The federal government spends a large amount of money to support the living standards of elderly people — primarily through Social Security and Medicare but with significant helping hands from Medicaid and disability insurance. That amount is growing as a share of the economy because productivity growth is slowing, and because birthrates continue to fall (in line with a long-term trend), but mostly because Americans are living longer.
via VOX.
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For 80 years, Social Security has provided a vital source of income for retirees, workers with disabilities and their families. Without it, more than half of all older Americans would fall into poverty.
Please sign our card now to celebrate Social Security’s Anniversary and to show that you want to preserve it for current and future generations.
The conservative argument that the retirement crisis is a myth has been based on the notion that Americans actually will have far more in retirement resources than they recognize — particularly that Social Security benefits will amount to a much larger percentage of workers’ lifetime income than has been assumed. Ergo, there’s no need to expand Social Security to give retirees more.
via Los Angeles Times.
Further Reading:
Social Security is perhaps the most treasured federal government benefit, valued by Democratic and Republican voters alike. But, Republicans in Congress are out of touch with their constituents, both their desires and their needs. Republican leaders want to transform Social Security in ways that would both cut benefits and put benefits at risk. Here are five ways Republican leaders would weaken Social Security benefits if they could and voters’* reactions.
via Huffington Post.
Related Reading:
Learn more about Trump and his surrogates’ comments on Social Security throughout the years by clicking here.
Max Ritchman, President and CEO of the National Committee to Preserve Social Security and Medicare: “America’s seniors understand all too well that our nation faces a retirement crisis and improving Social Security benefits is vital to keeping millions from poverty. Rep. Linda Sanchez’s ‘Strengthening Social Security Act’ makes several important improvements for seniors by: phasing out the payroll tax cap so that the wealthy pay their fair share, creating a Cost of Living adjustment for the elderly and boosting benefits for all retirees including widows/widowers. NCPSSM strongly supports this legislation and applauds Congresswoman Sanchez for doing the right thing for America’s seniors and their families.”
Related Reading:
The National Committee’s President and CEO, Max Richtman, recently was a
guest on Politics Tonight, a program broadcast on WGN-TV
and CLTV, Chicagoland’s 24 hour news channel. Max discussed the
importance of boosting Social Security benefits for women and all
retirees. Max also discussed his work to insert language into the
Democratic platform seeking improvements in Social Security and Medicare
benefits for seniors.
Workers in Louisville face a major — and very real — retirement crisis. Wealth inequality and workplace changes have practically sawed off two of the legs of the traditional retirement stool: pensions and private savings.
More than half of today’s retirees rely on the third leg of the stool, Social Security, for most of their income. (The average Social Security benefit in Kentucky is roughly $16,000 per year, only about $3,500 above the federal poverty line for individuals.) Even with Social Security, some 13% of Kentucky seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.
Read more from our new op-ed by clicking here.
It’s no secret that American workers face a major – and very real – retirement crisis. Wealth inequality and workplace changes have all but kicked out two of the legs of the traditional retirement stool: pensions and private savings – both of which are at historic lows.
More and more retirees have come to rely on the third leg of the stool, Social Security, for most of their income. (The average monthly Social Security benefit in New York State is about $1,450 or some $17,000 per year, only slightly above the federal poverty line.) Even with Social Security, 10% of New York’s seniors live in poverty. The good news is that workers can increase the size of their future Social Security checks by delaying retirement.
Read more from this op-ed by clicking here.
In 1935, President Franklin D. Roosevelt signed into law the great Social Security program. It was designed to give workers an income after retirement.
Today, it’s not so great. The tiny Social Security increase that will be bestowed on retirees and the elderly in January is a cruel fraud perpetrated by the government. That’s because increases in Medicare Part B and Part D insurance premiums will negate all of the Social Security 2% cost of living increase for many recipients. Instead of staying even, we’ll fall behind.
I just got my annual benefits letter from Social Security. It says I will get $24 a month more next year. However, after the Medicare premium increases, my new Social Security check will be $3.40 a month less than the one I currently get. (The government deducts Medicare premiums from Social Security checks.)
Related Reading:
2018 Social Security COLA Won’t Meet Seniors’ Needs.
- The just-announced 2.0% cost-of-living increase (COLA) for Social Security beneficiaries is woefully inadequate. The 2018 COLA translates into a paltry $27 a month for the average recipient, barely enough for a prescription co-pay, a tank of gas, or a bag of groceries.
But they also call for switching COLAs to the Consumer Price Index for the Elderly or CPI-E, designed by the U.S. Bureau of Labor Statistics. The CPI-E would boost Social Security payments without worsening the system’s deficit.
via The Social Security Fix That Could Help the Poorest Retirees.
Related Reading:
Why Seniors Need a CPI-E.
But if the CPI-E determined the Social Security COLA, the expected average COLA would increase about 0.2 percentage points per year.
Investment in home and community-based care is popular and must be included in #infrastructure. Now it’s up to Congress to get it done. https://www.nytimes.com/2021/06/04/opinion/elder-care-congress.html #HCBS @nytimes