The National Committee to Preserve Social Security and Medicare will participate in a special Social Security symposium hosted by former U.S. Senator Tom Harkin and the Harkin Institute of Drake University. Featuring NCPSSM President Max Richtman and other prominent leaders from the national advocacy community.
It’s been a busy week for Social Security watchers and advocates. Here are some of the major developments from Washington, D.C.:
The first hearing on Social Security of the new Congress saw Republicans claiming that they simply want information about the program’s status, while Democrats insisted that it’s time to boost Social Security --- and pushed back on GOP proposals to cut benefits.“ Today, we are faced with the fierce urgency of now. Five million Americans receive below-poverty level (Social Security) checks from their government because Congress has not enhanced benefits in more than 50 years,” said ranking member Rep. John Larson (D-CT).
National Committee president and CEO Max Richtman brought the organization’s message of expanding and strengthening Social Security to Ohio today. He participated in a forum in Sandusky, OH, co-sponsored by the local nonprofit, Serving Our Seniors. The forum, entitled, The Future of Social Security Retirement Income and Medicare Part A forum, was attended by more than two hundred citizens, mostly seniors who are already collecting Social Security.
The National Committee to Preserve Social Security and Medicare has sent an urgent letter to Senators Bill Cassidy (R-LA) and Angus King (I-ME) expressing deep concern over a Social Security proposal reportedly taking shape under their names. The Cassidy-King plan would put Social Security on a slippery slope toward privatization — and ultimately cut benefits for future beneficiaries.
Today is the day most millionaires stop paying into Social Security for the rest of the year, while most of us will continue contributing FICA payroll taxes through the end of December. The payroll tax cap for 2023 is $160,200 in annual wages. As of today, people grossing $1,000,000 a year in wages have now exceeded the cap.
A bill to repeal two largely unpopular rules affecting some public sector workers’ ability to collect Social Security benefits was reported out of the House Ways & Means committee today. The Social Security Fairness Act was introduced by Rep. Rodney Davis (R-IL), and currently has more than 290 cosponsors from both parties.
GOP members of the House Ways and Means Committee held an all-Republican roundtable on the future of the program on June 29. That’s a little like holding an all-Red Sox roundtable on the future of the Yankees. Republicans have spent four decades devising ways to undermine Social Security – including their triad of terrible ideas: raising the retirement age, means-testing benefits, and privatizing the program
Social Security’s trust fund received a one-year reprieve in the 2022 Social Security Trustees report, released late Thursday afternoon. The Trustees project that the combined disability and retirement trust fund will become depleted in 2035 – one year later than predicted last time – if Congress doesn’t take preventative action. When the trust fund becomes insolvent, the Trustees say, Social Security will only be able to pay 80% of scheduled benefits.
Witness after witness at Tuesday’s Congressional hearing on Social Security Administration (SSA) customer service testified that the agency is in dire need of additional resources in order to properly serve the public. The hearing was held by the House Ways and Means Social Security subcommittee, chaired by Rep. John Larson (D-CT), with testimony from a variety of witnesses from SSA and advocacy groups.