If the Social Security COLA were based on a more accurate measure of inflation for senior citizens, next year's increase would not be 0.3 percent it would be 2.1 percent according to the Bureau of Labor Statistics. Do you support legislation that would base the COLA on a more accurate inflation index like the Consumer Price Index for the Elderly?.An intense battle over Social Security is brewing and TSCL is gearing up for major Congressional action. Recently retired Federal Reserve Chairman Alan Greenspan waded back into the fray to tell Congress "Our choices right now are not between good and better; they're between bad and worse. The problem we now face is the most extraordinary financial crisis that I have ever seen or read about. Irrespective of what you say should be done on the tax side, you still have to cut some benefits on the expenditure side." The statement is chilling considering Greenspan oversaw the largest single overhaul of the program in history, chairing the National Commission on Social Security Reform in the early 1980's..People frequently overestimate the amount of money they will receive from Social Security benefits. Lifespans are growing longer, and ideally you will want your savings to last over the length of your retirement that could be as much as 25 to 30 years long. At the same time life expectancy is rising, so are healthcare costs. If you talk to folks who have already retired, you will learn that almost 6-in-10 retirees will report that healthcare costs take one-fourth to one-third of their Social Security benefits..Some of the most talked-about plans using a "chained" consumer price index to calculate annual cost-of-living adjustments, cutting the payroll tax, and reducing benefits for people who are currently retired or nearing retirement would devastate many of the most vulnerable seniors..But the new policy could backfire with senior voters. According to a recent TSCL poll seventy-seven percent said they do not agree with the new "deferred action" immigration policy..The reception by the Members of Congress was phenomenal. Meetings were held with Rep. David Davis, Rep. Ed Perlmutter, Rep. Doug Lamborn, Rep. John Sarbanes, Rep. Dan Boren, and Rep. Bruce Braley..On Tuesday, Senate lawmakers returned to Capitol Hill to begin the second session of the 115th Congress. Those in the House remained in their home districts for the week and are expected to return to Washington on Monday, January 8th..The 5 or so million Americans aged 50 to 64 who currently buy insurance on the individual and small business exchanges could compare a Medicare-X plan to those offered by private insurance plansm and choose which works best for them. Guaranteeing Medicare-X in every ZIP code would ensure there's always an option for Americans not yet on Medicare. And, because participants' premiums would cover the full cost of the plan, it wouldn't raise taxes, add to the deficit, or take resources from the Medicare trust fund. Medicare-X would allow price negotiation under Part D, but would not touch the benefits offered through traditional Medicare or Medicare Advantage..On Wednesday, the Social Security and Medicare Trustees released their annual reports on the financial outlook of both programs. As expected, they found that Social Security and Medicare are experiencing long-term financing shortfalls. Social Security's combined trust funds are expected to be depleted in 2034, which remains unchanged from last year's report. Medicare's Hospital Insurance trust fund is expected to be depleted in 2028 two years earlier than the trustees projected last year.

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Does it make sense to allow so many to become entitled based on illegal benefits? Previous estimates by TSCL and other policy groups project that the cost could add hundreds of billions of dollars to a program that is now in deficit..Those include pharmacy benefit managers, insurers, hospitals and others in the biopharmaceutical supply chain. Meanwhile, a greater share of the cost of medicine has shifted onto patients..Medicare Advantage plans are popular in many areas of the country for low, monthly premiums, having an annual out-of-pocket maximum, and for offering supplemental benefits not currently covered by Medicare, such as dental and vision coverage. Most Medicare Advantage plans also provide prescription drug benefits. … Continued

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So far activists, including TSCL's members and supporters, have managed to keep Capitol Hill lawmakers wary of making major changes. But the issue isn't going away any time soon. The nation will once again reach the federal debt limit by the end of next year, and at the same time, lawmakers will be confronted with the looming insolvency of the Social Security Disability program. Deficit reduction battles are likely to dominate the Congressional agenda once again, and cutting COLAs remains the target of major deficit reduction plans..The proposal to cut the growth of COLAs formed a major Social Security reform provision of President Obama's 2010 Fiscal Commission. It would reduce the growth rate in COLAs by switching to the more slowly-growing "chained" CPI. "The switch is insidious because it's enormously complicated to figure out, and it looks so small on paper - just 0.03 tenths of a percentage point," Hyland observes. "But the loss compounds over time. Within a decade it would have a significant financial punch that just keeps getting bigger," Hyland explains. The following chart provided by TSCL illustrates the impact of a chained CPI on a married couple's Social Security benefits, which start at a total of ,500 per month today, and how their benefits change over the first ten years. After ten years the chained CPI would reduce benefits by per month, and would cut benefits by ,488 over the ten-year period..In the year you reach your full retirement age, 66 and 6 months, you may earn a little more. The Social Security Administration will deduct in benefits for every earned above a slightly higher annual exempted amount. For example, in 2021 beneficiaries who reach full retirement age may earn ,520 or ,210 per month. … Continued

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