Older Americans Month: great time to bring back House Aging Committee

Published in RINewsToday on May 9, 2022

On April 29, President Joe Biden proclaimed the month of May, Older Americans Month for 2022 to honor the nation’s 54.1 million Americans aged 65 and over “who contribute their time and wisdom to make our communities stronger, more informed, and better connected.”

“Older adults have always been a vital source of strength and resilience in America,” stated Biden in the proclamation.  During the pandemic, many seniors came out of retirement to serve their communities in health care and education roles, filling job vacancies in critical shortage areas. Moving forward, we must ensure that older Americans have the appropriate resources to maintain their independence and stay connected to their communities,” he said.

The proclamation also noted that the nation is celebrating the 50th anniversary of the Older Americans Act Nutrition Program — the first federal program to support the well-being of older Americans through meal deliveries, nutrition services, educational programs, and counseling. This year is also the 10th anniversary of the nation’s National Plan to Address Alzheimer’s Disease and recommit to building upon this important work being done.

Biden recognizing this month in honor of seniors follows the footsteps of 11 presidents, beginning with President John F. Kennedy in 1963, when only 17 million Americans had reached their 65thbirthday. At that time,  about a third of America’s seniors lived in poverty and there were only a few federal programs to meet their needs. A meeting in April 1963 between Kennedy and the National Council of Senior Citizens led to designating May as “Senior Citizens Month,” later renamed “Older Americans Month.”

Over the years, OAM is a time the nation acknowledges the contributions of past and current older persons to our country, in particular those who defended our country. Communities across the nation pay tribute at ceremonies, events, and fairs, or in other ways to older persons in their communities.  

OAM – a great time to bring back the House Aging Committee

As the nation celebrates OAM, an eblast to over 90,000 seniors by the National Committee to Preserve Social Security and Medicare (NCPSSM) urged these older voters to call their congressmen to request them to cosponsor Rhode Island Congressman David Cicilline’s H. Res. 583, to reestablish the House Select Committee on Aging (HSCoA). “It couldn’t be a better time to highlight the urgent need to reinstate this investigative committee which would help restore Congressional focus on key policy issues [Social Security, Medicare, housing, prescription drugs, and long-term care] impacting the nation’s seniors says the Benefits Watch newsletter.   

“Today, with seniors representing a growing portion of the U.S. population and several federal programs that seniors rely on at an inflection point, there is an increasing need for a House committee that advocates for older Americans,” says NCPSM’s email, noting that’s why the Washington, DC-based advocacy group has signed onto the Leadership Council on Aging Organization’s (LCAO) letter calling on the House to pass H. Res. 583. 

“While there are other committees with jurisdiction over seniors’ programs, there is no single committee dedicated to keeping an eye on the big picture for seniors.  Fortunately, the Senate Special Committee on Aging has continued to operate in the absence of a House counterpart,” notes NCPSSM’s email, noting that “seniors would benefit from a reinstated and robust HSCoA, whose sole mission would be to look out for older American’s needs.

National Aging Groups, former Pepper staffer weighs in

“Older Americans month would be the perfect time to bring back the Aging Committee,” says Bob Weiner, former Chief of Staff under chairman Claude Pepper of the House Select Committee on Aging. “It’s sorely missing now. With Pepper’s legacy as the guide, pandemic deaths, nursing homes, home health care, Social Security, and Medicare would be improved by the sunlight of oversight. Seniors are now vulnerable and threatened by what could happen and having the Aging Committee back would reinstate the wall of protection that Pepper gave them,” he says. 

“The LCAO supports the establishment of HSCoA to provide an important forum for discussion, debate and exploration of issues impacting an aging society,” says Katie Smith Sloan, chair of the Leadership Council of Aging Organizations (LCAO), a coalition of 69 Washington, DC-based aging organizations. “Addressing the needs of older adults and families, which are increasingly prevalent with our population shifts, now, as we celebrate Older Americans Month, is appropriate – and urgent,” says Sloan. LCAO sent a letter to members of Congress on March 4, 2022, urging them to cosponsor H. Res. 583. 

“Passing H Res 583 in May to coincide with it being Older Americans month would make eminent policy and political sense.  It is an investment in having a stronger and dedicated advocacy voice for older adults in the House which has been missing for almost 20 years,” says Robert B. Blancato, National Coordinator of the Elder Justice Coalition, who was the longest serving staff person on the original House Aging Committee, from 1977 to 1993.

