Congress Should Lift the Payroll Tax Cap to Help Future Generations
Quote: “Here’s the reality, at the rate we’re spending, the system (Social Security) will be bankrupt by the time you and I are actually eligible to get these benefits. “We can’t afford it.” “While we’re living two decades longer we haven’t made any changes.” ”
Source: Millennials Face Big Problems
Reporter: Abby Hunstman
Correction:
MSNBC anchor Abby Huntsman (daughter of GOP Presidential Candidate Jon Huntsman) clearly misunderstands Social Security’s funding and twists both life expectancy data and worker ratios to the breaking point to build a false case for cutting Social Security benefits for millennials. Contrary to Huntsman’s claims, there is not a single scenario or economic projection in which Social Security goes bankrupt, most Americans aren’t living 20 years longer and there have been numerous reforms to Social Security in the past, including raising the retirement age.
If Washington does nothing at all by the time the Trust Fund is depleted in 2033, millennials and generations after them will receive a 25% benefit cut. Huntsman urges raising the retirement age to 70-75 on top of that which means an even larger benefit cut for our children and grandchildren. Unfortunately, rather than educating her fellow millennials with the facts, her “fix” for Social Security comes straight from the multi-billion dollar anti-entitlement lobby’s talking points. There are ways to fill the funding gap without hitting future generations with huge benefit cuts. Rather than gutting Social Security under the guise of “fixing it”, Congress should lift the payroll tax cap and enact other meaningful reforms to strengthen the program for future generations.
“Know Your Rights” Informs LGBT Community of Their Social Security Eligibility
For the first time in its long history, the Social Security Administration is providing benefits to same sex married couples, thanks to the Supreme Court’s June 2013 Windsor ruling in the Defense of Marriage Act. This is a significant development with important financial implications for millions of elder lesbian, gay, bisexual, and transgender Americans, same sex spouses, widows, and children of LGBT parents.
Launched in Fall 2013 in the San Francisco Bay area, “Know Your Rights” is a national education campaign for LGBT Americans impacted by the Windsor decision. The Foundation of the National Committee to Preserve Social Security and Medicare events are funded in part by the Archstone Foundation to help support a series of “Know Your Rights” town halls in Los Angeles March 18-20. The town halls will include panel discussions with the Social Security Administration, legal experts, and seniors’ and LGBT advocates. Community partners include the LA Gay and Lesbian Center, the Latino Equity Alliance, The Center-Long Beach and API Equality-LA with co-sponsorship by the Los Angeles City and County Departments of Aging.
EVENT DETAILS
Tuesday, March 18th
5:30 pm Reception
6:30 pm Program
LA Gay & Lesbian Center
1125 N. McCadden Place
Los Angeles, CA 90038
Wednesday, March 19th
6:00 pm Reception
6:30 pm Program
Bixby Park Community Center
Long Beach, CA 90802
RSVP to Porter Gilberg
(562) 434-4455 ext. 245
Thursday, March 20th
6:00 pm Reception
7:00 pm Program
Boyle Heights New City Hall
2130 East 1st Street
Los Angeles, CA 90033
The March 18th session, moderated by LA Gay and Lesbian Center CEO, Lorri Jean, will feature panel discussions with the Social Security Administration, legal experts, and seniors’ and LGBT advocates and will be available via webcast for those who can not attend in person.
March 18th 6:30 – 8:00 pm PT
Register online for the “Know Your Rights” Webcast here.
Seniors and Poverty
The Kaiser Family Foundation has produced a wonderful new video, Old and Poor: America’s Forgotten. It was debuted at this week’s Senate Special Committee on Aging hearing examining the war on poverty and seniors. We consider this a must-watch, must-share video.
There’s Good News and Bad News for Seniors in the President’s Budget Plan
2015 Budget Reaction from National Committee to Preserve Social Security and Medicare President/CEO, Max Richtman
“While the President’s budget thankfully no longer includes cuts to Social Security, his 2015 plan unfortunately still targets seniors by shifting more costs to Medicare beneficiaries through increased means-testing, premium hikes and co-pays. While some tout increasing means testing in Medicare as a way to insure ‘rich’ seniors pay their share, the truth is, the middle-class will take this hit too.
Medicare has already been means-tested since 2007 and the number of beneficiaries subject to higher premiums has been increasing. If passed, this means testing proposal targets even middle-class individuals with the equivalent income of just $45,600 – these are not ‘wealthy’ seniors by any measure. Shifting even more costs to seniors ignores the economic challenges many face just getting by day-to-day. It also exacerbates the retirement deficit gap millions of Americans face now and into the future.
