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From the category archives: Social Security

The Truth about the 2015 Social Security and Medicare Trustees Report

Social Security is still fully funded for nearly two decades, a COLA increase unlikely, and health care reform continues to preserve Medicare’s solvency

No doubt, today’s unsurprising news in the Trustees Reports for Social Security and Medicare will be overshadowed by the same crisis calls we hear each and every year from those determined to cut benefits or privatize the programs.  Today’s reports lay out in clear terms how stable Social Security and Medicare remain. Rather than use the disability program’s projected shortfall as a political opportunity to target the entire Social Security program for cuts, Congress can pass a simple reallocation, as has happened without controversy 11 previous times.  Or, even better, Congress could pass new legislation, introduced today by Rep. Xavier Becerra, to combine the Social Security Trust Funds.  There are ways to avoid a massive benefit cut Americans with disabilities simply cannot afford without targeting the entire Social Security program for cuts.”... Max Richtman, NCPSSM President/CEO

Here are some of the key points in the 2015 Trustees Report:

·         Trustees project Social Security will be able to pay full benefits until the year 2034, one year longer than projected last year.  After that, Social Security will still have sufficient revenue to pay 79% of benefits if no changes are made to the program.

·         Social Security remains well-funded. In 2015, as the economy continues to improve, Social Security’s total income is projected to exceed its expenses. In fact, the Trustees estimate that total annual income will exceed program obligations until 2019. 

·         Trustees project no Cost of Living Adjustment increase.

·         The Trustees report there is now nearly $2.79 trillion in the Social Security Trust Fund, which is $25 billion more than last year and that it will continue to grow by payroll contributions and interest on the Trust Fund's assets.   

With so little bad news to report in this 2015 Trustees report, critics have now shifted their attention to Social Security Disability Insurance (SSDI), which faces a more immediate challenge and requires Congress’ action.

·    Trustees project the Disability Trust fund will be depleted in 2016, the same year projected in last year’s report. This projected shortfall is not a surprise and Congress should pass legislation that combines the Social Security Trust Funds or at the very least, reallocates income across the Social Security Trust Funds, as it has done 11 times before to cover the anticipated shortfall.  Disability expenditures have increased primarily due to demographic trends.  When Congress took action in 1994 to address a shortfall in SSDI, it knew that it would have to take action again in 2015 or 2016. Unfortunately, some in Congress have politicized this anticipated shortfall and threatened to delay action in order to force cuts throughout the entire Social Security program.

On Medicare, the 2015 Trustees report shows slowing the growth of health care costs has improved Medicare’s Trust Fund.

·         Medicare solvency remains greatly improved thanks to passage of healthcare reform, with the program paying full benefits until 2030, the same as predicted in the 2014 report and 13 years later than was projected in the last report issued prior to passage of the Affordable Care Act.

·         HHS Secretary Sylvia Burwell reports Medicare Part B premiums are not projected to increase for about 70% of beneficiaries in 2016. 

Social Security & Medicare: The GOP Congress’ New “Pay-For” for Everything Under the Sun

In just over a week federal funding runs out for the nation’s highways, bridges and roads.  The House has passed a temporary fix but the Senate, led by Mitch McConnell, wants to take an entirely different approach.

What does this have to do with Social Security or Medicare?  The answer should be “nothing” but thanks to legislation now being debated in the Senate, the real answer is “everything.”  Once again, GOP leaders want to use Social Security and/or Medicare benefits to pay for something entirely unrelated to the income and health security of millions of Americans. 

NCPSSM President/CEO, Max Richtman, has written to the Senate urging Members to reject efforts to use Social Security benefits to pay for the Transportation bill: 

“...there are at least two Social Security policy changes that are currently being considered as “offsets” for legislation that would extend highway transportation funding. One of these is a measure barring payment of Social Security benefits for seniors with outstanding warrants for their arrest. Almost none of the seniors who would be affected by this provision are actual fugitives from justice and most of the warrants in question are many years old and involve minor infractions. Moreover, the Social Security Administration attempted to administer a similar provision for a number of years, with catastrophic effect for many vulnerable elderly seniors, employing procedures that did not withstand judicial scrutiny. Reenacting this requirement should be something the Congress does only after careful analysis and with ample opportunity for public discussion.

