Navigation Links
New Poll By The Senior Citizens League Finds That 95% Of Older Americans Want The Government To Repay Money Borrowed From Social Security Trust Fund
Date:3/22/2017

The Senior Citizens League(TSCL) is calling on Congressional leadership to lift the federal budget debt ceiling and prevent a default on the federal debt — including the debt held by the Social Security Trust Fund. “Congressional inaction on the debt ceiling is a growing concern, ” said TSCL in a letter to House and Senate budget leaders. “In prior debates to lift the debt ceiling, Social Security benefits have been used as a bargaining chip, and retirees have seen unexpected benefit cuts,” the letter states.

After being suspended since November 2, 2015, the debt cap was reinstated last week. “Although the Treasury secretary is using ‘extraordinary measures’ to fund the budget for now, a failure to lift the debt limit in time would affect all Americans, including the timely payment of Social Security benefits,” says TSCL Social Security and Medicare policy analyst, Mary Johnson.

There are two types of U.S. debt: debt held by the public, like U.S. savings bonds, and debt held by government accounts. The Social Security Trust Fund is the single biggest government account holding U.S. debt, with the federal government owing the Trust Fund about $2.8 trillion. Since 2010, the program has paid out more in benefits than it receives in cash revenues, requiring the U.S. treasury to borrow to pay the interest due on the non-marketable bonds or I.O.U.s held by the Trust Funds — money that is needed to pay the benefits of current beneficiaries. According to a recent TSCL poll, 95 percent of older voters say that money owed to the Social Security Trust Fund should be repaid in full.

Yet since 2010, when the Social Security Trust Fund first started running a cash deficit, budget negotiators have repeatedly attempted to enact Social Security reforms that would decrease benefits. One of the most widely - discussed proposals would switch to a more slowly - growing inflation measure — the chained consumer price index (CPI) — to calculate the annual cost – of – living adjustment as a means of slowing the growth of Social Security benefits and other inflation - adjusted federal programs. Although the proposal was not adopted in the past, primarily due to fear of public backlash, “It remains a key feature in many plans for reducing the deficit,” Johnson says.

Although President Trump promised during his campaign not to touch Social Security, “it’s unclear how he would view slowing the growth in Social Security benefits by this type of technical change,” Johnson observes. “Make no mistake, no matter what sort of ‘improvement’ lawmakers may try to call it, getting less money from Social Security is a cut,” she states.

According to an analysis by Johnson, the impact of switching to the more slowly - growing “chained” CPI would compound over time, with the deepest cuts accruing after people had spent 25 or 30 years in retirement. After 25 years, benefits would be cut by about 4.6 percent, and by 5.5 percent after 30 years. For someone with average benefits of $1,245 in 2017, benefits would be $100 per month lower from using the chained CPI after 25 years, and $136 per month lower after 30 years, the analysis found.

TSCL is urging older Americans to speak out to Members of Congress about earned benefits like Social Security and Medicare. What do you think? Visit http://www.SeniorsLeague.org to participate in TSCL’s annual Senior Survey.

###

With 1.2 million supporters, The Senior Citizens League is one of the nation’s largest nonpartisan seniors groups. Its mission is to promote and assist members and supporters, to educate and alert senior citizens about their rights and freedoms as U.S. Citizens, and to protect and defend the benefits senior citizens have earned and paid for. The Senior Citizens League is a proud affiliate of The Retired Enlisted Association. Visit http://www.SeniorsLeague.org for more information.

Read the full story at http://www.prweb.com/releases/PR32217/senior-citizens-league/prweb14172396.htm.


'/>"/>
Source: PRWeb
Copyright©2017 Vocus, Inc.
All rights reserved


Related medicine news :

1. Seniors Advocacy Group Supports Meaningful Reform for Florida’s Continuing Care Retirement Communities
2. Huntsman World Senior Games Opens Registration
3. The SeniorCare Investor to Host Webinar, “Buying or Building Memory Care”
4. Head Over Heels Athletic Arts’ Gymnast Frida Esparza Qualifies for Senior International Elite
5. The SeniorCare Investor to Host Webinar, “Seniors Housing M&A: The Numbers, the Deals and the 2017 Forecast”
6. Senior Veterans Care Network Unveils New Directory of Services
7. Dr. Thomas Huebner Named Senior Physician at Natural Transplants Maryland
8. Huntsman World Senior Games Receives National Recognition
9. Access Healthcare Welcomes Patti Bernstein as Senior Vice President of Client Services
10. Delta Dental Hires Dr. Kenneth Yale as Senior Vice President and Chief Clinical Officer
11. Peoples Health Welcomes JenCare Senior Medical Center to Its Provider Network
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2017)... ... 26, 2017 , ... The Centers for Advanced Orthopaedics (The ... Richard Robinson as chief operating officer (COO). In this role, Robinson brings more ... record of simplifying business processes and developing growth strategies to increase market share. ...
(Date:6/26/2017)... ... June 26, 2017 , ... A new ... the way women look and feel about themselves and their sexual encounters. A ... dysfunction and urinary leakage head on with a ground breaking medical technique aimed ...
(Date:6/26/2017)... ... June 26, 2017 , ... If ... are seeing lots of red these days. According to recent estimates, 75 – ... from medical coding errors(1). Some studies point to Electronic Health Records (EHR) with ...
(Date:6/26/2017)... ... June 26, 2017 , ... New patients with missing ... Cotey, with or without a referral. Dr. Cotey is a trusted dentist who has ... tooth replacement option. , Patients with missing teeth in Fitchburg, WI, are encouraged to ...
(Date:6/25/2017)... ... June 24, 2017 , ... Create a feel-good lyric music video in Final Cut Pro ... in the timeline and write in the lyrics to any song. ProLyric flies in the ... line of the text can be added modularly for optimal control. ProLyric makes editing any ...
Breaking Medicine News(10 mins):
(Date:6/14/2017)... , June 14, 2017  ivWatch LLC, a ... effectiveness of intravenous (IV) therapy, is pleased to announce ... category of Nonsurgical Hospital Supplies and Equipment at the ... program for the medtech industry. The award was presented ... Jacob K. Javits Center in New York ...
(Date:6/14/2017)... WINSTON-SALEM, N.C. , June 14, 2017  In ... the Creative Startups pitch competition and came ... virtual reality platform is described by Forbes as "entering ... the American Medical Association as teaching "empathy to medical ... success, the startup was recently named a finalist for ...
(Date:6/12/2017)... 12, 2017 Kineta, Inc., a biotechnology company focused ... Vice President of R&D and Head of Virology Kristin ... Preparedness for the Northwest and Beyond meeting sponsored by ... 14, 2017 from 8:30-10:30 AM PDT at the Agora Conference ... Dr. Bedard will be joined by other leaders in ...
Breaking Medicine Technology: