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Insider’s Report: Fiscal Commission Could Threaten Social Security
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NCPSSM President & CEO Max Richtman (far left) sits behind former Senator Rob Portman (OH) who provides testimony on the creation of a ”Fiscal Commission”.
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On October 23, NCPSSM President & CEO Max Richtman offered testimony to the U.S. House Budget Committee, warning that the creation of a fiscal commission to address the federal debt could jeopardize Social Security and Medicare benefits.
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“As Congress grapples with the implications of a federal debt currently topping $33 trillion, pressure by fiscal conservatives inevitably turns to finding ‘savings’ in Social Security, even though this critical social insurance program for America’s workers does not contribute a single penny to the national debt,” said Richtman in his testimony.
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So-called "fiscal conservatives," led by the new Speaker of the House Mike Johnson, are coming after Social Security and Medicare in the name of debt reduction. Several of the Republican Budget Committee members at last week’s hearing, including U.S. Representative Steve Womack (AR-03), conflated Americans’ earned benefits with the federal debt, claiming that “fiscal dysfunction” in Washington is linked to Social Security and Medicare.
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Opponents, including NCPSSM, have argued that such commissions traditionally emphasize cuts to social insurance programs while ignoring revenue-side solutions. “If revenue is not on the table, it is a commission to cut Social Security and Medicare,” said U.S. Representative Lloyd Doggett (TX-35) at the hearing.
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Please sign our Petition to Congress urging lawmakers to reject the creation of a “fiscal commission” that would have the power to fast-track benefit cuts!
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Good Bills
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The National Committee endorses the “Seniors Securing Access to Vital and Essential (SAVE) Prescription Drugs Act” (H.R. 2893). This bill will help low-income seniors and individuals with disabilities access the prescription drugs they need by expanding access to Medicare subsidies.
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As proposed, the bill will assist many Medicare beneficiaries who have responsibly saved for retirement by ensuring they are eligible for the “Extra Help” program that makes prescription drugs affordable. The bill does this by excluding covered retirement accounts (e.g., 401(k) plans, Individual Retirement Accounts, governmental 457(b) plans and 403(b) plans) from “Extra Help” eligibility determinations. If enacted, the policy would mean more seniors would qualify for the financial prescription drug assistance they need to afford high-cost drugs, without being penalized for doing the right thing by saving for retirement.
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Ask Us!
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Whether you’re retired or approaching retirement, our team of experts in the field of Social Security policy is available to answer your questions about benefits.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
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This week’s question is: I am retired and receiving Social Security benefits and am planning on getting married. My fiancée is still employed. What effect will this have on my Social Security benefits? Also I am wondering if I should be having taxes taken from my benefits.
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Click here to read the answer.
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Ask Us
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Whether you’re currently retired or approaching retirement, we can help answer your questions and provide valuable advice on Social Security.
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Join Now/Donate
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Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare.
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Social Security Benefits
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Learn more about the Social Security program and the policies the National Committee supports that would strengthen your earned benefits.
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“While we are grateful that Social Security is the only major retirement program with a built-in cost-of-living adjustment, the current formula for determining COLAs is inherently flawed," said Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare. (October 16, 2023, Rhode Island News, Herb Weiss)
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Read Here →
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It’s annual open enrollment time again for the 65 million Americans covered by Medicare, the federal health program for older people and some people with disabilities. (October 18, 2023, Chicago Sun Times, Julie Appleby-KFF Health News)
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Read Here →
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When Covid-19 stimulus checks were deployed to millions of Americans, the government reassured Social Security and Supplemental Security Income beneficiaries they were eligible for payments. But some beneficiaries, who include retired and disabled Americans, may have gotten more than they bargained for — lost benefits. (October 24, 2023, CNBC, Lorie Konish)
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Read More →
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Medicare Advantage plans have become dubious payers for many large and small hospitals, which report that the insurers are often slow to pay or don't pay. (October 17, 2023, NPR, Sarah Jane Tribble)
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Read More →
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Social Security beneficiaries stand to get a boost to their benefits next year, based on a 3.2% cost-of-living adjustment. But there are several thresholds workers should keep in mind, based on new numbers for 2024 that were recently announced by the Social Security Administration. (October 21, 2023, CNBC, Lorie Konish)
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Read More →
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Hikes to Medicare Part B’s premium and deductible are based on a formula that doesn’t factor in inflation, unlike Social Security’s cost of living increase. (October 20, 2023, Verify, Emery Winter)
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Read More →
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The head of the Social Security Administration said Wednesday the agency has been sending about 1 million people a year notices that they were paid benefits to which they were not entitled, and she said she has ordered a “top-to-bottom, comprehensive review” of how the agency deals with such overpayments. (October 18, 2023, KFF Health News, David Hilzenrath and Jodie Fleischer)
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Read More →
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