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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.

 

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Paul Ryan Peddles Dangerous Fictions on "60 Minutes"

House Speaker Paul Ryan perpetuated dangerous falsehoods about Medicare on CBS “60 Minutes” Sunday night.  In an interview with correspondent Scott Pelley, Ryan hauled out the myth that “Medicare goes bankrupt in about 10 years.”  He continued, “The trust fund runs out of money.  So we have to make sure that we shore this program up.”  Really? 

To Ryan, “shoring up” Medicare means privatizing it, creating what we at the National Committee call “coupon care.”  Seniors would have to fend for themselves in the private insurance market with government-provided vouchers that wouldn’t fully cover their premiums or out-of-pocket costs.  Traditional Medicare would be left to wither and die.

Ryan’s plan is based on a fake crisis.  Contrary to the Speaker’s claims on “60 Minutes,” Medicare does not go bankrupt in 10 years.  It’s true that – without increasing payroll taxes – the Medicare Hospital Trust fund (which finances Medicare Part A) will become depleted in 2028.  However, as the Center for Budget and Policy Priorities (CBPP) points out, “incoming payroll taxes and other revenue will still cover 87% of Medicare hospital insurance costs.”  That’s a far cry from bankruptcy, Mr. Ryan.

Any shortfalls, CBPP notes, could be covered by “raising revenues, slowing the growth in costs, or most likely both,” without wrecking traditional Medicare - options that Ryan doesn’t seem inclined to consider.

The other fiction that Ryan perpetrates in his “60 Minutes” appearance is that his Medicare “reforms” wouldn’t “change the benefit” for anybody who is in or near retirement – only Gen X’ers (like Ryan himself) and subsequent generations. This is simply untrue.  Our own analysis at NCPSSM indicates that privatizing Medicare could adversely impact anyone 55 and older (including people currently enrolled in traditional Medicare) because of potentially higher premiums, benefit cuts, and higher out-of-pockets.  Neither seniors nor their children and grandchildren should believe Ryan’s false assurances.  There is simply too much at stake.

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Medicare Privatization Tops the GOP Agenda

Well, that didn’t take long.  Just days after the election and already the GOP has confirmed, what we’ve been warning for months.  Destroying traditional Medicare in favor of a privatized CouponCare system is at the top of the Republican agenda.  In fact, they want it to happen as soon as next year.

“Below is a transcript of what Ryan said on Fox's Special Report, along with a flat out false statement suggesting that Obamacare has weakened Medicare's finances.

BRET BAIER: Your solution has always been to put things together including entitlement reform. That is Paul Ryan's plan. That's not Donald Trump's plan.

PAUL RYAN: Well, you have to remember, when Obamacare became Obamacare, Obamacare rewrote Medicare, rewrote Medicaid. If you are going to repeal and replace Obamacare, you have to address those issues as well. What a lot of folks don't realize is this 21-person board called the ipap is about to kick in with price controls on Medicare. What people don't realize is because of Obamacare, Medicare is going broke, Medicare is going to have price controls because of Obamacare, Medicaid is in fiscal straits. You have to deal with those issues if you are going to repeal and replace Obamacare. Medicare has serious problems [because of] Obamacare. Those are part of our plan.” ...Talking Points Memo

Let’s be crystal clear about this – without Obamacare, Medicare’s Part A trust fund would have faced insolvency now.  Instead, because of the cost savings in the Affordable Care Act, including; trimming the billions in government subsidies going to the insurance industry in Medicare Advantage and productivity adjustments to how Medicare pays providers the program gained more than a decade of solvency.

“The net result was that the “insolvency” date was extended by 12 years. Before the law was passed, the trustees said in 2009, the fund was going to be depleted in 2017. “The short-range financial outlook for the HI [hospital insurance] trust fund is substantially more favorable than projected in last year’s annual report, primarily as a result of the Affordable Care Act,” the Medicare trustees said in their 2010 report, saying the fund would last until 2029.”...Washington Post

Fact checkers appropriately gave Speaker Ryan Four Pinnochios for this obvious lie:

“Medicare certainly faces financial stress as the baby-boom generation begins to retire in full force, but it’s important to get the facts straight. It’s bad enough that Ryan, like many politicians, uses imprecise rhetoric such as “broke”; that’s a Two-Pinocchio violation. But the House speaker really went off the rails when he said on national television that Obamacare is making the program go broke. That’s the exact opposite of what happened.”

