According to the CBO report, the fiscal shortfall is largely due to the growth of Social Security, Medicare, Medicaid and interest payments as a share of the country's gross domestic product, while tax revenue stays relatively steady and spending for other programs drops..Adjuvanted Flu Vaccine.On Wednesday, with a vote of 21-3, the Senate Finance Committee voted in favor of advancing the nomination of Sylvia Mathews Burwell as the next Secretary of the Department of Health and Human Services. If confirmed as Secretary, Burwell will oversee the Medicare, Medicaid, and Social Security programs, and she will also manage the continued implementation of the Affordable Care Act..Increasing the payroll tax rate. Survey results have also shown strong support for a gradual increase in the payroll tax rate from 6.2% to 7.4%. An increase of that size would amount to an extra 50 cents per week for the average worker an amount that most feel is fair and practical..Increasing life expectancy, longer retirements, and an increase in the number of retirees all mean that a larger share of the population will be utilizing health services and receiving benefits from Medicare. DCW jobs are currently among the fastest-growing occupations in the country, though their training programs and earnings fail to reflect their incredibly important roles. A recent report by the Brookings Institute found that personal care aides, and nursing, psychiatric and home health aides have median earnings of ,000 and ,000 respectively..But those "extraordinary measures" can only last so long. Without congressional action, the Treasury Department will run out of borrowing authority in just a few months and it won't have the funds needed to pay the country's bills including Social Security benefits and Medicare reimbursements..While Congress was busy debating the repeal of the Affordable Care Act and tax cuts for millionaires and billionaires, the federal government hit the debt ceiling on March 15th. Since then, the Treasury Department has been using "extraordinary measures" like postponing contributions to retirement accounts for federal employees to buy time and prevent a default on federal debts, including the money that the U.S. Treasury owes to the Social Security Trust Fund..Seniors know how important Medicare is to their well-being, both health-wise and financially. But many doctors have long complained that Medicare does not pay them enough. And until the coronavirus came along, cuts in the reimbursement rates paid to doctors were scheduled to take place..The non-partisan Center for Retirement Research at Boston College released the following comparison to help you learn where the candidates stand on Social Security:

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TSCL is hopeful that Congress will provide the Social Security Administration with the funding and staffing necessary to make progress on reducing the DI backlog. As Ranking Member John Larson said at Wednesday's hearing, "[A backlog of] six hundred days is flat-out unacceptable." In the coming weeks, TSCL will provide the Social Security Subcommittee with policy recommendations. We will summarize them here in the Legislative News section of our website after they are submitted to the Subcommittee for review..The largest amounts of money come from corporate and special interest groups who want certain legislation passed or stopped..In the days and weeks ahead, TSCL will be keeping a close eye on the evolving tax reform discussions on Capitol Hill and we will continue to advocate for policy options that would ensure the financial security of older Americans, like the three mentioned in last week's legislative update. For progress updates, visit the Legislative News section of our website or follow TSCL on Facebook or Twitter. … Continued

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The law, however, also shifts the entire beneficiary share of Part B premium costs to the remaining 30% of individuals who are not protected by the hold harmless provision. An estimated 16 million people will take a financial hit from spiking Part B premiums unless Congress takes action. They include:.Estimate your costs and when you may risk hitting the doughnut hole: Based on the prescriptions you enter, the Medicare Drug Plan Finder can estimate your annual costs and when you potentially may hit the doughnut hole..While a multitude of new mandates and burdensome administrative requirements have been layered on over the past several years, payments to physicians have not only failed to keep pace with inflation, they have, in some cases, decreased in real terms. … Continued

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