“As our country’s older adult population continues to grow each day, so does the urgency with which we need to pursue effective solutions to myriad aging issues,” says Erika Kelly, Chief Membership and Advocacy Officer of Meals on Wheels America. “To see the House pass this resolution to reestablish the HSCoA during Older Americans Month would be a tremendous step forward,” she says.

“Older Americans Act programs, like Meals on Wheels, will undoubtedly face the lingering impact of the pandemic and other challenges for years to come. Having this HSCoA come [back] to life again, especially during this celebratory month, would provide critical leadership and attention when it’s needed most and make a difference in the lives of tens of millions of older adults,” says Kelly.

Finally, Cicilline, H. Res. 583’s sponsor and the NCPSSM tells us why it is important for House Speaker Nancy Pelosi and her Democratic leadership colleagues to support and bring H. Res. 583 to the House Rules Committee for a vote during Older Americans Month.

“With Older Americans Month upon us, this is an important moment to underscore how the pandemic has disproportionately impacted seniors. Now, with growing concerns about inflation, seniors on fixed incomes will bear the burden of the rising cost of prescription drugs, food, housing, and other essentials. A House Permanent Select Committee on Aging would help Congress focus on, study, and address the issues that affect seniors to make sure they can live the rest of their lives with dignity and security,” says Cicilline.

“When there was a HSCoA before it was abolished in 1995, the investigative House committee held hearings on aspects of the Older Americans Act leading up to the 1992 reauthorization of the law,” noted NCPSSM’s Dan Adcock, Director of Government Relations and Policy. “The findings of these hearings were helpful to the House Committee on Education and Labor which had legislative jurisdiction over the Older Americans Act.  The Subcommittee on Human Resources [now called the Civil Rights and Human Services Subcommittee] under the full Education and Labor Committee held several of its own hearings on the OAA, too – including field hearings held across the country — leading to the enactment of the 1992 reauthorization., he said. 

According to Adcock, during that period of time, there was significant communication between the House Aging Committee staff and the Ed and Labor Committee and Human Resources Subcommittee staff.  But the legislative language was written and marked up by the latter. “A reestablished HSCoA could play a similar role in the future, but the panel’s ability to have an impact on legislation drafted by the authorizing committees would depend on the cooperation between the respective committee chairs and staff and the degree of relevancy of the hearings held by a reconstituted House Aging Committee,” he says. 

Over 400 senior groups support H. Res. 583

While LCAO is a pretty diverse group of national aging organizations – each with their own policy priorities, the coalition of 69 members, representing over 100 million over 50, and 50 million over 65 came together to endorse and affirm their support of Cicilline’s resolution.  

Ms. Nancy Altman, President of Social Security Works and Chair of the Strengthen Social Security Coalition, strongly supports the passage of H. Res. 583 and that her coalition of 350 national and state organizations representing 50 million Americans endorses Rep. Cicilline’s resolution.  

As we celebrate OAM, it is key to House Speaker Nancy Pelosi, Majority Leader Steny Hoyer (D-MD) and Whip James Clyburn (D-SC) to join Cicilline along with Congresswomen Jan Schakowsky (D-IL) and Doris Matsui (D-CA), cochairs of the Task Force on Aging and Family and 43 cosponsors of H. Res 583, giving the green light to the House Rules committee to vote, and if approved send it quickly to the floor.

H. Res. 583 does not require Senate consideration and only requires a House Rules and floor vote for passage.  Passing the reestablishment of an investigative committee in the House would send a powerful message to older Americans that Congress following in Pepper’s footsteps will again get serious in addressing aging issues. 

As mentioned in previous commentaries, bringing back the HSCoA is a winning federal policy to positive impact America’s seniors and this group.  It’s the  right thing to do especially at a time when seniors have been a disproportionately impacted by the continuing COVID-19 pandemic.    

Over 450 national and state aging organizations representing conservatively over 150 million seniors, support the enactment of H. Res. 583. That’s a great reason for the lower chamber to strongly support.

To see the LCAO’s letter sent to Congress on March 4, 2022, endorsing H. Res. 583, go to https://www.lcao.org/wp-content/uploads/2022/03/House-Aging-Committee-LCAO-Letter-3-4-22.pdf.

For a historical background of the HSCoA and details about H. Res. 583, go to https://rinewstoday.com/congressman-cicilline-poised-for-legacy-as-next-fiery-advocatsie-on-aging/.

For details about Congressman Claude Pepper (D-FL) Congressman, during his six-year serving as chair of the HSCoA, go to https://rinewstoday.com/congressman-cicilline-poised-for-legacy-as-next-fiery-advocate-on-aging/.