 

 

As we’ve said here before, repeal of the ACA will have an immediate impact on seniors. While Republicans continue their cynical promise that “reforms” won’t touch current seniors (because they believe America’s “greedy geezers” only care about their own benefits and don’t care about what happens to their children and grandchildren) the truth is, repealing Obamacare hits millions of American seniors immediately and robs the Part A trust fund of more than a decade of solvency:  

“Medicare’s financing challenges would be much greater without the health reform law (the Affordable Care Act, or ACA), which substantially improved the program’s financial outlook.  Repealing the ACA, a course of action promoted by some who simultaneously claim that the program is approaching “bankruptcy,” would worsen Medicare’s financial situation.”... Center on Budget and Policy Priorities.

“The Affordable Care Act strengthens Medicare's financing by increasing efforts to reduce waste, fraud and abuse; slowing the rate of increase in payments to providers; improving quality of care and phasing out overpayments to private Medicare Advantage plans, plans that are continuing to increase their enrollments each year.  The impact of these provisions has already resulted in extending the solvency of the Medicare Part A Trust Fund by more than a decade and lowering Part B out-of-pocket costs for beneficiaries.

In addition to Medicare beneficiaries, the Affordable Care Act is very important to millions of adults ages 50-64 who are uninsured because they do not have access to affordable private insurance.  Many of these individuals are now able to purchase private insurance even if they have pre-existing medical conditions, and costs are more affordable due to the law's limits on age rating and the subsidies available for lower-income beneficiaries.

The number of uninsured “young seniors,” aged 50-64, would increase, leaving them in poorer health by the time they are eligible for Medicare – thereby increasing Medicare’s costs.”...NCPSSM, 2015 ACA Repeal Letter to Congress

And all of this only addresses the clearly false assertion made by Speaker Ryan that Medicare is going “bankrupt” and that Obamacare is the reason.  What is equally important for seniors to understand is what Ryan’s CouponCare plan actually means for them. We’ll address that more completely in a future post but as a reminder:  the Ryan plan will end traditional Medicare, privatizing it, while raising seniors’ costs.  Under CouponCare seniors pay more for less coverage.

The GOP’s voucher plan works this way:

•           Rather than you going to your doctor and Medicare pays the bill, under CouponCare the federal government will give you a voucher each year that you will then use to go out and buy private insurance out in the open market or to pay for Medicare.

•           However, those coupons’ values are based on the cost of Medicare in a particular community or the second lowest private health insurance plan, whichever is cheaper.  So if, you choose to stay in traditional Medicare, and it costs more than virtually the cheapest plan out there, you’ll pay more.  Let’s be really clear, vouchers are designed to shift costs to seniors.  That’s how the government saves money. 

The Kaiser Family Foundation estimates 59% of seniors would have to pay higher premiums in order to receive the same Medicare plans they now have, with the average premium increase coming in at $107 per month, they didn’t even look at co-pays and out-of-pocket costs. 

The Congressional Budget Office looked at this in 2011 and said it would double beneficiaries’ costs.

After George Bush won re-election in 2004 and the Republicans controlled Congress, privatizing Social Security was the first order of business.  Here were go again -- but this time your Medicare is the target. The American people don’t support privatizing Medicare; however, it has long been the goal of conservatives who believe seniors should be forced back into a private insurance marketplace which history has proven, over and over again, they simply can’t afford. 

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NCPSSM President/CEO Named 2016 Influencer in Aging

The National Committee to Preserve Social Security and Medicare’s President/CEO, Max Richtman, has been named a “2016 Influencer in Aging” by Next Avenue, America’s online magazine for seniors. 

