CMS has announced next year's Part B premiums, for monthly outpatient care, will remain the same for about 95% of Medicare recipients at $96.40.
has a good roundup of coverage and analysis of the announcement. Here is the CMS
Kudos to CNN and Jack Cafferty for being among the first of the main stream media to catch the critical link between the mess we're seeing on Wall Street and the still possible privatization of Social Security.
While we highly recommend you watch this whole segment we have to highlight our favorite comment from the Cafferty file:
If it wasn't for FDR and Social Security, I would be living with my Republican children. Enough said.
Senator John McCain continues to slam Wall Street but at the same time supports sending American retirees' Social Security to investors. Here's one of his latest having-it-both-ways-moments on CNN:
"We will come back from this crisis, but right now we are the victims of greed, excess and corruption on Wall Street" and "It's a very tough crisis and we are the victims of the violation of the social contract between capitalism and the American citizen"...Senator John McCain, CNN, September 16, 2008
Here is the National Committee's President/CEO, Barbara Kennelly's, reaction:
"If Senator John McCain believes the American people are the victims of ‘greed, excess, and corruption on Wall Street' how can he continue to justify his support for a plan which would send billions of Social Security dollars to Wall Street through private accounts? Social Security privatization would put retirees' guaranteed benefits in the hands of the very same people Senator McCain chastised today. Investing on Wall Street has always been and continues to be a gamble, which is why the American people rejected Social Security private accounts years ago. Yet privatization remains a part of the GOP platform and Senator McCain's Social Security strategy. Senator McCain can't have it both ways. We deserve a straight answer on how Senator McCain will protect America's true social contract, which exists between generations of working families who contribute to and depend on Social Security, without destroying that contract through privatization". ...Barbara B. Kennelly, President/CEO
Americans understand that Social Security is secure...Wall Street is not. It's why the privatization plan President Bush proposed and John McCain supported was overwhelming rejected. Now we're seeing first hand the true meaning of the so-called "ownership" society. If Social Security had been privatized and our money was in private accounts now...American seniors and their families would be on their own.
There are number of good articles and blogs on the Wall Street meltdown and Social Security today including: Huffington Post
, the Atlanta Journal Constitution
, RTT Financial News
and CNN’s Cafferty File
Presidential Debate season is upon us and I believe these debates could be among the most important in decades, especially for Americans who are feeling the pinch of these tough economic times. Even though there will be so many issues demanding answers from our Presidential and Vice Presidential candidates, I sincerely hope Social Security isn't ignored. Following is a letter I sent to the VP debate moderator, Gwen Ifill, urging her to talk to the candidates about their positions on Social Security and privatization.
PBS Senior Correspondent & Managing Editor
3620 27th Street S
Arlington, VA 22206
Dear Ms. Ifill,
Good luck as you prepare for the October 2nd Vice-Presidential debate. It is a well-deserved recognition of your skills as a journalist and moderator and I will be among the millions of Americans watching with anticipation. Watching and hoping that Social Security is not ignored in your conversation with the Vice-Presidential nominees. The future of millions of seniors, disabled, survivors, and their families depend on the answers to questions about Social Security, private accounts and the program's long-term solvency.
Four years ago, Social Security was not even a footnote in the Presidential campaign. In fact, during the last Vice-Presidential debate the candidates did not offer a single Social Security proposal. However, the day after the election the American people were blindsided with the most dramatic Social Security reform proposal in its history. President Bush's plan to privatize the program would have increased retirement risks, severely cut Social Security benefits, robbed from the Social Security trust fund, and added a multi-trillion dollar increase to the federal debt. During the 2004 Presidential campaign, President Bush did not want to talk about his plans for Social Security and, given the many other challenges we faced in 2004, he didn't have to. I hope we won't make that mistake again. Millions of Americans would be in poverty without Social Security and given the current economy, even more feel threatened. Americans cannot allow candidates to dodge and weave, parse words or avoid talking about Social Security during this 2008 Presidential campaign.