Seniors would benefit in President Biden’s $6 trillion budget

Published in RINewsToday on June 14, 2021

On May 28, with the release of a $6 trillion budget for fiscal year (FY) 2022, President Joe Biden outlined his values and vision as to how he proposes to revive the nation’s sputtering economic engine as it emerges from the devastating impact of the COVID-19 pandemic. The 72-page budget document, “Budget of the United States,” (with more than a 1,400-page appendix) details his spending priorities that begin next Oct. 1. Biden’s generous budget depends on increasing taxes on America’s corporations (from 21 to 28 percent) and high earners, who received significant tax breaks from the President Trump/GOP tax cuts of 2017.

With the FY 2022 Budget pushing federal debt to the highest levels since World War 1I, Republican lawmakers quickly called the proposal “dead on arrival” in Congress.  However, Cecilia Rouse, chair of President Biden’s Council of Economic Advisors says the Biden Administration is willing to live with a budget deficit to invest in the economy now, especially with low interest rates to borrow; deficits can be reduced later. 

President Biden’s new spending under the just released proposed FY 2022 budget, recognizing his Administration’s priorities, reflects the major proposals already outlined under the administration’s $2.3 trillion American Jobs Plan and $1.8 trillion American Families Plan. Provisions in these two proposals would overhaul the nation’s aging infrastructure and invest in education, childcare, paid family and medical leave, fight climate change. 

President Biden’s spending plan also recognizes priorities outlined in the American Rescue Plan passed earlier this year as well as the Administration’s “skinny” discretionary budget request released in April. Most importantly, it reflects a commitment from the president to safeguard Medicare, Medicaid and Social Security.

Loving It or Hating It Depends on Where You Sit

In remarks delivered Thursday in Cleveland, President Biden made the case for his budget request and what he describes as an investment in the country’s future. “Now is the time to build [on] the foundation that we’ve laid to make bold investments in our families and our communities and our nation,” he said. “We know from history that these kinds of investments raise both the floor and the ceiling over the economy for everybody.”

In the FY 2020 Budget proposal’s “Message from the President”, Biden says, “The Budget invests directly in the American People and will strengthen the nation’s economy and improve our long run fiscal health. It reforms our broken tax code to reward work instead of wealth while fully paying for the American Jobs and American Family Plans over a 15- year period. It will help us build a recovery that is broad-based, inclusive, sustained, and strong,”

Of course, response to Biden’s Spending plan depends on which side of the aisle you are sitting.

House Speaker Nancy Pelosi (D-CA) released a statement strongly endorsing Biden’s fiscal blueprint. “Congressional Democrats look forward to working with the Biden-Harris Administration to enact this visionary budget, which will pave the path to opportunity and prosperity for our nation. The Biden Budget is a budget for the people,” she said.

On the other hand, Senate Minority Leader Mitch McConnell strongly opposing Biden’s Budget proposal. “Americans are already hurting from far-left economics that ignores reality,” said McConnell, in a statement. “The Administration’s counterproductive ‘COVID relief bill’ has slowed rehiring. Families are facing painful inflation, just as experts warned the Democrats’ plans might cause. And the Administration wants to triple down on the same mistakes?” said the six-term Republican Kentucky Senator.

With the Democrats holding the slim majorities in the House and Senate and controlling the White House, Biden’s FY 2022 Budget proposal will have more weight than if the Republicans were in the majority, says Dan Adcock, Government Relations and Policy Director at the Washington, DC-based National Committee to Preserve Social Security and Medicare (NCPSSM).

According to Adcock, Biden’s funding numbers will change as his FY 2022 budget proposal goes through the appropriation process in the upcoming months. With its release, Congress can now begin negotiating funding levels and spending bills. Competition for a finite amount of funding will ultimately result in funding level ultimately allotted to programs and agencies by each of the 12 appropriations under their jurisdiction. Funding for most programs important to older Americans is under the jurisdiction of the Subcommittee on Labor, Health and Human Services and Education.

“With 10,000 Baby Boomers turning 65 every day – and the number of seniors projected to double by 2050 – it’s clear that President Biden understands the need to safeguard the older Americans he calls ‘pillars of every community – now and into the future.” Says Max Richtman, NCPSSM’s President and CEO.

