The National Committee to Preserve Social Security and Medicare enthusiastically endorses the Social Security 2100 Act, which was introduced today in the U.S. House by Congressman John Larson (D-CT-1). The bill would keep Social Security solvent into the next century while increasing benefits and cost-of-living adjustments — and giving millions of seniors a tax break. Tweet
A Guide to Fixing Social Security, Medicare, and Medicaid
Entitlement reform is more than just an economic issue. Americans need to decide whether they want a future in which older Americans have an automatic claim on one-fifth of the future income of their grandchildren-who will be raising their own children and paying off their home mortgages. Under the current system, retirees will spend one-third of their adult lives in taxpayer-funded retirement while national security, education, health research, and antipoverty programs fight for the few remaining tax dollars. This paper provides an introduction to the coming crisis in Social Security, Medicare, and Medicaid and sets up a framework for the consideration of various reforms.
Social Security (United States)
Due to changing needs or personal preferences, a person may go back to work after retiring. In this case, it is possible to get Social Security retirement or survivors benefits and work at the same time. A worker who is of full retirement age or older may (with spouse) keep all benefits, after taxes, regardless of earnings. But, if this worker or the worker’s spouse are younger than full retirement age and receiving benefits and earn “too much”, the benefits will be reduced. If working under full retirement age for the entire year and receiving benefits, Social Security deducts $1 from the worker’s benefit payments for every $2 earned above the annual limit of $15,120 (2013). Deductions cease when the benefits have been reduced to zero and the worker will get one more year of income and age credit, slightly increasing future benefits at retirement. For example, if you were receiving benefits of $1,230/month (the average benefit paid) or $14,760 a year and have an income of $29,520/year above the $15,120 limit ($44,640/year) you would lose all ($14,760) of your benefits. If you made $1,000 more than $15,200/year you would “only lose” $500 in benefits. You would get no benefits for the months you work until the $1 deduction for $2 income “squeeze” is satisfied. Your first social security check will be delayed for several months—the first check may only be a fraction of the “full” amount. The benefit deductions change in the year you reach full retirement age and are still working—Social Security only deducts $1 in benefits for every $3 you earn above $40,080 in 2013 for that year and has no deduction thereafter. The income limits change (presumably for inflation) year by year.
Mike Pence’s Long History Attacking Social Security & Medicare
On health issues, Pence’s record is just as anti-senior as his Social Security stance. He aggressively opposed the Affordable Care Act (ACA) and fought for its repeal, which would worsen Medicare’s solvency and take away billions in added benefits and cost savings for seniors. He voted against the creation of a prescription drug benefit (Part D) in Medicare, opposes allowing the re-importation of prescription drugs and allowing Medicare to negotiate for lower drug prices, he supported legislation that would deny non-emergency treatment for lack of a Medicare co-pay, and most importantly supports the GOP/Ryan budget which would destroy Medicare in favor of “Couponcare,” giving seniors a voucher to take shopping for insurance rather than protecting traditional Medicare’s guaranteed coverage.
Donald Trump Dodges On His Medicare And Social Security Plans
Clinton successfully navigated Wallace’s question without disappointing her progressive supporters who pushed her to rule out Social Security cuts in February. But she has not always bucked the elite consensus that a “grand bargain” is necessary to reform major social insurance programs. In a 2013 speech to Morgan Stanley, Clinton called the Bowles-Simpson plan, the archetypal bipartisan “grand bargain,” was the “right framework” for debt reduction.