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Insider's Report: Max Richtman Testifies Before Congress
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Social Security must be expanded and strengthened now. That was the message National Committee President & CEO Max Richtman delivered in testimony on December 7, 2021, before the House Ways and Means Social Security subcommittee, chaired by U.S. Representative John Larson (CT-01). This was the first and possibly only hearing on Congressman Larson’s “Social Security 2100: A Sacred Trust” legislation, which would boost benefits and extend the solvency of the Social Security Trust Fund.
Read Max’s full testimony here.
Witnesses who oppose improving Social Security benefits paid lip service to preserving Social Security while claiming that most seniors are financially secure and don’t need better benefits. Andrew Biggs, a Senior Fellow at the American Enterprise Institute, openly called for cutting earned benefits by raising the retirement age and privatizing Social Security.
During his testimony, Biggs claimed that “most seniors will tell us they are doing well financially” … “U.S. retirees have never had higher incomes than they do today” … and “Americans’ retirement savings have never been higher.”
Yet, the facts simply don’t bear that out. Social Security benefits are modest — averaging only about $18,600 annually in 2021. Two-thirds of Social Security beneficiaries receive over half of their income from Social Security. For nearly 1 in 5 retirees, Social Security is their only source of income. Without Social Security, nearly half of the elderly would live in poverty.
False narratives and twisted claims like this only help bolster opposition to improving and strengthening the Social Security program. That’s why the National Committee is committed to getting the truth out about Social Security and why we’ve endorsed Representative Larson’s bill, believing that current benefits and COLAs are inadequate for today’s seniors. Even before COVID pummeled America’s senior population, too many older Americans were struggling to keep their heads above water financially in the face of rising costs for everything from health care to prescription drugs to housing. It’s time for Congress to enact this commonsense legislation.
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| Improve the Drug Pricing Provisions in BBB |
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As the Senate considers the House-passed Build Back Better (BBB) Act, the National Committee is urging Senators to strengthen — not weaken — the drug pricing provisions in the bill. Medicare beneficiaries need more robust drug price reform, now more than ever, given the extraordinary increase in Medicare Part B premiums driven substantially by the exorbitant cost of the Alzheimer drug Aduhelm. The Centers for Medicare and Medicaid Services attributes about half of the $21 or 14.55% spike in 2022 Part B monthly premiums to a “contingency reserve” they created to pay for Aduhelm if the agency decides to cover it under Part B.
We urge Congress to amend the House-passed bill by allowing Medicare to negotiate with pharmaceutical manufacturers for the price of any drug — like Aduhelm — that significantly increases Part B or Part D premiums.
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| Ask Web |
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Our resident Social Security expert, Webster Phillips — a Senior Policy Analyst for the National Committee and a 31-year veteran at the Social Security Administration — is here to answer your questions about Social Security.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
This week's question is: I will be turning age 65 soon and I want to apply for my Social Security benefits. How do I do this, and what papers will I need?
Click here to read the answer.
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| Poll Results! |
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In the last issue of Benefits Watch we asked our readers the following question:
Do you know any older Americans who have either delayed retirement or gone back to work because their Social Security monthly benefit does not cover their cost of living?
The results from our recent poll are fascinating, but they’re only available to National Committee members! Join the National Committee today and we’ll immediately give you the results of this important poll.
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Ask Web
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
Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare. |
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Boost Social Security
Learn how we’re fighting to improve and expand Social Security benefits for current and future generations of Americans. |
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| Why the COLA Formula Needs to Change |
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National Committee president Max Richtman responds to news of the 5.9% Social Security cost-of-living adjustment for 2022. "While it's a substantial increase, we have a lot of catching up to do" from insufficient COLAs in years past. (November 18, 2021, KEX, Radio Interview with NCPSSM President & CEO Max Richtman)
Listen Here →
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| This one drug threatens to tank Medicare's entire prescription drug model |
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When Biogen's new Alzheimer's drug, Aduhelm, was officially approved for use by the Food and Drug Administration (FDA) back in June, it was a decision that flouted overwhelming pushback from doctors in the field, dozens of whom argued that Biogen had failed to demonstrate whether the drug had any clinical value. (December 4, 2021, Salon, Jon Skolnik)
Read More →
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