Slashing Drug Costs to Pay for Expanding Medicare Coverage

Richtman says that Biden’s fiscal blueprint calls on Congress to allow Medicare to negotiate prices for certain high-cost, life-saving drugs that many seniors currently cannot afford and to require manufacturers to pay rebates when drug prices rise faster than inflation. These reforms could yield over half a trillion in federal savings over 10 years, which could help pay for coverage expansions and improvements, including access to dental, hearing, and vision coverage in Medicare,” he notes. Today, traditional Medicare does not cover routine care like dental checkups or hearing aids.

According to Richtman, President Biden’s budget also includes more than $400 billion in new spending over ten years to expand Home and Community-based Services (HCBS) for low-income seniors and people with disabilities who prefer to receive skilled care in the comfort of their homes and communities, even moreso after the devastation COVID wrought on nursing homes.  

In states that have not taken advantage of Affordable Care Act (ACA) opportunities to expand Medicaid, the budget proposes providing premium-free, Medicaid-like coverage through a federal public option, along with incentives for states to maintain their existing expansions. 

Biden’s FY 2022 budget also urges Congress to improve customer service for Social Security beneficiaries to prescription drug pricing reform to expanded HCBS, adds Richtman.  It also proposes a $1.3 billion (or 9.7%) funding increase for the Social Security Administration.  The increase seeks to improve customer service, including services at SSA’s field offices, state disability determination services, and teleservice centers.

 The Older Americans Act (OAA) provides funding for a wide range of home and community-based services, such as meals-on-wheels and other nutrition programs, in-home services, transportation, legal services, elder abuse prevention and caregivers’ support. These programs help seniors stay as independent as possible in their homes and communities. 

For details about Biden’s FY 2022 Budget proposal and OAA funding levels, made available from the Washington, DC-based National Association of Area Agencies on Aging, go to: https://www.n4a.org//Files/FY22%20PresBudget%20and%20historical%20Labor-HHS%20Appropriations%20Chart.pdf

 Stay Tuned 

The House continues its work on hammering out appropriation bills through subcommittees in June and in the full House in July.  The Senate’s work is expected to begin in mid-Summer and to continue well into September. If the appropriate bills are not passed and signed into law by Oct. 1, Congress will need to pass a continuing resolution to fund the federal government into the first months of FY 2022.

Like most Budget proposals, especially in a partisan Congress, Biden’s spending plan will need to be rewritten to win support from lawmakers on both sides of the aisle. However, it will serve as a roadmap for a Democratic controlled Congress in crafting 12 appropriation spending bills. Partisan bickering during the appropriations process may well force passage of a continuing resolution before Oct. 1 to block a government shutdown. 

Report: Congress Warned to Shore Up Social Security Reserves

Published in the Woonsocket Call on April 26, 2020

Each year, starting in 1941, the Social Security Board of Trustees has presented a required report on the financial status of the program to the Congress. Now amidst the world-wide coronavirus (COVID-19) pandemic forcing the shuttering of the nation’s businesses triggering the worst economic downslide since the 1930s Great Depression, the Social Security Board of Trustees releases its 276-page 2020 annual with a warning that Social Security could deplete its trust funds reserves by 2035, if Congress does not act to increase the trust fund reserves. However, because of payroll taxes, revenue to the program would ensure that at least 79 percent of benefits would be paid after 2035 if Congress fails to address solvency.

During the last five weeks, about 24 million Americans have lost their jobs due to COVID-19 Pandemic. With fewer people paying payroll taxes, this will further reduce revenue to Social Security, the impact depending upon how length and severity of the economic downturn. During the pandemic, the number of Americans who pass away, become disabled or survivors will also affect the actuarial accounting of the trust fund’s finances.

“The projections in this year’s report do not reflect the potential effects of the COVID-19 pandemic on the Social Security program. Given the uncertainty associated with these impacts, the Trustees believe it is not possible to adjust estimates accurately at this time,” said Andrew Saul, Commissioner of Social Security. “The duration and severity of the pandemic will affect the estimates presented in this year’s report and the financial status of the program, particularly in the short term.” says Saul.

“Today’s report confirms that Social Security’s financing is strong in the near term, but it will not have enough to pay 100 percent of promised benefits in long term. The report underscores why it is so important that Congress take action now to prevent a 21 percent cut from occurring in 2035, by ensuring Social Security is fully funded and strengthened for today’s seniors and future generations, who will need it even more,” said Chairman John B. Larson (D-CT), House Ways and Means Social Security Subcommittee in a statement.

