How the Tax Law Affects Seniors.

“So where is all that money going? Where else? Share buybacks, which hit a record $1.1 trillion in 2018. Companies actually spent more on buybacks than on capital investments in 2018’s first half, and remember, capex weakened as the year went on.... — So where is all that money going? Where else? Share buybacks, which hit a record $1.1 trillion in 2018. Companies actually spent more on buybacks than on capital investments in 2018’s first half, and remember, capex weakened as the year went on. Buybacks shrink the number of shares, boosting earnings per share and eventually, the stock price. That helps all shareholders, of course, but especially corporate executives, more than half of whose total compensation is in stock.
And what happened to all the trillions of dollars the president promised corporations would bring back to the U.S.A. from overseas? That, too, has turned out to be a bust — the amount dropped 50% in the third quarter after starting out strong in the first half of 2018. See a pattern here?
via Market Watch.
**Related Reading:**
**How the Tax Law Affects Seniors.**
The tax law would leave Medicare, Medicaid and Social Security vulnerable to benefit cuts because of its dramatic $1.5 trillion increase at a minimum in the public debt – an increase that will have to be offset in the future.

Source: bit.ly

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Older Americans Month — slashing funds for our seniors is the wrong thing to do

OPINION | If the administration wanted to honor older Americans, would it have presented a “skinny budget” that needlessly hurts seniors?

Max Richtman, opinion contributor

May is Older Americans Month, but the Trump administration and Congressional Republicans are putting a serious damper on the celebration. Yes, candidate Trump promised not to touch Social Security, Medicare, and Medicaid.

But his administration has been actively undermining those pledges. Budget Director Mick Mulvaney — who once called Social Security a Ponzi scheme — questioned the legitimacy of Social Security Disability Insurance — and wouldn’t promise a Presidential veto of legislation to privatize Medicare (a pet project of House Speaker Paul Ryan).

President Trump champions the GOP’s American Health Care Act, which guts Medicaid, undermines the solvency of Medicare, and allows insurers to charge older Americans up to five times as much as people in their 20s.

More on this issue here via The Hill.

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“These are significant sums, Kaufman says. Still, when he hears Republican lawmakers denounce Medicare and propose reducing benefits, he becomes livid and cites a statistic he saw on the website of the National Committee to Preserve Social Security... — These are significant sums, Kaufman says. Still, when he hears Republican lawmakers denounce Medicare and propose reducing benefits, he becomes livid and cites a statistic he saw on the website of the National Committee to Preserve Social Security and Medicare. Already, he reports, 45 percent of retirees spend more than one-third of their Social Security benefits on health care, from co-pays for care, to premiums, deductibles and out-of-pocket fees for services – such as going to the eye doctor, dentist or audiologist – that are not provided. “We should be on the offensive, pushing for something better,” he says. “What we need is a single payer or socialized health care system.”
via Truth-Out.
Related Reading:
New Poll Shows Majorities Do Not Support GOP Proposals for Social Security and Medicare.

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The 116th Congress can improve Medicare and Social Security

Max Richtman, opinion contributor

The Democratic majority taking power in the U.S. House this week is cause for cautious optimism among older Americans. The incoming majority can function as a firewall against harmful cuts to Social Security and Medicare, which fiscal hawks have been threatening. But our allies in the House can also do more. The champions of Social Security and Medicare elected in November have an opportunity to expand both programs for the benefit of tens of millions of older Americans.

This can be achieved by working across the aisle to enact legislation that helps, rather than hurts, seniors. Committee oversight in the new Congress will also be crucial. Advocates for seniors’ financial and health security will seize the gavel in key House committees, including House Ways and Means, Energy and Commerce, and Education and Labor. They will be able to highlight legislation to boost Social Security and Medicare — and to hold the Trump administration’s feet to the fire where these programs are concerned.

Voters Face a Simple Choice: Expand Social Security and Medicare, or Watch GOP Eviscerate Them Both

Do older Americans want bigger Social Security checks and expanded Medicare coverage – or do they want their benefits cut?

That is the fundamental question for seniors and their families with less than two weeks until the mid-term elections. The majority party in Congress has proposed time and again to slash Social Security and Medicare benefits under the guise of ‘entitlement reform.’ Leader Mitch McConnell just attributed the swelling federal debt to retirees’ earned benefits – when the real culprit was the 2017 tax package that mainly benefited the wealthy and big corporations.

The majority party’s 2018 and 2019 budgets would have taken a $500 billion bite out of Medicare and $64 billion from Social Security. And make no mistake – conservative tropes like raising the eligibility age, imposing a more meager inflation formula, and means testing are benefit cuts.

Read more from our op-ed by clicking here.

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Our nation needs his leadership, vision and determination to fight for working families and older Americans. Conor Lamb understands and supports the critical roles that Social Security and Medicare play in the lives of our nation’s older citizens and their families.

Max Richtman via The National Committee to Preserve Social Security and Medicare has sent a letter officially supporting Conor Lamb.

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We roundly reject Trump’s 2019 budget. After signing off on tax cuts for billionaires and big corporations, the president proposes to cut Medicare, Medicaid, Social Security Disability Insurance – and myriad other programs that help older... — We roundly reject Trump’s 2019 budget. After signing off on tax cuts for billionaires and big corporations, the president proposes to cut Medicare, Medicaid, Social Security Disability Insurance – and myriad other programs that help older Americans.
**Read more from our response by clicking here.**

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“Harwood: Retirement age?
Stivers: We need to come together. I think we need to say, “You give a little, we give a little,” and figure out how to sustain Medicare and Social Security into the future. The other thing on Medicare is we have to bend the... — **Harwood:** Retirement age?
**Stivers:** We need to come together. I think we need to say, “You give a little, we give a little,” and figure out how to sustain Medicare and Social Security into the future. The other thing on Medicare is we have to bend the cost curve on health care.
via CNBC.
**Related Reading:**
We have been keeping track of Members of Congress’ statements on wanting to cut Social Security, Medicare, Medicaid, and health care in 2018.
**You can find the whole project by clicking here.**

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Behind the Headlines

Join us now for Behind the Headlines!

Did you miss Behind the Headlines earlier today?

We discussed:

Medicare for All
Rep. Dave Brat’s comments on Social Security
Graham-Cassidy health care legislation

Click here to watch the segment.

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NCPSSM — So where is all that money going? Where else?...

See, that’s what the app is perfect for.