Our nation faces a retirement security crisis. Shifting even more costs to seniors worsens that crisis rather than addressing it head-on. While acknowledging this crisis with proposals such as myRA and automatic IRA’s, this budget focuses attention on the private sector rather than strengthening the number one source of income for many seniors, Social Security. As a nation we should be looking for ways to boost Social Security’s benefits.” Max Richtman, NCPSSM President and CEO
Taking a Social Security Victory Lap
We have to admit that is a headline we love to see!
For so many years now, the well-financed anti-Social Security lobby in Washington has owned the nation’s economic debate. They had a billion dollars invested to persuade Washington to pass benefit cuts for middle-class Americans to reduce deficits that Social Security and Medicare did not create.
The problem with their strategy is the American people never bought it. They didn’t then and they still don’t today. Americans of all ages and political parties simply don’t support cutting Social Security benefits to reduce the deficit. They know there are other ways to be fiscally responsible that don’t target Americans who’ve already suffered the most in this economy. Ultimately members of Congress urged the President—and he’s agreed — to take the cost of living formula change called the Chained CPI out of his budget. The truth is, deficits are coming down and we didn’t have to target Social Security to do it.
The National Journal summed it up this way:
“After a three-year obsession with closing America’s gaping budget hole, Washington, it seems, has moved on. Last month’s budget deal, which put a momentary end to the cliffs and crises that have dominated fiscal policymaking since the tea party came to Congress, coupled with a rapidly shrinking short-term deficit, has driven the nation’s budget imbalances quickly and quietly from the agenda.”
The Los Angeles Times says “Bye-Bye Chained CPI”
“…the chained CPI has lived on for years in Washington as a potential sop to conservatives in negotiations over a fiscal ‘grand bargain.’ The White House now indicates that it has finally given up hope on reaching that bargain with Republicans. (What took them so long?) So the chained CPI, which was part of President Obama’s budget proposal as recently as last year, is out of the budget to be unveiled on March 4.
Social Security advocates are calling that a victory, because it effectively takes the chained CPI out of the mainstream of “entitlement reform.” It’s a significant victory, but the danger is that it might not be lasting. Recent history shows that the dream of forcing low-income seniors to pay for budget cuts so that wealthy Americans aren’t burdened with a tax increase never really dies; it just goes into hibernation.”
Probably so, but supporters of Social Security are rightfully taking a victory lap now to celebrate the protection of our nation’s most successful program. Next step is to direct the conversation to where it should be…Boost Social Security now.
Congress Should Lift the Payroll Tax Cap to Help Future Generations
Quote: “Here’s the reality, at the rate we’re spending, the system (Social Security) will be bankrupt by the time you and I are actually eligible to get these benefits. “We can’t afford it.” “While we’re living two decades longer we haven’t made any changes.” ”
Source: Millennials Face Big Problems
Reporter: Abby Hunstman
Correction:
MSNBC anchor Abby Huntsman (daughter of GOP Presidential Candidate Jon Huntsman) clearly misunderstands Social Security’s funding and twists both life expectancy data and worker ratios to the breaking point to build a false case for cutting Social Security benefits for millennials. Contrary to Huntsman’s claims, there is not a single scenario or economic projection in which Social Security goes bankrupt, most Americans aren’t living 20 years longer and there have been numerous reforms to Social Security in the past, including raising the retirement age.
If Washington does nothing at all by the time the Trust Fund is depleted in 2033, millennials and generations after them will receive a 25% benefit cut. Huntsman urges raising the retirement age to 70-75 on top of that which means an even larger benefit cut for our children and grandchildren. Unfortunately, rather than educating her fellow millennials with the facts, her “fix” for Social Security comes straight from the multi-billion dollar anti-entitlement lobby’s talking points. There are ways to fill the funding gap without hitting future generations with huge benefit cuts. Rather than gutting Social Security under the guise of “fixing it”, Congress should lift the payroll tax cap and enact other meaningful reforms to strengthen the program for future generations.
“Know Your Rights” Informs LGBT Community of Their Social Security Eligibility
For the first time in its long history, the Social Security Administration is providing benefits to same sex married couples, thanks to the Supreme Court’s June 2013 Windsor ruling in the Defense of Marriage Act. This is a significant development with important financial implications for millions of elder lesbian, gay, bisexual, and transgender Americans, same sex spouses, widows, and children of LGBT parents.
Launched in Fall 2013 in the San Francisco Bay area, “Know Your Rights” is a national education campaign for LGBT Americans impacted by the Windsor decision. The Foundation of the National Committee to Preserve Social Security and Medicare events are funded in part by the Archstone Foundation to help support a series of “Know Your Rights” town halls in Los Angeles March 18-20. The town halls will include panel discussions with the Social Security Administration, legal experts, and seniors’ and LGBT advocates. Community partners include the LA Gay and Lesbian Center, the Latino Equity Alliance, The Center-Long Beach and API Equality-LA with co-sponsorship by the Los Angeles City and County Departments of Aging.
