Circling The TrackTSCL is strongly opposed to plans to "chain the COLA." Such a switch has been estimated to reduce Social Security benefits by about 7% over a 30-year retirement. An average benefit of ,300 in 2017 would be about 5 per month less at the end of the period than it would be using the current CPI. An index that causes higher taxes, and lower retirement benefits, make the chained CPI a bad deal for older Americans..Gradually, over 20 years, raise the Social Security payroll tax rate that workers and employers each pay from 6.2% of earnings to 7.2%. A worker earning ,000 a year would pay about 50 cents a week more each year, matched by the employer..Ever since I was first elected to the United States House of Representatives in 1970, I have dedicated myself to ensuring the financial security of the Social Security program. At times, I had to speak out against Presidents of both parties who proposed changes in the system that would cut or eliminate Social Security COLAs or even replace the program with private Social Security savings accounts. … Continued
Whats Happening With Federal Approval Of Covid19 Vaccine BoostersNow, 18 years later, TSCL is hopeful that 2021 will be the year when Congress finally enacts legislation to allow Medicare to negotiate drug prices with pharmaceutical companies. This change is supported by about 85% of participants in TSCL's Senior Surveys. In 2019, Congress came very close to passing such a bill. In 2019, the House passed legislation, that would have allowed Medicare to negotiate drug prices, but was loathed by the pharmaceutical industry. It stalled in the Senate late in 2019 when Senate leadership refused to take up the bill..The study's findings illustrate the impact on the buying power of Social Security benefits when the economy goes from a period of extremely low inflation to more typical rates of inflation. The last time there was a loss this big was in 2011, another year similar to 2017, when there was no COLA, but inflation spiked. The following year, in 2012, Social Security benefits increased by 3.6%. And like 2012, a higher COLA is likely in 2018..With Medicare and other insurers scrambling to control costs, "observation stays" in the hospital have become a loophole that could leave you footing the bill for thousands in uncovered costs. Your hospital status - whether you are an inpatient or an outpatient - makes a huge difference in how much you will have to pay for hospital services like X-rays, drugs and lab tests. But figuring out whether you are an inpatient or outpatient, believe it or not, isn't always clear. … Continued
