"Senior Advocates: Small Social Security Bump May be Sign of Future Bad News".In 1988, a report by the former U. S. General Accounting Office, now the Government Accountability Office, cited an example of two sisters who started working at the same book bindery, on the same day, in October 195Audrey was born in March 1916, and Edith in June of 191The two had almost identical lifetime earnings. The younger sister Edith received a monthly benefit of 2.60, 1.80 less than her older sister Audrey, who received 4.40 per month..I have proudly introduced this important legislation every single Congress since coming to the House of Representatives in 201Despite having over 100 bipartisan cosponsors each Congress, the bill has unfortunately received little attention from House leadership. In September 2018, myself and my colleague, Rep. Garret Graves offered this bill as an amendment to the Family Savings Act, which was part of Rep. Kevin Brady's "Tax 2.0" package. Unfortunately, the amendment was ultimately defeated, but highlighting this important issue. It continues to be my priority..My legislation isn't meant to punish all drug manufacturers. These businesses play an important role in researching and developing new, effective medications, and we want them to succeed. Congress has passed legislation that makes sure drug manufacturers have enough time to recoup their research and development costs before generics are allowed to compete. My bill will simply prevent abuse of the system--extending that protected period out, way beyond what was intended..On the other hand under Medicaid, net drug prices are heavily influenced by two rebates that are required by law. Manufacturers of brand name drugs must pay a rebate equal to 23.1% of the average price that manufacturers charge to pharmacies. In addition, for generics, manufacturers are required to pay a rebate of 13% of the average price they charge to pharmacies..Alexandria, VThe Congressional Budget Office recently released information about Social Security that went unnoticed by the media, and was all but ignored by Congress and President Obama. The part of the program that pays benefits to 11 million disabled workers and dependents will be fully exhausted within three years - nearly 20 years sooner than the retirement program. When that happens, the Social Security trustees estimate that under current law the DI trust fund would have only enough revenues to pay 80% of scheduled benefits..Medicare Part B premiums are forecast to soar an astonishing 22.3% for an estimated 16 million Medicare beneficiaries in 2017 - the biggest such jump in nearly three decades. The anticipated spike in monthly premiums, from 1.80 to an estimated 9.00 per month in 2017, is primarily due to the effects of an extremely low inflation that's expected to hit retirees again next year. Medicare Trustees believe that the annual Social Security cost-of-living adjustment for 2017 will be insufficient to cover the amount of the Medicare Part B premium increase for the majority of Medicare beneficiaries. That would trigger a special "hold harmless" provision of law..may tend to lower your tax bill later, by reducing the required minimum distribution amount that you must take in order to avoid tax penalties after age 70 ½. Large required minimum distributions could also trigger taxes on up to 85% of your Social Security benefits in addition to a surcharge on your Medicare Part B and Part D premiums..As the demographics of America shift, health care services must evolve to meet new and increasing demands. The main factor driving projected growth in federal spending on major health care programs is the aging population. The Congressional Budget Office has projected that the number of people age 65 or older will increase by roughly one-third over the next decade, and 80 percent by 2039.