EVENT DETAILS
Tuesday, March 18th
5:30 pm Reception
6:30 pm Program
LA Gay & Lesbian Center
1125 N. McCadden Place
Los Angeles, CA 90038
Wednesday, March 19th
6:00 pm Reception
6:30 pm Program
Bixby Park Community Center
Long Beach, CA 90802
RSVP to Porter Gilberg
(562) 434-4455 ext. 245
Thursday, March 20th
6:00 pm Reception
7:00 pm Program
Boyle Heights New City Hall
2130 East 1st Street
Los Angeles, CA 90033
The March 18th session, moderated by LA Gay and Lesbian Center CEO, Lorri Jean, will feature panel discussions with the Social Security Administration, legal experts, and seniors’ and LGBT advocates and will be available via webcast for those who can not attend in person.
March 18th 6:30 – 8:00 pm PT
Register online for the “Know Your Rights” Webcast here.
Seniors and Poverty
The Kaiser Family Foundation has produced a wonderful new video, Old and Poor: America’s Forgotten. It was debuted at this week’s Senate Special Committee on Aging hearing examining the war on poverty and seniors. We consider this a must-watch, must-share video.
There’s Good News and Bad News for Seniors in the President’s Budget Plan
2015 Budget Reaction from National Committee to Preserve Social Security and Medicare President/CEO, Max Richtman
“While the President’s budget thankfully no longer includes cuts to Social Security, his 2015 plan unfortunately still targets seniors by shifting more costs to Medicare beneficiaries through increased means-testing, premium hikes and co-pays. While some tout increasing means testing in Medicare as a way to insure ‘rich’ seniors pay their share, the truth is, the middle-class will take this hit too.
Medicare has already been means-tested since 2007 and the number of beneficiaries subject to higher premiums has been increasing. If passed, this means testing proposal targets even middle-class individuals with the equivalent income of just $45,600 – these are not ‘wealthy’ seniors by any measure. Shifting even more costs to seniors ignores the economic challenges many face just getting by day-to-day. It also exacerbates the retirement deficit gap millions of Americans face now and into the future.
Our nation faces a retirement security crisis. Shifting even more costs to seniors worsens that crisis rather than addressing it head-on. While acknowledging this crisis with proposals such as myRA and automatic IRA’s, this budget focuses attention on the private sector rather than strengthening the number one source of income for many seniors, Social Security. As a nation we should be looking for ways to boost Social Security’s benefits.” Max Richtman, NCPSSM President and CEO
Taking a Social Security Victory Lap
We have to admit that is a headline we love to see!
For so many years now, the well-financed anti-Social Security lobby in Washington has owned the nation’s economic debate. They had a billion dollars invested to persuade Washington to pass benefit cuts for middle-class Americans to reduce deficits that Social Security and Medicare did not create.
The problem with their strategy is the American people never bought it. They didn’t then and they still don’t today. Americans of all ages and political parties simply don’t support cutting Social Security benefits to reduce the deficit. They know there are other ways to be fiscally responsible that don’t target Americans who’ve already suffered the most in this economy. Ultimately members of Congress urged the President—and he’s agreed — to take the cost of living formula change called the Chained CPI out of his budget. The truth is, deficits are coming down and we didn’t have to target Social Security to do it.
The National Journal summed it up this way:
“After a three-year obsession with closing America’s gaping budget hole, Washington, it seems, has moved on. Last month’s budget deal, which put a momentary end to the cliffs and crises that have dominated fiscal policymaking since the tea party came to Congress, coupled with a rapidly shrinking short-term deficit, has driven the nation’s budget imbalances quickly and quietly from the agenda.”
The Los Angeles Times says “Bye-Bye Chained CPI”
“…the chained CPI has lived on for years in Washington as a potential sop to conservatives in negotiations over a fiscal ‘grand bargain.’ The White House now indicates that it has finally given up hope on reaching that bargain with Republicans. (What took them so long?) So the chained CPI, which was part of President Obama’s budget proposal as recently as last year, is out of the budget to be unveiled on March 4.
Social Security advocates are calling that a victory, because it effectively takes the chained CPI out of the mainstream of “entitlement reform.” It’s a significant victory, but the danger is that it might not be lasting. Recent history shows that the dream of forcing low-income seniors to pay for budget cuts so that wealthy Americans aren’t burdened with a tax increase never really dies; it just goes into hibernation.”
Probably so, but supporters of Social Security are rightfully taking a victory lap now to celebrate the protection of our nation’s most successful program. Next step is to direct the conversation to where it should be…Boost Social Security now.