If signed into law, the bill would repeal the Windfall Elimination Provision and the Government Pension Offset two provisions of the Social Security Act that cut the earned benefits of millions of teachers, firefighters, police officers, and other public servants each year. Because these individuals receive pensions from their state or local governments, their monthly Social Security checks are arbitrarily reduced, often by one-half or more.."While most of the provisions were supported by TSCL, we in no way support using Social Security and Medicare benefits as hostages in exchange for lifting the debt limit," says TSCL Chairman Ed Cates..Back in mid-August we reported on President Trump's executive order to stop the collection of the workers' part of the Payroll tax, which funds Social Security and Medicare. TSCL is opposed of Payroll tax cuts of any kind because they seriously jeopardize the financial viability of both Social Security and Medicare..In fact, according to research by The Senior Citizens League, homeowner's insurance has grown 199 percent since 2000, making it one of the fastest growing costs that retirees face, second only to prescription drug costs. Joe reports that his homeowners and car insurance have increased every renewal period over the past two years. His homeowner's premiums rose from ,284 a year to ,566, an increase of 22 percent. Joe's auto insurance premiums increased 0 over the last four renewal periods, which are every six months, despite no tickets or accidents. Government subsidized FEMA flood insurance this year increased 7.4%..Instead, my legislation promotes true market competition, which will both improve the quality of our prescription drugs and lower their price. It helps seniors by making sure generic drug makers can make high-quality, lower-priced prescription medications available sooner. In fact, according to a preliminary analysis by the non-partisan Congressional Budget Office, this should save consumers and the federal government billions of dollars. That's right, billions with a B..The 2020 Medicare Trustees report recently estimated that the Hospital Insurance Trust fund will become depleted in six more years - 202"But the high level of hospitalizations due to the coronavirus for seriously ill Medicare patients may shorten the life expectancy of the Medicare Trust Fund," Johnson says..The Post added, "Outside the administration, Trump's intended drug debit cards are drawing criticism from the pharmaceutical industry, budget and health policy experts of both political parties, and even a conservative publication.".To determine if a portion of the taxpayer's Social Security benefits are taxable, half of Social Security benefits are added to the adjusted gross income, plus any tax - exempt interest, and certain other tax - exempt income. "Few people today think of an adjusted gross income of as little as ,000 -,000 as 'substantial' income," Johnson says. To calculate the taxable portion of benefits, taxpayers can find a worksheet in IRS publication 915..Now, as we draw close to the end of the year, the window for Congress to take major action to lower prescription drug prices is beginning to close. Concern is growing that the prospects of a substantial drug price reduction bill may get lost in the politics surrounding the 2020 election. Legislation that would allow Medicare to negotiate the cost of prescription drugs is in the House, and a bipartisan bill that would cap out-of-pocket Part D costs at ,100 a year is stalled in the Senate. The whole effort is fiercely being fought by the pharmaceutical industry, and the outcome remains unclear.
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From 1950 through 1974, Social Security benefits were increased 11 times through separate pieces of ad hoc legislation at irregular intervals. The increases varied just as they do today but averaged 8% per year over the 24-year period although there were long lapses between COLAs during some periods.."Sequester Savings on Senior Programs Would Add New Cost, Study Says," Kerry Young, CQ Roll Call. "Meals on Wheels Budget Cuts: 'Slowly Developing Crisis,'" Jeanne Sahadi, CNN Money, May 6, 2013..Perhaps the greatest difference between the Republican and Democrats in Congress when it comes to legislation to lower prescription drug prices is whether the federal government should impose some kind of price control or regulation. … Continued
Newsroom Statement From Penny Wheeler Md Health President And Ceo On Todays Vote In The U S House Of R
The federal government will work with the private sector and Congress to implement the recommendations and develop a strategy to create a robust and resilient pharmaceutical and active pharmaceutical ingredient supply chain, including facilitating adoption of novel methods for commercial production of pharmaceuticals and biologics..TSCL believes modestly higher retirement benefits are needed by a majority of people at or nearing retirement. A number of national studies indicate that millions of older Americans are entering retirement without the financial resources to cover retirements that may stretch 30 years or more. A 2015 report from the U.S. Government Accountability Office that says about one - half of households 55 and older have no retirement savings, and many of those that do run the risk of falling short of income..Despite the continued standoff on Capitol Hill, Social Security and Medicare beneficiaries should rest assured that their benefits will not be impacted by the ongoing shutdown. Both Social Security and Medicare are "mandatory" programs, which means that benefits will go out in full and as scheduled regardless of the federal government's operating status. In addition, the administrative offices for both programs are fully funded and are currently operating normally, so those applying for benefits should not see any delays in their requests. … Continued