The second provision relates to the concurrent receipt of both Social Security Disability Insurance (SSDI) benefits and unemployment compensation. Given the importance that all policy makers ascribe to encouraging disabled Americans to return to the workforce, I am perplexed by the desire on the part of some in the Congress to strip working SSDI beneficiaries of their eligibility to receive unemployment compensation when, through no fault of their own, they lose a job. Concurrent eligibility, which derives directly from a disabled person’s efforts to return to work, is a work incentive. That incentive should be altered only after the committees of jurisdiction have carefully considered all of the ramifications associated with such a change and, again, after ample opportunity for public comment.”

This is the third time in less than a year that Congress has attempted to use Social Security and/or Medicare as an ATM to pay for a completely unrelated priority.  Last year Congress voted to extend the Medicare sequester cuts into 2024 to cover a reversal of cost-of-living cuts to veterans' pension benefits. This summer Medicare was cut again to help pay for the Trade bill.  Now it appears, rather than consider tax reform for huge corporate tax dodgers sending billions of profits oversee to avoid paying taxes, GOP leaders in the Senate prefer cutting benefits to seniors, people with disabilities and their families who depend on Social Security. 

The Senate is expected to vote on the highway funding bill and these proposed Social Security benefit cuts this week.  While we all want good highways, Congress should not pay for them by cutting Social Security benefits for seniors, people with disabilities and their families.  Social Security is our money – not the government’s. We’ve worked hard to earn our benefits.

Call our Legislative Hotline ASAP and we’ll connect you to your Senators. Tell them to oppose cutting Social Security to pay for the Transportation bill. 

CALL CONGRESS

1-800-998-0180



Same-Sex Marriage Ruling Will End Social Security Discrimination for Families Nationwide

Today’s historic Supreme Court ruling touches the lives of millions of Americans and their families in many ways.  It ends the discriminatory patchwork of laws that has given some same-sex partners legal rights that were denied to their neighbors in other states.  It will also impact access to federal benefits like Social Security.  For those Americans who rely on Social Security for retirement, disability, spousal and survivor benefits this ruling finally clears the way for the universal and fair distribution of benefits to all who have earned them.

The basic tenet of Social Security is that if you contribute to the system throughout your working life, you and your family will receive those earned benefits in retirement, death or disability. Unfortunately for many same-sex couples and their families that important principle has been ignored as some states refused to recognize the marriages of gay and lesbian couples.  Today’s Supreme Court decision finally rights that wrong and clears the way for same-sex couples to access the hard-earned spousal and survivor benefits they’ve paid for just like every other American.

The National Committee has led the way in the fight to end this denial of Social Security benefits to deserving spouses. We’re proud of the role we have played with the Social Security Administration and others as part of our “Know Your Rights” project in helping same-sex couples exercise their legal right to benefits as their marriages were recognized in various states.  We now urge the Social Security Administration to move quickly to ensure all Americans nationwide can access the spousal benefits they have earned.”...Max Richtman, NCPSSM President/CEO



Standing Strong for Social Security & Medicare

The fight to defend and strengthen Social Security, Medicare and Medicaid has seemed relentless in recent years as the programs have been under almost constant assault by the billion dollar anti-"entitlement" lobby and their supporters in Congress.  For staff here at the National Committee to Preserve Social Security & Medicare it's been a challenging yet rewarding year as we have won many important battles in Washington to stop the shredding of America's social safety.  But it's not over yet.  

Here is our 2014-15 Annual Report for look back at a very important year in the fight to strengthen Social Security, Medicare and Medicaid. 

Everything Old is New Again-The Bush Bros and Social Security

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