Specifically, our more than 3 million members and supporters would like a clear description of where the candidates stand on the privatization of Social Security through private accounts. While Senator Joe Biden has a voting record on Social Security and private accounts, it is likely few Americans are aware of his positions. The American people know absolutely nothing about Governor Sarah Palin's views on Social Security or privatization. As the Vice President will be a "heartbeat away" from the presidency, we believe it is critical that the public knows the candidates' positions on our nation's most important and popular social insurance program. The American people have been told Social Security is bankrupt and that the program won't be there for younger generations in spite of the 2008 Social Security Trustees Report and a recent Congressional Budget Office Report that shows Social Security will be fully funded until 2041(Trustees), and 2049 (CBO) respectively. Beneficiaries will receive 78% of promised benefits after that, even if nothing is done to shore up the program in the out-years and no one believes that will happen. Senator Biden and Governor Palin should be given the opportunity to discuss whether they share these views and how they would address Social Security's finances.
You rarely hear a politicians say they don't support Social Security and the word "privatization" has now become political dynamite. However, the goal of creating Social Security private accounts is still very much alive. Given these truths, we would like to know how our Vice-Presidential candidates would respond to two basic questions:
• If Social Security, as we currently know it, was proposed for the very first time would you support it?
• Would you support Social Security reform that includes private accounts?
For years, Americans have been told revenue-slashing tax cuts are the answer to our financial woes and a borrow-and-spend economy is not a problem. Now, when faced with the ensuing budget deficits and an economic meltdown, we're being told we can't afford Social Security. This is not "speaking the truth" as some have claimed. Instead, we are seeing the same old anti-Social Security and anti-Medicare ideology now masquerading as fiscal responsibility.
I hope this debate will clearly define where our Vice-Presidential candidates stand on the critical issues of our day, including their plans for Social Security. Thank you, in advance, for the important role you will play in this historic event.
Barbara B. Kennelly, former Member of Congress
President and CEO of the National Committee to Preserve
Social Security and Medicare
VP candidate, Sarah Palin, showed an unfortunate lack of understanding about Social Security and Medicare in her very first comments on their funding and future. This is especially disconcerting for the millions of Americans and their families (inlcuding more than 62,000 of her Alaskan constituents) who depend on these programs just to get by.
In Friday's ABC News interview with Charlie Gibson, the topic turned to the economy, the budget and spending.
GIBSON: Do you talk about entitlement reform? Is there money you can save in Social Security, Medicare and Medicaid?
PALIN: I am sure that there are efficiencies that are going to be found in all of these agencies. I'm confident in that.
GIBSON: The agencies are not involved in entitlements. Basically, discretionary spending is 18 percent of the budget.
PALIN: We have certainly seen excess in agencies, though, and in -- when bureaucrats, when bureaucracy just gets kind of comfortable, going with the status-quo and not being challenged to find efficiencies and spend other people's money wisely ... then that's where we get into the situation that we are into today, and that is a tremendous growth of government, a huge debt, trillions of dollars of debt that we're passing on to my kids and your kids and your grandkids ... It's unacceptable.
For those of you who have to see it to believe it, here's the clip:
First off we have to assume she meant "inefficiencies". Once you get beyond the vocabulary, giving this answer to a question about "entitlements" really doesn't make sense because administrative costs for both Social Security and Medicare are the among the lowest in the entire government. It's pretty obvious that 1% administrative costs for Social Security and 2% for Medicare are not examples of government inefficiencies. These administrative rates are far below what would be charged if Social Security was privatized and what we currently see in the private sector health insurance market.
Program administration is not a contributing factor to Medicare's expenditure growth. The costs of administering the Medicare program have remained low over the years - about 2 percent of program expenditures. This covers all expenses by government agencies in administering the program.
Clearly, these particular agencies don't fit the waste and inefficiency talking points. So other than boilerplate anti-government rhetoric, viewers received no real answers from Governor Palin on what the McCain administration plans for seniors and their families. We can only hope there will be serious follow up during the Vice Presidential debate, on October 2nd .
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