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Insider’s Report: “The Consequences Are Dire”
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Our country has reached its self-imposed debt limit. And now the U.S. Treasury is taking extraordinary measures — essentially buying time — to avert economic catastrophe. That should give lawmakers about six months to strike a deal to pass legislation to either suspend or increase the debt ceiling before we reach a true crisis point.
But given that GOP extremists are now calling the shots in the House, it seems certain that these politicians will use debt ceiling negotiations to try and force cuts to Social Security and Medicare — and that we are indeed headed toward a fiscal crisis.
Instead of passing legislation that enables our government to pay for the spending that Congress has already approved, “entitlement reformers” are planning to resurrect the dreaded “TRUST Act” and use it to exact severe cuts to your earned benefits in exchange for allowing our government to fulfill its financial obligations.
And this proposal has bipartisan support. In fact, Senator Joe Manchin (WV), who backed a previous version of this plan, is now talking to Speaker of the House Kevin McCarthy about including the “TRUST Act” in legislation to avoid a default. According to Senator Manchin, “we would put different committees — bipartisan, bicameral committees — together to look at each one of the trusts and come up with solutions of how you fix it.” And by “fix” he could mean cutting benefits and radically reforming these popular and effective anti-poverty programs.
That’s why the National Committee is working to keep the pressure on all members of Congress to reject the “TRUST Act” and prevent Social Security and Medicare from being used as negotiating pawns in debt negotiations now underway in Congress.
As a reminder, the National Committee strongly opposes the “TRUST Act” which would set up special committees to decide the fate of the Social Security, Medicare and other Trust Funds — all to help pay down the budget deficit. And it could lead to devastating benefit cuts fast-tracked through Congress with minimal public debate.
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| Good Bills |
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The National Committee endorses the “Social Security Enhancement and Protection Act” reintroduced by Representative Gwen Moore (WI-04) which would make a number of improvements to Social Security including, among other measures:
- Increasing the special minimum benefit that is paid to workers who have spent long careers in relatively low-wage employment.
- Recognizing the value of childrearing by allowing credits of up to five years toward the minimum benefit when a parent leaves the workforce or reduces participation in the workforce for the purpose of caring for a child under age six.
- Boosting benefits for seniors who have been on the Social Security rolls for a long period of time by providing a five percent increase in benefits later in life.
- Extending the life of Social Security by eliminating the cap on Social Security payroll taxes and by increasing the payroll tax rate by one-tenth of one percent a year for six years.
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| Poll Results! |
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In the last issue of Benefits Watch we asked our readers the following question:
Will you personally benefit from the drug pricing reforms contained in the Inflation Reduction Act passed in the last Congress, including capping insulin costs at $35 for Medicare beneficiaries?
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 |
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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 am 64 and my Social Security benefit at age 66 will be $2,240. My husband will receive a smaller retirement benefit when he reaches age 66 of only about $500. He plans to apply for benefits on his own record at age 66. Will he be able to receive a higher benefit when I apply for retirement benefits when I reach age 66?
Click here to read the answer.
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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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Aging, Health and Care
Find useful resources on everything from caregiving and hearing care to long-term care and transportation. |
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| 5 ways your finances could be impacted now that the U.S. hit the debt ceiling
"It is more likely than in the past that Social Security beneficiaries will feel the full impact of a default if the debt ceiling isn't raised," said the National Committee to Preserve Social Security and Medicare. The Committee also said that Medicare and Medicaid payments could be delayed if an agreement isn't reached. (January 18, 2023, USA Today, Elisabeth Buchwald)
Read More →
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| As U.S. hits debt ceiling, here’s what it could mean for Social Security and Medicare |
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We spoke to “We’re looking at as early as June a train wreck on this issue,” said Dan Adcock, director of government relations and policy at the National Committee to Preserve Social Security and Medicare. “The consequences are dire, because a default would not only disrupt Social Security and Medicare benefits, but also cause a global economic recession or worse,” he said. (January 19, 2023, CNBC, Lorie Konish)
Read More →
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| Justifying Attack on Social Security, House Republican Claims People 'Want to Work Longer' |
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Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare, wrote in an op-ed for The Hill last week that "America's seniors cannot afford benefit cuts, including raising the eligibility ages for future Social Security and Medicare beneficiaries." (January 17, 2023, Common Dreams, Jake Johnson)
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| GOP Debt Ceiling Strategy Threatens Social Security & Medicare |
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NCPSSM President and CEO Max Richtman tells radio host Mark Mason that Republicans insistence on spending cuts in order to raise the debt ceiling threatens seniors' earned benefits. (January 13, 2023, KEX Portland, Radio interview with NCPSSM President & CEO Max Richtman)
Listen Here →
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| Dingell, Fitzpatrick Reintroduce Bill Expanding Medicare Hearing Aid Coverage |
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"We strongly support Rep. Dingell’s Medicare Hearing Coverage Act, which will help make hearing aids affordable – and in so doing, improve the health and safety of millions of seniors," says Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare. (January 10, 2023, Official Website of U.S. Representative Debbie Dingell (MI-06), Press Release)
Read More →
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| How to Save—Not Cut—Social Security |
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With a narrow and highly fractious Republican minority now in control, it is a safe bet the House of Representatives will be the site of loud debates over government spending in the coming months. As part of the fighting over things like raising the debt limit, expect to hear renewed talk about reforming Social Security. (January 20, 2023, Newsweek, Mark Miller)
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| GOP divisions over Social Security, Medicare cuts forecast tough fights ahead |
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House Republicans are divided over cuts to Medicare and Social Security, setting up what could be a fierce internal clash over the future of the nation’s top safety net programs when Congress delves into budget fights later in the year. (January 12, 2023, The Hill, Nathaniel Weixel and Mike Lillis)
Read More →
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