“This is a transformative time in which millions of Americans are redefining what it means to grow old. It is a quiet revolution,” said Susan Donley, managing director of Next Avenue. “This year’s list uncovers a range of leaders who have made exceptional contributions to that sea change. Next Avenue is proud to honor and celebrate these men and women, and their remarkable work.”

Max Richtman is a former staff director of the Senate Special Committee on Aging and 16-year veteran of Capitol Hill.  As NCPSSM’s President/CEO, he leads the National Committee’s policy and advocacy work on behalf of millions of American seniors who depend on Social Security, Medicare and Medicaid.

In addition to being appointed to the 2016 Platform Committee for the Democratic National Committee (DNC), he is vice-chair of the Seniors Coordinating Council of the DNC, a member of the National Academy of Social Insurance, Bloomberg BNA Medicare Report Advisory Board, the District of Columbia Bar and a recipient of the 2013 Gray Panthers Social Justice Award and 2014 Winn Newman Equality Award from Americans for Democratic Action.

When asked, “If you could change one thing about aging in America, what would it be?” Richtman said:

"Ageism continues to exist. We see it in the workplace, in public debate, between generations and in social policy. If I could change one thing about aging in the U.S. it would be how our government leaders address ageism through public law. They must ensure that all seniors and their families have ample and easy access to health, income and job security, community supports and a robust aging network that offers choice, independence and dignity."

This year’s Influencers in Aging list also includes researchers like; MacArthur “Genius Grant” winner Anne Basting, legendary television producer/writer Norman Lear, Sarita Gupta, co-founder of Caring Across Generations and advocate for government policies supporting home care workers; Phyllis Borzi, the person in charge of the Employee Benefits Security Administration for the U.S. Department of Labor. 


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Telling the Truth about Social Security's Funding isn't "Nasty" it's Just Reality

OK...we're just 18 days until election day and the final debate has come and gone.  Thank goodness.  

While Social Security and Medicare finally got their 90 seconds of fame last night, as expected, the question was framed exactly how Washington's well-funded fiscal hawks had hoped -- America can't afford "entitlements," (wrong), the programs are the biggest drivers of our debt (nope), are going bankrupt (actually no, they're not) and then the real heart of the question:  How are you going to cut benefits? 

Unfortunately, this approach guaranteed there would be no real conversation about the benefits millions of seniors depend on.  Here is NCPSSM's President/CEO, Max Richtman's reaction: 

“Rather than focusing on the candidate’s plans for improving Social Security and Medicare’s long-term solvency, strengthening benefits and tackling the retirement crisis looming for millions of workers and retirees, last night’s viewers were stuck with the same old crisis calls that ‘entitlements’ are bankrupting America.  No doubt, Washington’s billion dollar anti-Social Security lobby was happy to have some life pumped back into their middle-class killing campaign to cut benefits; however, America’s voters deserved far more from this debate.

Make no mistake about it, the choices between Clinton and Trump couldn’t be starker.  Donald Trump’s Social Security shape-shifting leaves voters with no idea of how he plans to improve solvency and benefit adequacy.  Doing nothing isn’t an option.  Contrary to his insult last night, hearing Hillary Clinton tell the truth about how to strengthen Social Security's funding isn't ‘nasty,’ it's just reality.  As long as America's wealthiest are allowed to avoid paying their share of payroll taxes, Social Security suffers. Period.  While Clinton supports expanding benefits, Trump’s only policy promise last night was to repeal Obamacare. That cuts years from Medicare’s solvency and billions in preventive care, prescription drugs and cost-reducing benefits to seniors.

Most Americans know that our nation faces a retirement crisis. Our economy depends on strong Social Security and Medicare programs and improving benefits is vital to keeping millions from poverty. Too bad voters weren’t allowed to hear any of that debated last night.”...Max Richtman, NCPSSM President/CEO

 

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Pamela Causey
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causeyp@ncpssm.org
(202) 216-8378
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Walter Gottlieb
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gottliebw@ncpssm.org
(202) 216-8414

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