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From the category archives: Retirement

GOP Appropriators Want to Eliminate Funding for Medicare SHIP Programs

 

Each day 10 thousand Americans become eligible for Medicare.  The aging of the baby boom generation certainly isn’t a surprise to anyone and yet, instead of boosting programs to serve this increased need, Republican Congressional leaders continue to slash and now eliminate programs designed to help millions of aging Americans and their families. 

The latest target is one of the nation’s most effective consumer resources for seniors, the Medicare State Health Insurance Assistance Program (SHIP)

“The SHIP network provides critical information upon which people with Medicare rely to make informed decisions about their coverage options and enrollment decisions,” says Judith A. Stein, Executive Director, Center for Medicare Advocacy, Inc. “The SHIPs are critical to providing assistance with these increasingly complicated choices. People with Medicare and their families from all over the country depend on SHIPs as the key source of unbiased guidance.” 

Incredibly, the Senate Appropriations Committee approved a Fiscal Year 2017 budget appropriations bill that completely eliminates the $52.1 million in funding for SHIP. 

“Senate appropriators have turned their backs on a growing number of people who will need SHIP services to navigate the complexities of Medicare coverage by proposing to eliminate program funding. This kind of penny-wise, pound-foolish lawmaking will threaten the economic security of millions of Medicare beneficiaries and their families.”…Max Richtman, NCPSSM President/CEO

“Understanding the complexities and decisions required for Medicare is an overwhelming, isolating experience for seniors, people with disabilities, and caregivers who don’t know where to get help. For millions of Americans, their only option for that help is their SHIP. If SHIPs disappear, there is no replacement for the critical services they provide. The loss of SHIPs threatens the economic security and the health of all current Medicare beneficiaries and the thousands who become eligible every day.”…James Firman, President and CEO of the NCOA 

"Eliminating SHIPs would leave millions of older Americans, people with disabilities, and families who need help comparing coverage options, appealing denials, applying for financial assistance, and navigating an evolving and increasingly complex program stranded—with nowhere to turn. With 10,000 Baby Boomers aging into Medicare each day, it is imperative that the U.S. House of Representatives reject this unprecedented, nonsensical cut."…Joe Baker, President of the Medicare Rights Center

In case you have any doubt about the need for SHIP services consider this:  today’s Medicare beneficiary must choose among more than 20 prescription drug plans, an average of 19 Medicare Advantage plans, as well as various Medigap supplemental insurance policies—all with different premiums, cost sharing, provider networks, and coverage rules. SHIPs also help beneficiaries resolve fraud and abuse issues, billing problems, appeals, and enrollment in low-income health assistance programs. In 2015, SHIPs provided one-on-one assistance to more than seven million individuals and in the past decade, the number of beneficiaries receiving personalized counseling from SHIPs has tripled.

Not a day goes by that we don’t hear horror stories of seniors and their families who face severe economic hardship and even bankruptcy because of a bad choice made in their healthcare options.  That’s exactly why SHIP is so vitally important.    

We’re proud to join a coalition of aging organizations including; The Center for Medicare Advocacy, Medicare Rights Center, and National Council on Aging (NCOA) to fight for a reversal of this outrageous Senate move to eliminate seniors’ access to desperately needed SHIP services.

We urge you to call your Senators and Representative and tell them:  Americans Need SHIP.

 

1-800-998-0180

Speaker Ryan Releases Poverty Plan – Thankfully, No One Listened

In an effort to regain control of the GOP political debate, House Speaker Paul Ryan, unveiled the first of six policy papers, this one on reducing poverty, to prove the Republican Party has ideas beyond building walls and attacking judges.  Let’s just say, the event didn’t go quite as planned.  

