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Insider’s Report: Republicans Say They’re Not Going to Touch Your Benefits
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A new bipartisan proposal is being crafted behind closed doors in Congress. And by all accounts it looks like an effort to reignite momentum for Social Security privatization and benefit cuts.
Senators Bill Cassidy (LA) and Angus King (ME) have confirmed they are working on Social Security legislation, though they are so far not willing to go into detail about their proposal with the public, except to confirm it may include the creation of a so-called “sovereign wealth fund.”
The concept of such an investment fund and the deep benefit cuts that are inevitable in any such scheme that gambles Social Security funds on the stock market will be painful for America’s workers and their families. The National Committee takes the position that any members of Congress who may be considering lending their support to this proposal need to fully understand two points:
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The so-called “sovereign wealth fund” is an illusion — a smokescreen to promote a deal that is “too good to be true.”
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Workers who represent the heart of the middle class, along with some of the most vulnerable among us, will bear the brunt of benefit cuts.
The Cassidy-King proposal would have the federal government borrow $1.5 trillion to invest in stocks, real estate and other risky, high-yield financial products. The funds would be given some time to grow, but eventually would need to accumulate enough earnings to pay back the loans, with interest, and still generate enough profits to shore up Social Security’s Trust Funds.
The theory behind the investment fund is that, historically, stocks have outperformed bonds and markets have recovered quickly from periodic downturns. Therefore, the argument goes, relying on continued growth in the future would be a safe and pain-free way for Social Security to raise revenue. This scheme immediately raises the seeming contradiction between a Congress supposedly concerned about our current federal debt of $31.4 trillion while at the same time committing to borrow an additional $1.5 trillion to gamble on a constantly rising stock market.
But this is a risky gamble. Members of the National Committee, many of whom are intimately familiar with the decades of economic fallout from the Great Depression, are not so easily fooled into believing in the fantasy of a stock market “free lunch.” Because so many seniors are highly dependent on their earned benefits to pay their bills, they are unwilling to risk their monthly checks on the mirage of a Wall Street paved with gold.
Learn more about what we anticipate will be in the Cassidy-King “Sovereign Wealth Fund.”
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| President Biden Releases FY24 Budget Plan |
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Yesterday, President Biden released his fiscal year 2024 budget proposal and he laid out his plan to keep Medicare solvent for the next 25 years without slashing benefits. It includes increasing the Medicare tax rate from 3.8% to 5% on earned and unearned income for wealthier Americans.
Also included in the President’s budget is a measure that would expand Medicare’s ability to negotiate the price of prescription drugs with drug makers and speed up the negotiation process, which would end up saving Medicare even more money in the long term. In addition, President Biden wants to limit cost sharing of generic drugs to only $2, focusing on lowering out-of-pocket costs for treating hypertension, high cholesterol and other ailments.
As Medicare remains the target of deep cuts and radical “reforms” in Congress, President Biden’s FY24 budget plan offers real solutions to strengthening the financial health of Medicare and improving benefits for seniors.
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| March is Women’s History Month! |
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As we celebrate Women’s History Month in March, it’s important to reflect on the challenges women continue to face in the workplace and in retirement. On average, women live longer than men; yet, their lifetime earnings are generally lower. Pay inequity while they’re working and often reduced benefits once they retire mean millions of women face retirement and health insecurity in their old age.
Social Security is the final hope for millions of Americans, many of them women, who want to live independent lives. And so they stand to lose the most if benefits are jeopardized in any way. That’s why the National Committee is urging Congress to reject harmful benefit cuts and dangerous “reforms” — and instead pass legislation that strengthens earned benefits, and ensures the safety net for women is secure.
Learn more about the importance of Social Security for women and the proposals the National Committee supports which would improve benefit equity and protect benefits.
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| Good Bills |
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The National Committee endorses the “Fair COLA for Seniors Act,” (H.R. 716) introduced by U.S. Representative John Garamendi (CA-08) which requires the use of the Consumer Price Index for the Elderly (CPI-E), for the purpose of determining cost-of-living adjustments (COLAs) for a broad array of Federal retirement programs, including Social Security. Using the CPI-E will ensure that benefits for retirees are not diminished by rising costs in the goods and services that seniors disproportionately consume. This bill also extends the use of the CPI-E index to federal civil service retirement, military retirement, veterans’ pensions and compensation.
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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.
This week's question is: I am retired on disability and receive SS Disability. Does my wife receive the same benefit amount that I am receiving at the time of death?
Click here to read the answer.
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| Take Our Poll |
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Do you believe politicians who are 75 years of age or older should be subjected to mental competency tests?
Take our poll now!
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Ask Us
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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Eleanor’s Hope
Learn more about our intiative to educate and advocate on critical women’s issues. |
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| Pence: Cutting Medicare, Social Security Ultimately Needs to Be ‘On the Table’ |
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Republicans like the former vice president are proving President Biden was right when he said some members of the party want to cut the programs. (February 22, 2023, Rolling Stone, Ryan Bort)
Read More →
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| A Simple Choice: Social Security or Billionaire Greed |
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Any politician who expresses concern about Social Security's finances without being willing to tax the rich is a phony. Nothing but a phony. (February 28, 2023, Common Dreams, Richard Eskow)
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| Social Security Is Fine As Is, Say 63% of Americans Over 65 – 72% Still Think There’s One Urgent Problem |
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While U.S. lawmakers tussle over how and whether to reform Social Security and Medicare, many of the nation’s seniors might be wondering what the fuss is all about. Nearly two-thirds of older Americans seem to think the programs are just fine the way they are, according to a new Gallup poll. (February 27, 2023, Go Banking Rates, Vance Cariaga)
Read More →
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