If signed into law, H.R. 4012 would provide Social Security beneficiaries and retired military members with a 3.9 percent COLA in 2016, which would amount to around 1 for the average beneficiary. It would offset the cost of the emergency COLA and extend the life of the Social Security Trust Funds by closing tax loopholes for corporate executives..The COLA as currently calculated is failing to protect the buying power of the beneficiaries for whom it is intended. TSCL supports legislation, the 3% COLA Act, that would ensure a more fair and adequate COLA two ways. It would base the annual boost on an index that more accurately reflects of the costs of older Americans - the Consumer Price Index for the Elderly. In addition, the legislation would require an annual minimum COLA of no less than 3%..We at TSCL urge you not to put off medical care if you need it. If you are worried about being infected with the virus call your doctor's or dentist's office and ask them what Covid-19 precautions they are following to protect their patients. Many doctors have taken extra special measures, including requiring that everyone wear a mask and keeping people out of waiting rooms until the actual time of their appointment. Many waiting rooms have far fewer chairs in them, and they are spaced far apart for those patients awaiting their appointments..During our slow, arduous economic recovery that followed the financial crisis and recession of 2008 and 2009, many government programs, Social Security in particular, were stretched to the limit. A number that made headlines last year was the Social Security Trustees' estimate that the Social Security trust funds would run a billion cash deficit in 20Most of the time when the Social Security trust fund is referred to, we mean two trust funds - the old-age and survivor's insurance trust fund, that pays retirement and widows benefits, and the disability insurance trust fund..Under current law, the Medicare program excludes coverage of most routine and emergency dental care, leaving around 70 percent of seniors without comprehensive dental insurance coverage. Will you support the Medicare Dental Benefit Act to ensure that seniors have access to essential health care?.The study examined the increase in costs of 39 key items between 2000 and January 201The items were chosen because they are typical of the costs of most Social Security recipients, and include expenditures like the Medicare Part B premium, that are not measured by the index currently used to calculate the COLA. Of the 39 items analyzed, 25 exceeded the percentage of increase in the COLA over the same period. "This study illustrates why legislation is needed to provide a more fair and adequate COLA," Johnson says. "To put it in perspective, the same 0 worth of groceries that a retiree household could buy in 2000, can only buy worth today," Johnson adds..If adopted, the Ways and Means Committee's bill would increase the federal deficit by .5 trillion over ten years and according to budget experts, the projected economic growth due to its passage would not come close to offsetting the cost. TSCL is concerned that the Tax Cuts and Jobs Act if signed into law would open the door for major cuts to programs like Social Security, Medicare, and Medicaid.."What's the Latest on Medicare Drug Price Negotiations?," Kaiser Family Foundation, July 2019..Every day, thousands of our neighbors and friends protect our cities, educate our students, and deliver vital services to our communities. While these selfless public servants have spent their lives giving back, our antiquated federal policies take away the benefits that these workers have rightly earned.
