sanders, House Minority Leader Nancy Pelosi, and Democratic Reps.Ted Deutch, Jan Schakowsky, and Tony Cárdenas in presenting the petitions on Capitol Hill this morning.

Calling GOP plans to privatize a program that 53 million Americans depend on the “War on Medicare,” Richtman warned, “We are going to hear that Medicare needs to be ‘modernized.’ Modernization is a good thing if you are remodeling a kitchen... but not for Medicare.”

The petitions were delivered to the offices of Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan, who wants to privatize Medicare by replacing guaranteed benefits with vouchers.  Ryan’s “coupon care” program will result in benefit cuts and higher out of pocket costs for seniors.  Equally alarming is President-elect Trump’s pick of a diehard privatizer, Rep. Tom Price, for Health & Human Services Secretary.  Richtman summarized the GOP’s message to seniors on Medicare and their families, “You are going to be on your own and good luck… and I’m not even sure about the good luck part.”

Senator Sanders delivered an impassioned message to President-elect Trump, who promised during the campaign not to touch Social Security and Medicare.  “Mr. Trump,” he thundered, “We are going to hold you accountable.  Millions of us are going to demand that you keep your promise.”

Members of the National Committee’s Capital Action Team came to Capitol Hill in their bright yellow t-shirts to drive home the message that every day Americans won’t tolerate Ryan and Price’s efforts to destroy Medicare.

Richtman handed out red boxing gloves to Reps. Pelosi, Schakowsky and Deutch symbolizing advocates' readiness to take on lawmakers who try to wreck Medicare.  He ended the petition delivery event with a strong call to arms.  "Now, let's all get to work and win this war."

A National Committee on-line petition drive is underway to continue building a wall of public opposition to any proposals to cut Medicare.

 

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