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The report stated that the four changes together would eliminate 113% of Social Security's projected long-term financing gap. The majority of participants, who included all income levels, and political party affiliations, preferred the package of changes. "This survey reflects similar findings to surveys conducted by TSCL," says TSCL's Executive Director Shannon Benton. We hope that this survey can serve as an outline for a plan to strengthen Social Security without having to rely on benefit cuts," she states. "We encourage our readers to share the findings of this study with your Members of Congress," Benton adds..Lawmakers Debate Spending Bill, Immigration.For more.H.R. 1553, Fair COLA for Seniors Act If adopted, H.R. 1553 would base annual Social Security cost-of-living adjustments on the Consumer Price Index for Elderly Consumers..This year's study finds that Social Security benefits have lost 30 percent of buying power since the year 2000. This represents a 3-percentage point improvement in Social Security buying power from our 2019 study, which found a loss of 33 percent since 2000. While lower prices are good news in the short term, the deflationary trend suggests a very low COLA in 2021..TSCL recently delivered letters to every Member of Congress calling on them to support legislation that would provide a more fair and adequate COLA. "Congress created the automatic COLA in 1972 to help benefits keep up with inflation. But according to our research, COLAs are failing to keep up with the rising costs seniors are facing. Since 2000 Social Security benefits have lost 30 percent of their buying power, and in the last year alone they have lost 7 percent.".The stakes are high for retirees, who want Congressional action. Eighty eight percent of those of you who took our 2021 Senior Survey want Congress to reduce prescription drug costs by allowing Medicare to negotiate prices. Congressional inaction would cost all of us dearly, if lawmakers fail to take action to boost Social Security benefits and enact reforms that would strengthen Social Security's financing for decades to come..Senator McConnell's comments came a day after the U.S. Treasury Department released an analysis that revealed the corporate tax cuts under the new tax law had a significant impact on the deficit in 201Supporters of the 2017 tax legislation sold the bill saying that the tax cuts would spur economic growth so much that it would pay for itself. But the Treasury Department recently reported that the U.S. budget deficit grew to 9 billion in Trump's first full fiscal year as president, as a result of the tax cuts, spending increases, and rising interest payments for the national debt..The amount of money that the federal government owes to its creditors - including the Social Security and Medicare Trust Funds - is now estimated to be as big as the entire U.S. economy. Economists warn that the situation can't continue without causing more economic crisis..The bill that was approved on Tuesday includes a million boost in funding for the Social Security Administration, million for a new initiative that would work to prevent elder abuse, and nearly million in extra funding for the Social Security Disability Insurance program, which is currently struggling with a massive backlog of continuing disability reviews. Additionally, it includes .7 million for fraud prevention within Medicare and Medicaid more than twice the level that was allocated in fiscal 201According to the Subcommittee, every spent fighting fraud results in a return of .By increasing next year's funding, appropriators expect to see .4 billion in savings.