Donald Trump’s latest racist attack ended up dominating the day, much to Ryan’s consternation and leaving many conservatives lamenting Ryan’s support for Trump in the first place:

“The Caligulan malice with which Donald Trump administered Paul Ryan’s degradation is an object lesson in the price of abject capitulation to power. This episode should be studied as a clinical case of a particular Washington myopia — the ability of career politicians to convince themselves that they and their agendas are of supreme importance.”...George Will

The Ryan agenda on poverty is already well known -- Trump’s is basically non-existent.  However, this political roadshow entitled, “A better way forward: Our vision for a confident America” was designed to put the Speaker in control of the party’s policy debate.  It is heavy on campaign-style rhetoric and purposefully thin on details, since Republicans in the House apparently couldn’t agree on them: 

“...the document focuses on painting a broad picture of a GOP-led social welfare system and the types of policies that could be created in the event a Republican is elected president. Many of the specific policy prescriptions aimed at addressing the problems identified in the paper were left out because members couldn’t agree on details such as how to prevent waste and fraud, according to aides.”...Washington Post

Of course, promising to eliminate poverty and providing the policy prescription needed to make that happen are two very different things.  While this document provides scant details, even the broad strokes echo the harmful approaches proposed in past House GOP budgets which shred the safety net and cut benefits.

“Consistent with that philosophy, the plan includes a bevy of policies designed to make it much harder for people in need to access federal programs: tougher work requirements for food stamps, housing aid, or cash welfare; eliminating benefits conservatives believe are making improper payments...eliminating funding for early childhood education lifeline Head Start; sealing off tax credits from some low-income families; and further allowing states to cut certain programs as they see fit.”...Think Progress

Proposals impacting seniors and families include:

  • Replacing benefits for children who receive SSI with “services” 
  • Blocking regulations that require financial advisors to provide counsel based solely on what’s best for their client rather than what’s most profitable for the advisor. 
  • Blocking the federal government from keeping the Pension Benefit Guarantee Corporation solvent. 
  • Reforming retirement security by loosening regulations and sending more of our savings to Wall Street.  There is literally zero mention of Social Security retiree benefits in the nearly 1,100 words written on retirement security. 

Social Security keeps millions of Americans out of poverty and contributes billions of dollars to our economy each year. You can’t have a serious conversation about addressing poverty in America while ignoring one of the nation’s most successful anti-poverty programs...that is, unless you refuse to acknowledge Social Security’s success in the first place. 

Because today’s roll-out event was largely ignored in favor of Donald Trump’s latest racist comments and this first campaign paper provides so few details, we want to provide some other sources with analysis of the GOP poverty plan Speaker Ryan has addressed in the past.  Hat tip to Media Matters for this compilation:

Paul Ryan: Federal Government "Does More Harm Than Good" When It Assists The Poor. During a discussion at CPAC 2016, Ryan and Bold Media founder Carrie Sheffield pushed a series of right-wing media-inspired myths. The two derided government assistance programs as "trapping people in poverty, by basically paying people not to work," and dismissed food and housing assistance programs started more than 50 years ago by President Johnson, commonly referred to as the "War on Poverty." Ryan also misleadingly claimed that "we basically have a stalemate on our hands" with regard to reducing poverty in the United States, despite 50 years of work and "trillions [of dollars] spent." [CSPAN3, 3/3/16]

CAP's Rebecca Vallas: While Paul Ryan's Talking Points "May Be Pitch-Perfect," His Policies Are A "Blueprint For Exacerbating Poverty, Inequality, And Wage Stagnation." The Center for American Progress' (CAP) Rebecca Vallas wrote that while "Republicans' sudden concern for struggling families is no doubt newsworthy ... unfortunately their policies remain nothing short of a blueprint for exacerbating poverty, inequality, and wage stagnation," in a January 7 Huffington Post blog. Vallas noted that "Ryan has voted against raising the minimum wage at least 10 times," "has consistently opposed legislation that would help families access paid family and medical leave," and has proposed cutting "critical programs that help keep struggling families afloat -- such as nutrition assistance, housing assistance, and Medicaid -- all to pay for tax cuts for the wealthy and corporations." [The Huffington Post, 1/7/16]

NPR: Ryan Seeks To Weaken Food Assistance Programs That Have Kept Millions Out Of Poverty. In response to Speaker Ryan's push to weaken the Supplemental Nutritional Assistance Program (SNAP), NPR reported on December 29, 2015, that while Ryan claimed SNAP and other programs are "trapping people in poverty," the Council of Economic Advisers found that SNAP alone kept almost 5 million people out of poverty in 2014, the most recent available data, including 2 million children. [NPR, 12/29/15]

