News
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March 2014 Daily Herald
Congress Still Can't Get Its Work Done .Social Security recipients can look forward to receiving an annual cost – of – living adjustment (COLA) of about 1.8 percent in 2018, according to an estimate released today by The Senior Citizens League (TSCL). "A COLA of that amount would make it the highest since 2012 — but even at 1.8 percent, the raise is less than half of the 4 percent that COLAs averaged from 2000-2009," says TSCL's Social Security policy analyst, Mary Johnson. .If signed into law, the Keeping Our Social Security Promises Act would amend the Internal Revenue Code of 1986 to apply Social Security payroll taxes to earnings up to the contribution and benefit base and to all earnings in excess of 0,000. … Continued
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U S Health System Gets Failing Grade According To New Study
Senator Chuck Grassley (IA) introduced S. 61 on January 9, 201It has since been referred to the Committee on Health, Education, Labor, and Pensions. .So far, many accomplishments have made the first session of the 113th Congress a memorable one for TSCL. To read more about our latest efforts, check out our Legislative Updates. .To learn more about Medicare deductibles visit online at www.Medicare.gov or call toll free at 1-800-MEDICARE ( 7). … Continued
Despite the big drop in costs related to petroleum prices, the overall costs typical of Social Security recipients continue to grow faster than benefits. Since 2000, the COLA has increased benefits just 43 percent while typical senior expenses have jumped 74 percent. Inflation has been at historic lows in recent years and seniors received a COLA of just 1.7 percent this year. .The trillion Senate Republican stimulus proposal comes with a measure that could curb federal spending in the future by reducing costs tied to Social Security, Medicare, and highway trust funds. .Last month, the Social Security Trustees released their annual report on the program's financial outlook, and they projected that Social Security beneficiaries will face a cut in benefits if lawmakers fail to pass legislation to extend the program's solvency past 203In order for reforms to be phased in gradually and with minimal impact on current or future retirees, Congress will need to adopt comprehensive Social Security reform legislation in the very near future. .The Social Security Disability Trust Fund (SSDI) is rapidly closing in on becoming the first of the two Social Security Trust Funds to become fully insolvent. The disability trust fund, which is separate from the one that pays retirement and survivors benefits, is due to have funding problems by 2016. .The Senior Citizens League believes it is time to focus on the adequacy of Social Security benefits to meet rising Medicare costs. COLAs have been insufficient to cover the Part B premium in five out of the past ten years — 2010, 2011, 2016, 2017, and 201This is a clear indication that Social Security COLA is not adequate, and not doing the job it was intended to do. . .Take A Look At This New Chart From The Senior Citizens League .Sources: "Medicare Drug Plan Benefit Some, Others Fall Through Cracks," Robyn Shelton, The Orlando Sentinel, February 2, 200"Federal Costs Dropping Under New Medicare Drug Plan," Robert Pear, The New York Times, February 3, 200"U.S. Customs Cracks Down On Prescription Drug Shipments," Canadian Broadcasting Corporation, February 9, 200"Answers Sought on Medicine Seizures," Lisa Girion and Ricardo Alonso-Zaldivar, The Los Angeles Times, February 16, 2006. .The CBO said earlier this year that if the Congress did not take action to address the shortfalls, the balances in the two trust funds would be exhausted within the next 10 years: Medicare's Hospital Insurance (HI) Trust Fund (in fiscal year 2024), and Social Security's Disability Insurance (DI) Trust Fund (in fiscal year 2026) .Apparel (men's shirts and sweaters, women's dresses, jewelry)