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Insider’s Report: President Biden’s SOTU speech reaffirms support for protecting seniors’ earned benefits
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During last night’s State of the Union President Biden reaffirmed his promise to protect Social Security and Medicare from devastating cuts proposed by the GOP, saying:
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“Many of my friends on the other side of the aisle want to put Social Security on the chopping block. If anyone here tries to cut Social Security or Medicare or raise the retirement age, I will stop you. The working people who built this country pay more into Social Security than millionaires and billionaires do. It’s not fair. We have two ways to go. Republicans can cut Social Security and give more tax breaks to the wealthy. I’ll protect and strengthen Social Security and make the wealthy pay their fair share.”
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Some GOP lawmakers support raising the eligibility ages for Social Security and Medicare, implementing a “chained” Consumer Price Index that would reduce Cost-of-Living Adjustments (COLAs) for current and future retirees, means testing Social Security, and even putting these programs in the hands of special committees which would give lawmakers cover for cutting benefits.
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Yet, any one of these proposals would spell disaster for millions of older Americans and their retirement security.
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The President also touted the Inflation Reduction Act which he signed into law during the last Congress: “Americans pay more for prescription drugs than anywhere in the world. It’s wrong and I’m ending it. … This year Medicare is negotiating lower prices for some of the costliest drugs on the market that treat everything from heart disease to arthritis. It's now time to go further and give Medicare the power to negotiate lower prices for 500 different drugs over the next decade.”
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Incredibly, Republican lawmakers are trying to reverse this historic law that is helping hold Big Pharma accountable for their price gouging. As huge corporations continue to rake in record profits, the President stressed the need for wealthy Americans to pay their fair share of taxes.
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“It's my goal to cut the federal deficit by another $3 trillion by making big corporations and the very wealthy finally pay their fair share. The last administration enacted a $2 trillion dollar tax cut that overwhelmingly benefited the top 1 percent, the very wealthy and big corporations, and exploded the federal deficit. No billionaire should pay a lower federal tax rate than a teacher, sanitation worker or a nurse.”
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That’s why we need to make it clear during this critical election year that seniors want their earned benefits strengthened, not cut through misguided bills like the “Fiscal Commission Act” which would create a debt commission tasked with finding spending cuts to Social Security and Medicare.
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With so much at stake, please help the National Committee remind U.S. Senators and Representatives why Social Security and Medicare are so important to millions of older Americans and why you reject any bill that would harm your earned benefits by signing our EMERGENCY PETITION TO CONGRESS today!
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New Podcast Episode: Congressman John Larson Discusses Need to Expand and Strengthen Social Security
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Check out the National Committee’s latest “You Earned This” podcast episode. If Franklin D. Roosevelt was the father of Social Security, U.S. Representative John Larson (CT-01) is the godfather. He works harder than anyone on the Hill to boost FDR’s legacy program. His Social Security 2100 Act would enhance benefits and keep the program financially strong for decades. Congressman Larson joins us to talk about the future of Social Security, including the good, the bad and the ugly ideas circulating in Congress.
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No Fourth Stimulus Check Is Coming
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We want to alert you to misinformation that is spreading online which claims that seniors will soon receive a fourth stimulus check. That’s not true. Some of the websites circulating this claim are simply trying to get seniors to click on their content or land on their site. There have also been reports of posts cropping up on social media that are touting this false assertion
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The National Committee urges our members to remain extra vigilant if they come across websites or social media posts that claim a fourth stimulus check is imminent. Keep in mind the IRS is not preparing to send out new stimulus checks. And remember, never give out your personal or financial information, including your Social Security number, in response to an unsolicited call, text message, email, or online message. And never post your personal information on social media.
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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:
We know that everyday people who have worked for 20 or more years die before reaching 65. What happens to all of that money?
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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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Millionaires stop paying into Social Security for the year on March 1st — and billionaires already stopped contributing wages to the program in January. The rest of us continue paying into the system for the entire year. Is it fair that Elon Musk, Rupert Murdoch, Charles Koch, and Tim Cook of Apple don’t have to contribute to Social Security for the rest of the year while most Americans do? We don’t think so. Our Social Security expert, Maria Freese, explains why we need to scrap — or adjust — the payroll wage cap. (March 1, 2024, www.ncpssm.org, Entitled to Know blog)
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Read Here →
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As of March 1, millionaires are finished paying into Social Security for the rest of the year. That's because of the Social Security's payroll wage cape. So while Elon Musk, Tim Cook of Apple, Rupert Murdoch, and Charles Koch are done contributing to the system for 2024, the rest of us have to continue paying through the end of the year! Our Social Security expert, Maria Freese, explains why it's time to Scrap the Cap! (March 1, 2024, the National Committee’s You Earned This podcast)
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Listen Here →
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"Recent polling indicating that women — especially women over 50 — are concerned about their financial future this election year is not surprising,” says Max Richman, President and CEO of the National Committee to Preserve Social Security and Medicare. “We have long advocated for improved retirement security for women,” he says. (February 26, 2024, Rhode Island News Today, Herb Weiss)
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Read Here →
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A federal judge rejected AstraZeneca’s legal challenge to Medicare’s new power to negotiate the prices of certain costly prescription drugs with manufacturers. (March 1, 2024, CNBC, Annika Kim Constantino)
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Read More →
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A new report reveals that Americans funded the development of all ten drugs up for price negotiations with Medicare, but Big Pharma still wants to keep prices for those publicly funded drugs sky high. (February 23, 2024, Jacobin, Helen Santoro)
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Read More →
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Medicare Advantage plans—those aggressively promoted alternatives to traditional Medicare sold by health insurers—may look less enticing to their 31 million beneficiaries next year. (February 26, 2024, Fortune, Richard Eisenberg)
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Read More →
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"We believe that issues affecting seniors would be best advanced by the re-establishment of such a Committee in the House,” says Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare. (March 4, 2024, Rhode Island News Today, Herb Weiss)
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Read More →
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