MSNBC's Steve Benen: Ryan's Policies Are "Brutal" For The Poor. MSNBC's Steve Benen explained on May 6, 2015, that while Paul Ryan claims to be "focused on poverty," his proposed remedies would be "brutal towards those actually in poverty." Benen added, "Ryan was, and is, perhaps best known for his far-right budget plan that cuts taxes for the wealthy by hundreds of billions of dollars, while slashing investments in programs that benefit working families." [MSNBC.com, 5/6/15]

Obama Joins the Boost Social Security Movement

President Obama’s speech in Indiana yesterday was seen by many as our first glimpse at his future role as campaigner-in-chief for 2016 Presidential and Congressional races.  He provided a detailed repudiation of GOP economic ideas generally and Donald Trump’s morphing plans specifically. The real surprise came when the President, for the first time ever, supported the growing grassroots movement to boost Social Security benefits:

“We have to tackle retirement security. That is something that keeps a lot of people up at night.  That is why we have taken action already to make it easier for more workers to stay with their jobs, to make sure that you – when you do save – it is not in Wall Street’s best interest but your best interest. Even if they have an account set up, American’s don’t have enough money at the end of the month to put into it. They are barely making the bills. That is why Social Security is more important than ever.

We cannot afford to weaken Social Security, we should be strengthening Social Security. Not only do we need to strengthen it, it is time we finally made Social Security more generous and increase the benefits so that today’s retirees and future generations get the dignified retirement that they have earned. We could start paying for it by asking the wealthiest Americans to contribute a little bit more. I can afford it.”...President Obama, Elkhart, Indiana June 2, 2016.

Of course, none of this is news to millions of retirees, people with disabilities, survivors and their families who depend on the Social Security benefits they’ve earned. Vast majorities of Americans, both Republicans and Democrats, agree on ways to strengthen Social Security — without cutting benefits. Fully 74% of Republicans and 88% of Democrats agree that “it is critical to preserve Social Security even if it means increasing Social Security taxes paid by working Americans.

“The American people have known for a long time that the disconnect between Congress’ economic goals and what the average family actually needs has grown into a gaping political chasm.  President Obama’s support of boosting Social Security benefits marks an important shift away from the billion dollar campaign -- led by the anti-Social Security lobby and their Congressional supporters -- to cut middle-class benefits which has dominated Washington’s political debate for years. 

Americans know first-hand that the average $1,300 monthly Social Security retirement benefit isn’t too generous.  They know that this year’s zero cost of living allowance isn’t too generous.  They see a growing amount of their Social Security check going to pay for rising healthcare costs and skyrocketing drug prices. These are the cold economic realities that have spurred the Boost Social Security movement and will not be ignored.  I challenge Congressional leaders and candidates alike to follow the President’s lead and offer their support for any of the important boost Social Security bills currently introduced in Congress.”...Max Richtman, NCPSSM President/CEO

The National Committee has been working closely with Congressional allies on Social Security for decades and we support numerous pieces of legislation which would boost benefits for American workers who’ve contributed over a lifetime to build the program. We owe a true debt of gratitude to Congressional Members who’ve actually listened to what average Americans tell them about the importance of Social Security and led the movement shifting Washington’s conversation about Social Security away from a decades-long political strategy of cutting benefits to boosting benefits. Among them: Senators Sanders, Warren, and retired Senator Tom Harkin plus the House Seniors Task Force  and Progressive Caucus.

But the true challenge is to turn campaign rhetoric into action. We’d like to hear all candidates who promise to “save” Social Security provide their detailed strategy for Social Security expansion and long-term solvency solutions. 

Empty promises simply aren’t enough.

Now’s the time to join the Boost Social Security movement and help us keep the momentum going and the pressure on!

Trump’s Debt Idea = Social Security Default

 

The latest idea from Donald Trump, the GOP Presidential candidate and self-proclaimed “king of debt,” would have devastating effects on the Social Security Trust Fund. While we could write pages on the Treasury bond market, federal debt and the Social Security Trust fund, chances are you wouldn’t want to read it, so instead, here is a quick summary of the issue.  

Starting first with The Donald’s plan to run the U.S. government like one of his failing casinos.  He described it on CNN:

“If we can buy back government debt at a discount -- in other words, if interest rates go up and we can buy bonds back at a discount -- if we are liquid enough as a country we should do that. ... People said I want to go and buy debt, and default on debt. These people are crazy. This is the United States government. First of all, you never have to default because you print the money, I hate to tell you, OK? So there's never a default. ... I'm the king of debt. I understand debt better than probably anybody. I know how to deal with debt very well. I love debt. But, you know, debt is tricky, and it's dangerous; you have to be careful, and you have to know what you're doing.”

