Third, the Social Security Fairness Act of 2017 gained two new cosponsors in Representative Bill Posey and Suzanne Bonamici, bringing the cosponsor total to 17If signed into law, H.R. 1205 would repeal the Government Pension Offset and Windfall Elimination Provision two provisions that unfairly reduce the earned Social Security benefits of millions of teachers, police officers, and other public servants each year..This week, Members of Congress continued working on a .1 trillion spending bill to fund the federal government past December 11th. Lawmakers in the Senate passed a five-day continuing resolution on Thursday afternoon to buy more time for the negotiations. At the time of writing this week's update, those in the House had not yet passed the stopgap funding bill, but they are expected to overwhelmingly vote in its favor before midnight on December 11th, and President Obama has already said he will sign the short-term fix into law..This week, the Social Security and Medicare Trustees released their annual reports on the financial health of the programs. In addition, Senator David Vitter's Notch Fairness Act and Representative Buck McKeon's Social Security Fairness Act each gained one new cosponsor..pricey, especially since you may pay for it years before you use it. Some.Pressure on Congress is ramping up for immigration legislation that provides a "clear path to citizenship" for an estimated 12 million illegal immigrants. House GOP Members are reportedly working on several immigration bills, including two that would grant some form of legal status. Conservative pro-immigration reform groups, including business leaders and law enforcement, are pushing the House to take action, perhaps early this spring. The Senate passed an immigration reform bill last July..This week, TSCL endorsed the Social Security Fairness Act, which was recently introduced in the House of Representatives by Congressman Rodney Davis with the bipartisan support of seventy-seven original cosponsors..Over the past four years, TSCL's surveys have found that about 9 out of 10 people receiving Social Security benefits report that their household spending rose by at least per month during the prior year. But that's just the tip of the iceberg. "Retirees need to plan for large monthly jumps in spending annually over the course of their retirement," Johnson says. In every year since 2014, the largest percentage of those people participating in TSCL annual Senior Surveys reported that their household spending jumped by more than 9 per month. Since 2014 annual COLAs grew a total of just 3.5 percent, averaging less than 0.9 percent per year. One factor in why retirees have such a gap between their COLA and spending is the consumer price index that the government uses to measure inflation and to determine the annual boost. "One would think that the CPI used to calculate COLAs for retirees would be based on seniors' spending patterns, but it is not," says Johnson. Instead, the COLA is determined by the growth in the Consumer Price Index for Urban Wage Earners and Clerical Workers. Younger working adults spend a far smaller portion of their income on medical costs, which is the fastest growing category of the CPI in most years. On the other hand, younger working adults spend more on transportation and gasoline, categories that have gone down dramatically in recent years. "This tends to understate the inflation experienced by the majority of people receiving Social Security," notes Johnson..As FDR once said, "The only thing we have to fear is fear itself--nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance." We will learn the lessons your generation has taught us and not give in to fear. With your support, we will preserve that which we promised and leave a legacy to our posterity..This week, lawmakers in the House remained in their home districts, while those in the Senate returned to Capitol Hill to begin working on a plan to avoid a government shutdown. In addition, The Senior Citizens League saw three key bills gain support.
