Insider’s Report: The Washington Post Falsely Claims Social Security and Medicare Will Run Out of Money

In fact, they said that the combined reserves of the Social Security retirement and disability trust fund will become depleted in 2035, one year later than projected in last year’s report. After 2035, the system can still pay 83% of benefits — if Congress takes no corrective action before then. That’s because Social Security is funded through workers’ payroll contributions, which still will be flowing in 11 years from now and beyond.

The trustees also reported that the Medicare Part A Trust fund (which covers hospital care) gained five additional years of solvency since the last report due to the strength of the economy. Recent rules from the Biden administration helped to extend the solvency of the Part A trust fund to 2026, showing that the President is heading in the direction on this crucial issue.

But again, this outcome will only come to pass if Congress does nothing to prevent it.  Meanwhile, Medicare payroll taxes and premium payments (for Medicare Parts B and D) will continue to provide the program with revenue.

To be clear, the potential depletion of these trust funds does not mean the two programs are ‘bankrupt.’ The shortfall in the Social Security trust fund is fixable by boosting the system’s revenue stream. Lifting the payroll tax wage cap (currently $168,600) would go a long way toward ensuring the system’s financial health by asking upper-income Americans to pay their fair share.

But GOP lawmakers in Congress will not consider common sense solutions to shoring up Social Security. Instead, many Republicans favor cutting seniors’ earned benefits through higher retirement ages, stingier Cost-of-Living Adjustments (COLAs), means testing and privatizing the program for the benefit of Wall Street brokers.

It’s time for the media to re-evaluate the way it covers Social Security and Medicare’s finances. More reflective, responsible headline writing and reporting would certainly make the mainstream media less complicit in the push by GOP hardliners to cut Americans’ hard-earned benefits.

Please add your name to our Urgent Petition to Congress to Protect and Strengthen Social Security and Medicare today!

Forget the Social Security crisis. Medicare funding could be a much bigger problem

Proposals haven’t yet been put forth addressing Medicare’s impending insolvency, but President Biden had mentioned two options earlier this year in his budget. “It would be better if Congress acted sooner rather than later,” said NCPSSM legislative director Dan Adcock. (May 9, 2024, Market Watch, Alessandra Malito)

Read More →

House GOP Appropriators Announce 10% Cut in Labor/HHS Spending

House Republicans once again are showing where their true priorities lie.  Appropriations Committee chair Tom Cole (R-OK) announced the GOP’s topline numbers for fiscal year 2025 — including at least a 10% cut in funding for Labor/HHS (Health & Human Services). That could mean agencies like the Social Security Administration (SSA) and Center for Medicare & Medicaid Services (CMS) would endure a huge spending cut. (May 16, 2024, www.ncpssm.org, Entitled to Know blog)

Read More →

Let seniors vote on Social Security fixes

Even with the report pushing back the expected depletion dates for Social Security and Medicare, Max Richtman, President & CEO, National Committee to Preserve Social Security & Medicare (NCPSSM) called for Congress to immediately act to strengthen the Social Security program for the 67 million beneficiaries. (May 13, 2024, Rhode Island News, Herb Weiss)

Read More →

Social Security is America’ contract with working people

Some Republicans want to slash Social Security payments for retirees with middle-class wages. The National Committee to Preserve Social Security and Medicare warns that this kind of con, called means-testing, would end Social Security as Americans know it and reduce benefits even for those with “very modest incomes.” (May 12, 2024, Daily Montanan, Tom Conway)

Read More →

U.S. Senator Susan Collins Introduces Bipartisan Bill to Protect Seniors from High Costs of Necessary Medical Care

On Wednesday, U.S. Senator Susan Collins, along with Senators Sherrod Brown (D-OH) and Sheldon Whitehouse (D-RI), introduced new legislation to update a loophole in Medicare policy that would help protect seniors from high medical costs for skilled nursing care. The legislation is endorsed by the National Committee to Preserve Social Security and Medicare. (May 16, 2024, Sierra Sun Times)

Read More →

No, Social Security cuts aren't inevitable. Raise the income cutoff.

Social Security isn’t facing inevitable decline. We don’t have to make cuts. And baby boomers aren’t to blame. That may sound strange, but the facts are the facts, write Matthew Reed and Rayna Stoycheva of the Harkin Institute. (May 19, 2024, Des Moines Register, Matthew Reed and Rayna Stoycheva)

Read More →

Medicare should include dental coverage, dentists tell U.S. Senate panel

Dentists from throughout the country urged Congress to include dental coverage in Medicare during a hearing Thursday, saying that fewer than half of beneficiaries visit a dentist each year. (May 17, 2024, Missouri Independent, Jennifer Shutt)

Read More →

Medicare Advantage to Be Radically Changed Under New Plan

Medicare Advantage plans could look dramatically different if a new law passes in the Senate. For years, seniors have complained about prior authorization requirements under some Medicare Advantage plans. The privatized version of Medicare often provides lower out-of-pocket costs but forces patients to choose between pre-approved healthcare providers. (May 10, 2024, Newsweek, Suzanne Blake)

Read More →