Both the Motley Fool and The Economist have raised red flags on what this strategy would actually mean for the Social Security Trust Fund -- which has $2.79 trillion invested in Treasury notes that Trump is apparently willing to devalue.

“Debt issued by the U.S. government is done so with the ‘full faith and credit’ of the United States. To consider allowing U.S. debt to get into a situation that incites a crash in bond prices would probably undermine the high quality ratings bestowed on U.S. debt and raise major red flags in the U.S. stock market and in markets around the world that look to the U.S. as a rock-solid financial leader.

The single largest holder of U.S. debt is the Social Security Trust, which held 16% of outstanding national debt at the end of Q1 2013. Other federal programs holding U.S. debt include the Medicare Hospital Insurance Trust, military retirement fund, and federal civil-service retirement and disability fund. If Trump were to consider buying back debt at a discount it would potentially reduce the investment value of the Social Security Trust, which generally invests its cash reserves in extremely safe, interest-bearing U.S. Treasury notes. Doing so could wind up hurting current and future retirees who depend on this key federal program."

The Economist reminds us this approach is what got Greece into so much fiscal hot water:

“The idea, it seems, would be to get creditors {editor’s note: in the case of the Social Security Trust Fund that’s seniors, the disabled and survivors} to accept less than 100 cents on the dollar. This happens with corporate bankruptcies; if the market price has fallen to 60 cents on the dollar, and been snapped up by specialist hedge funds, then redeeming the debt at 70 cents on the dollar may be a good deal. Emerging economies have done the same in the past when they have fallen on hard times; it happened in Greece.

But with Treasury bonds, investors expect to get 100 cents on the dollar. It is the risk-free asset that underpins the entire global financial system. A forced deal, of course, would count as a default. Treasury bonds are at the heart of the financial system. Banks use them as collateral for loans; insurance companies hold them as reserves; pension funds own then to fund retirement benefits; mutual funds own them as well. Any default within the system would have cataclysmic consequences for the economy that would far outweigh any gains in refinancing costs. To cap it all, the Federal Reserve owns almost $2.5 trillion of Treasury bonds and the Social Security Fund some $2.8 trillion. So the government would, in part, be defaulting to itself.

In short, this seems like a completely nonsensical idea. Do you think it is possible that Mr Trump didn't think it through and just said the first words that came into his head? Couldn't be.”

The takeaway from all of this is that Donald Trump’s claims that he’ll “leave Social Security alone” is an empty promise because, if his debt plan becomes reality, the Social Security Trust will lose years of solvency and the billions of dollars contributed to the Trust Fund by American workers will actually be worth only pennies on the dollar.  

Celebrating Older Americans Month

Chances are if you, or anyone in your family, is 65 or older your life has been impacted by an Older Americans Act program.  From Meals on Wheels to senior centers, prevention of physical and financial abuse, computer training to legal assistance, OAA programs touch the lives of millions of seniors and their families.  This myriad of programs provides home and community-based services making it possible for older adults to remain independent, but they’ve continually faced flat or shrinking budgets at a time of growing needs.  Funding programs that allow seniors to age in place is cost-effective; however, the Older Americans Act languished for more than 5 years without Congressional reauthorization. 

Thankfully, this year is different.  Today we are celebrating Older Americans Month with a newly reauthorized OAA, signed by President Obama just a few weeks ago:

“The President believes in the Older Americans Act because it funds services that are central to older adults’ health and lasting independence, such as meals, job training, transportation, and health promotion.  And for those who do need consistent care, the law provides nursing home protections and enhances the Long-Term Care Ombudsman programs.”  Valerie Jarrett, Senior Advisor and Assistant to the President

The celebration continues as The Leadership Council of Aging Organizations (@LCAgingOrgs), chaired by the National Committee, will host a Twitter chat on May 24 @ 1-2 p.m. ET to celebrate Older Americans Month—and call for funding investments in Older Americans Act programs. You’re invited to join the chat using #WeAreOAA.

Join at www.twitter.com/#WeAreOAA or at http://twubs.com/WeAreOAA

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