“As we face the COVID-19 pandemic, Social Security’s role is even more important than ever. During this volatile time of economic uncertainty, Social Security remains the one constant that all current and future beneficiaries can count on. It has never missed a payment. That’s why we must act now to expand and enhance Social Security with the Social Security 2100 Act,” states Larson. “His legislation will ensure Social Security remains solvent for the next 75 plus years, while expanding benefits. Moreover, the expansion of Social Security’s steady monthly payments would be an automatic boost to the economy,” he adds.

Gauging the Financial Health of Social Security

According to the Washington, DC-based National Committee to Preserve Social Security and Medicare (NCPSSM), at the end of 2019, about 64 million people were receiving benefits: 48.2 million retired workers and their dependents; 6 million survivors of deceased workers; and 9.9 million disabled workers and their dependents. About 178 million workers had earnings covered by Social Security and paid payroll taxes in 2019.

By 2035, (which is the same as last year’s estimate) when today’s 51-year-olds reach the retirement age and today’s youngest retirees turn 78, retirees will face a 21-percent across-the board benefits cut (that could grow to 25 percent over time) if Congress does not make significant changes to revenue, benefits, or both to shore up the depleted trust fund.

This year’s report announces that Social Security has an accumulated surplus of approximately $2.9 trillion. It projects that, even if Congress took no action whatsoever, Social Security not only can pay all benefits and associated administrative costs until 2035, it is 91 percent funded for the next quarter century, 85 percent for the next half century, and 82 percent for the next three quarters of a century. At the end of the century, in 2095, Social Security is projected to cost just 5.86 percent of gross domestic product.

The newly released Trustees report notes that the Disability Insurance (DI) Trust Fund, which pays disability benefits, will be able to pay scheduled benefits until 2065, 13 years later than in last year’s report. At that time, the fund’s reserves will become depleted and continuing tax income will be sufficient to pay 92 percent of scheduled benefits.

As to the Hospital Insurance (HI) Trust Fund, which pays Medicare Part A inpatient hospital expenses, the Trustee’s report says that this program will be able to pay scheduled benefits until 2026, the same as reported last year. At that time, the fund’s reserves will become depleted and continuing total program income will be sufficient to pay 90 percent of total scheduled benefits.

Finally, the Trustee’s report noted that the Supplemental Medical Insurance (SMI) Trust Fund, consisting of Part B, which pays for physician and outpatient services, and Part D, which covers prescription drug benefits, is adequately financed into the indefinite future because current law provides financing from general revenues and beneficiary premiums each year to meet the next year’s expected costs. Due to these funding provisions, the rapid growth of SMI costs will place steadily increasing demands on both taxpayers and beneficiaries, says the Trustee’s report.

Social Security Advocates Weigh in

“Medicare and Social Security are more crucial than ever as Americans face the one-two punch of the coronavirus’s health and economic consequences, says AARP CEO Jo Ann Jenkins in a statement following the release of the Trustees report, noting that the security provided by Social Security’s guaranteed benefits and Medicare’s health coverage is indispensable.

“Today’s reports show that both programs remain strong. However, it is crucial for Congress to come together in a bipartisan way to address the long-term funding challenges to ensure individuals will get the benefits they have earned. One way to protect Medicare is to lower the cost of health care and prescription drug prices, suggests Jenkins.

“Social Security is strong. But its long-term fiscal health cannot be guaranteed if the White House and Congress continue to use the program’s financing structure for economic stimulus during the COVID-19 crisis,” says Max Richtman, NCPSSM’s President and CEO. “Those who would like to dismantle Social Security are using the pandemic to launch a stealth attack. A broad-based payroll tax cut, as the President has proposed, would interfere with Social Security’s traditional revenue stream while failing to deliver effective or equitable stimulus,” he warns.

According to Richtman, Social Security already provides more than $1.6 trillion in annual economic stimulus as seniors spend their benefits for essential goods and services in their communities. “Now is not the time – in fact, it is never the time – to tamper with a program that more than 40% of retirees rely upon for all of their income,” he says.

Richtman notes that the Trustees estimate that the Social Security cost-of-living adjustment (COLA) for 2021 will be 2.3 percent. However, that projection does not reflect the impact of the pandemic on inflation, and the actual COLA for next year could be lower, he says.

“We do not know the extent of the pandemic’s impact on Social Security, but we do know that seniors need a boost in their benefits. Let’s strengthen the program now by eliminating the payroll tax wage cap and demanding the wealthy pay their fair share. That way, we can expand benefits and adopt a more accurate cost-of-living inflation formula for seniors,” suggests Richtman.

