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:8/18/2017)... ... August 18, 2017 , ... Hernandez Insurance Agencies, ... communities throughout the greater DC region, is inaugurating a “New Leash On Life” ... animals and training them to be companions for veterans in need. , The ...
(Date:8/18/2017)... ... 18, 2017 , ... Moore Insurance, a Houston area agency ... is launching a regional charity effort to provide publicity assistance and generate donations ... Tumor Foundation (PBTF) has raised nearly $30 million in donations that has been ...
(Date:8/18/2017)... ... August 18, 2017 , ... The Brian Gifford Agency, an Indiana-based firm providing ... support of Campagna Academy in a charity drive to provide for at-risk children and ... Indiana,” Campagna Academy is a nonprofit organization that has offered critical programs to at-risk ...
(Date:8/18/2017)... ... August 18, 2017 , ... The Golseth Agency, a Texas based insurance ... is spearheading a regional charity campaign organized to provide support to Christina Upchurch and ... this year, Christina and her children returned from out of town to find her ...
(Date:8/18/2017)... (PRWEB) , ... August 18, 2017 , ... ... of highly trained practitioners specializing in bioidentical hormone replacement therapy and integrative medicine, ... hormone imbalance and conditions of aging, such as menopause, andropause, thyroid disorder and ...
Breaking Medicine News(10 mins):
(Date:7/28/2017)... , July 28, 2017 EnvoyHealth, a Diplomat company, ... a program for CleverCap LITE, a technology designed to ... to deliver innovative health technology solutions and services that ... CleverCap LITE offers medication monitoring ... bottle cover: Records ...
(Date:7/27/2017)... -- West Pharmaceutical Services, Inc. (NYSE: WST ) ... and updated financial guidance for the full-year 2017. ... Reported net sales of $397.6 million, a ... sales at constant currency (organic) grew by 3.9%. ... to $0.60 in the prior-year quarter. Second-quarter 2017 adjusted ...
(Date:7/26/2017)... Aesthetics, a leading medical aesthetic clinic in Singapore ... skin conditions from the inside. The natural process of ... skin becomes more transparent due to the thinning of the epidermis. Over ... the sun contributes to aging skin, causing age spots and other ... ...
Breaking Medicine Technology: