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[link removed] Insider's Report: "TRUST Act" Could Launch Stealth Attack on Social Security
Given that millions of Americans continue to struggle, both financially and
physically, from the coronavirus pandemic, the House of Representatives has
passed their version of the next coronavirus relief legislation, the "Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act" (H.R. 6800). [link removed] But instead of taking up the "HEROES Act" in the Senate, Majority Leader Mitch
McConnell is working on his own version of a coronavirus relief package. And
incredibly, momentum is building to include the "TRUST Act" (S. 2733), [link removed] a bill introduced by Senator Mitt Romney (UT), which could rig the game and lead
to severe cuts to Social Security, as part of the Senate's next pandemic relief
bill.
As we've written before, [link removed] the "TRUST Act" would establish a "Rescue Committee" for Social Security and set
up a fast track process that could easily lead to devastating cuts to reduce
earned benefits, including a raise in the retirement age, and put older
Americans on a pathway toward poverty. We simply cannot afford for Social
Security's future to be put in the hands of a select "committee" in Congress.
Yet this threat to our nation's most popular and effective social insurance
safety net program continues to gain momentum in boththe House and Senate. In fact, a bipartisan group of 60 House members has just
released a letter to the House leadership in support of the "TRUST Act." In
response, the National Committee has just sent a letter of rebuttal cosigned by
other senior advocacy groups demanding that lawmakers oppose this dangerous
bill.
As you know, budget deficits are soaring in large part
because of the unpaid-for Trump-GOP tax law that primarily benefits the very
wealthy. And it's been made worse by the critical need to provide trillions of
dollars in economic relief to workers and employers during the coronavirus
pandemic. But Social Security, which is funded by payroll contributions from employees and
employers, is not to blame for our economic woes — and should not be used to pay
for other fiscal priorities.
There is no question that we must pass legislation that addresses Social
Security's projected shortfall in 2035 (after which the program could still pay
79% of benefits). But opponents of this program want you to believe the only way
to "rescue" it is through harmful cuts and radical changes. That's simply not
true!
Instead, the "Social Security 2100 Act" (H.R. 860), [link removed] which would keep the program solvent for more than 75 years without raising the
retirement age or cutting benefits — and would even boost some benefits — would
be paid for by requiring the wealthy to pay their fair share into the program
and modestly increasing the payroll tax by 1.2% phased in over 24 years (the
equivalent of one coffee drink every nine weeks for the average wage earner)!
With budget deficits rising every day and pressure mounting to reduce our
government's obligations to retirees and workers, we cannot afford for Senator
Romney's bill to gain any traction in the Senate. That's why the National
Committee is fighting to expose and stop this harmful proposal before it's
included as part of the next coronavirus relief legislation passed by Congress. [link removed] Please consider becoming a member now [link removed] to help us keep the pressure on Congress. Your continued support is essential to
the National Committee's mission of protecting your earned benefits. Good Bills
The U.S. House of Representatives passed the "Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act" (H.R. 6800). [link removed] The House-passed bill builds on previously enacted coronavirus relief
legislation by providing older Americans and people with disabilities with
additional financial and medical assistance that will help them survive the
coronavirus pandemic.
While the National Committee supports provisions in the "HEROES Act" to provide
additional funding to Medicaid, coverage for coronavirus treatment under
Medicare and Medicaid, and support for nutrition programs, more will be needed
to bolster Medicaid for the duration of the economic downturn. Further, we
support federal funding for research and development of coronavirus vaccines and
treatments, but manufacturers must be required to provide fair prices for
products developed with public financing.
And although we support provisions in the "HEROES Act" to provide another round
of cash stimulus payments to most Americans, including seniors, we oppose the
bill's employer payroll tax rebates and deferrals because they undermine the
earned-right benefit nature of Social Security and Medicare, opening the door
for privatization or future benefit cuts, possibly produced by a special
committee, that will hurt seniors and people with disabilities.
While Congress should do more to provide economic assistance to American workers
during the pandemic, we encourage legislators to find ways of helping employers
and their employees without involving the Social Security program in the
process. Take Our Poll!
There is no question that Congress must address the projected shortfall in the
Social Security trust fund in 2035 (after which the program could still pay 79%
of benefits). Senator Mitt Romney's (UT) "TRUST Act" would seek to address
Social Security's solvency issue by putting the future of Social Security in the
hands of a special committee. Like an earlier, failed proposal in the last
Congress to establish a special Social Security commission, Senator Romney's
bill sets up a committee that would operate outside of regular order and its
recommendations would be fast-tracked to the House and Senate floors. This bill
has gained new attention as some lawmakers are considering adding it as part of
the next coronavirus economic relief package. Discussions in Congress are underway as I write this ...
And so, we want to know your response to the following question:
Should the "TRUST Act" be included in the next coronavirus economic relief bill
the Senate puts to the floor for a vote?
Take our poll now! [link removed] Ask Us
Did you know that a team of experts in the field of Social Security policy is
available to answer your questions about benefits? For 37 years, the National
Committee has been helping thousands of our members and supporters with a broad
range of concerns on Social Security.
Whether you're currently retired or approaching retirement, the National
Committee's "Ask Us"section can help answer your questions about Social Security. You can either
search our archives for valuable advice on a broad range of concerns at www.ncpssm.org/ask-us-recent/ [link removed] or email your question to
[email protected] mailto:
[email protected]?subject=.
This week's question is: Do you have a formula to help my wife and I determine when is the best time to
start collecting Social Security benefits?
Click here to read the answer. [link removed] Recent Headlines
GOP 'Plot to Gut Social Security Behind Closed Doors' Gains Steam in Senate Covid-19 Talks [link removed] (May 22, 2020, Common Dreams, Jake Johnson)
About 75% of Trump's proposed coronavirus capital gains tax cut would go to the top 1% of earners [link removed] (May 30, 2020, Salon, Igor Derysh)
Sorry, Reuters: Payroll Tax Cut Would Not Benefit Lower Income Workers the Most [link removed] (May 20, 2020, www.ncpssm.org, [link removed] Entitled to Know blog)
Senior Voters Are Turning Away From Trump [link removed] (May 29, 2020, www.ncpssm.org, [link removed] Entitled to Know blog)
The Pandemic's Impact on Social Security and Medicare [link removed] (May 25, 2020, Morningstar, Mark Miller)
Opinion: Why your Social Security check could feel a lot smaller next year [link removed] (Last updated May 29, 2020, MarketWatch, Paul Brandus)
[link removed] [link removed] [link removed] [link removed] Member contributions to the National Committee, a nonprofit 501(c)(4)
organization, are not tax-deductible.
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