As for Medicare, says Richtman, the program’s financial future is relatively unchanged from last year’s report, but the impact of the pandemic is not reflected. “The Medicare Part A Trust Fund will become exhausted by 2026, after which the program still could pay 90 percent of benefits, if Congress does nothing to strengthen Medicare’s finances,” he adds.

Adds Richtman, the Trustees estimate that the Medicare Part B premium will rise to $153.30 per month in 2021, an $8.70 increase over last years.

Nancy Altman, President of Social Security Works and the Chair of the Strengthen Social Security Coalition, agrees with Jenkins and Richtman that the Trustee’s report shows Social Security will remain strong through the rest of the 21st century and beyond, notwithstanding current circumstances. “Though the exact impact of today’s pandemic and economic conditions will not be clear until next year’s report, Social Security’s strength will shine through next year, as well. Social Security is built to withstand today’s events,” says Altman.

Altman believes that Social Security is a solution and the program continues to pay benefits automatically on time, especially with retiree’s 401(k)s taking a hit because of the pandemic crisis. “It is past time to increase Social Security’s modest but vital benefits, while requiring the wealthy to pay their fair share,” she says.

Stimulating the Economy by Slashing Payroll Taxes

Congress has passed payroll tax cuts –in 2011 and 2012 – in an attempt to stimulate the economy during a downturn. The recently enacted $2.2 trillion economic stimulus legislation passed last month, called the CARES Act, does allow for employers to defer their payroll tax payments but does not actually cut the levies, which are used to fund Medicare and Social Security.

Now GOP lawmakers led by President Donald Trump are using the virus pandemic as an excuse to slash payroll contributions, Social Security’s dedicated funding. Cutting the Social Security payroll taxes would reduce the amount of money withheld from employee paychecks, increasing their take-home pay.

Using a payroll tax cut to provide a financial stimulus in an effort to forestall a recession caused by COVID-19 pandemic “undermines the earned benefit nature of the program,” warns Dan Adcock, NCPSSM’s Director of Government Relations & Policy.

“Social Security is an earned benefit fully funded by the contributions of workers throughout their working lives. A payroll tax cut suspension or deferral chips away at that fundamental idea, making it easier each time it is enacted to turn to it again to meet some future crisis, until the payroll tax is not just cut but is eliminated, undermining the program in this manner would help achieve the goals of opponents of Social Security including those who would privatize the program,” says Adcock.

Adcock says that NCPSSM opposes a Congressional effort to alter the payroll tax that reduces revenue flowing into the Social Security trust fund or undermines the “earned right” nature of the benefit. “We support the enactment of tax incentives – other than cutting, suspending or deferring the Social Security and Medicare payroll taxes – to encourage employers to keep their workers during this emergency,” he says.

Congressional lawmakers can extend the long-term solvency of the Social Security while improving earned benefits through passing legislation like Congressman John Larson’s H.R. 860, the Social Security 2100 Act, says Adcock. At press time, the House bill has over 208 cosponsors and its Social Security Subcommittee has held several hearings on the bill.

Several other bills to protect and expand Social Security benefits have also been introduced in both House and Senate chambers The presumptive Democratic nominee for President, former Vice President Joe Biden, has endorsed a Senate proposal sponsored by Senators Elizabeth Warren (D-MA) and Ron Wyden (D-OR) that would provide all Social Security beneficiaries with an extra $200/month during the coronavirus health crisis.

As to Medicare, lawmakers can take action to cut beneficiaries’ out of pocket costs and boost Medicare’s fiscal health by passing H.R. 3, The Lower Drug Costs Now Act — which would save the program some $400 billion in projected prescription drug costs by allowing the government to negotiate prices directly with Big Pharma.

Simply put, one sure method of ensuring the financial viability of Social Security is to require millionaires to pay their fair share of payroll taxes by removing or increasing the current income cap on payroll taxes, suggests Adcock.

Shoreing Up Social Security

With over 90 days until the upcoming 2020 Presidential elections, seniors might reach out to those running for Congress and the White House and call for the strengthening and expansion of Social Security. It’s time to protect the viability of the program for those currently receiving benefits and for the younger generations who follow.

View the 2020 Trustees Report at http://www.socialsecurity.gov/OACT/TR/2020/.

View an infographic about the program’s long-term financial outlook at http://www.socialsecurity.gov/policy/social-security-long-term-financial-outlook.html

Herb Weiss, LRI’12, is a Pawtucket writer covering aging, healthcare and medical issues. To purchase Taking Charge: Collected Stories on Aging Boldly, a collection of 79 of his weekly commentaries, go to herbweiss.com.