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Democrats and Republicans agree on this: Social Security and Medicare need help — and soon

Democrats and Republicans agree on this: Social Security and Medicare need help — and soon

13.2.2020

Democrats and Republicans agree on this: Social Security and Medicare need help — and soon

Filling public trustee jobs for Medicare and Social Security is a step to shoring up the programs

Political parties don’t seem to agree on much these days, but at least 100 members split among Democrats and Republicans do share one common belief — Social Security is in dire need of help — and they want Congress to do something about it. The trust funds that support Social Security’s activities are expected to run out of money by 2035, and if that were to happen, beneficiaries would receive about 80% of what they’re owed. Medicare is in even more imminent danger — the Medicare Hospital Insurance fund, which supports inpatient care, is expected to be exhausted in 2026. The Bipartisan Policy Center and the National Academy of Social Insurance released a letter on Tuesday, with 100 signatures from both political parties, addressing this issue, and one way to go about fixing it. In the letter, Republicans and Democrats call on Congress to act on pending nominations for the public trustee roles for the boards of Social Security and Medicare, which have been vacant since 2015. These roles are supposed to be filled by two people, one Democrat and one Republican, who will work with the boards of Social Security and Medicare to provide guidance for these programs from an independent, nongovernmental perspective. See: This word describes Social Security — but not everyone agrees The roles were first established in 1983, and their vacancies are “violating the intent of federal law and depriving Congress and the public of key objective insights into the health of the [Social Security and Medicare] Trust Funds,” the letter says. The last two public trustees’ terms expired in 2015 under the Obama administration, and Congress has not prioritized filling the positions since, the Bipartisan Policy Center said. President Trump nominated James Lockhart III, a Republican and a former chief operating officer of the Social Security Administration, and William Dauster, a Democrat and economist who worked on Senate and White House staffs between 1986 and 2017. “It is imperative that the vacancies are filled expeditiously to ensure the proper monitoring and safeguarding of the funds that help provide a secure financial foundation for millions of Americans,” the letter says. The Senate must confirm the president’s nominations before they can proceed with a four-year term. Letter signatories include former members of the Trump, Obama, George W. Bush and Clinton administrations, as well as former members of Congress and former Congressional Budget Office directors. “The fact that it’s signed by prominent folks from both sides of the aisle — 100 former public officials equally split — saying it’s urgent to be acted on speaks volumes about the need to get this done even in the midst of a very partisan environment,” said Shai Akabas, director of economic policy at the Bipartisan Policy Center. Legislators and other policy experts have suggested options for fixing the programs’ funding issues. Some suggest increasing taxes, while others recommend delaying the full retirement age or raising the cap on payroll taxes imposed on high earners. The Democrats have been more vocal about their proposals for Social Security, but still, even during a volatile presidential candidacy campaign trail, Social Security is rarely discussed on the debate stage. Also see: What would Americans do if faced with a change to Social Security? Congress has never let Social Security and Medicare fail, experts said, but action should be taken sooner than the anticipated dates of exhaustion for Medicare and Social Security, Akabas said. “We really need to work well in advance of that date,” Akabas said. “Because at that point, a 20% gap of what is taken in and paid out and closing that overnight is next to impossible.” Appointing the public trustee nominees wouldn’t necessarily expedite a solution for fixing the current trajectories of these programs, but they would provide an objective viewpoint, and signal to Americans that the programs are being evaluated fairly for their best interests, Akabas said. The letter comes one day after the Trump administration unveiled its budget proposal for fiscal year 2021, which would trim funding for Medicare, Social Security Disability Insurance and Supplemental Security Income, as well as other programs for older Americans. More from MarketWatch Alessandra Malito Alessandra Malito is a personal finance reporter based in New York. You can follow her on Twitter @malito_ali. We Want to Hear from You Join the conversation Comment #div-gpt-ad-1569967089584-0 >div >iframe { width: 100% !important; min-width: 300px; max-width: 800px; } Read more: MarketWatch

The problem is you put a slow rising cap on wages subject to the taxes. Try this. Take the cap off and substantially lower the rate. It would free money for businesses and workers. Stimulate the economy by doing this. Forgive tuition fees. “Want” to do something about it? Both sides have been screwing with it for a long time. How much money have they taken from it? These republicans and democrats have been corrupt for awhile.

Yes, do something. First put some it not all the money back in the trust that Congress authorized being taken out with promises of repayment. Now we get taxed on our Social Security Retirement benefit to help fund our benefits a few more years. Absolutely asinine to make us pay. Here's an idea..... Tax the Rich!!

Baby boomers have ruined our society.. they actually think they are just getting back what they pad in.. most are collecting more than they put in a lot more and... they all hate socialism, but love it when socialism benefits them. The trust funds were managed by someone that’s why they are called trust funds find those people and make sure they aren’t trusted with any funds again

Trump said he wants to cut them and Bernie said he wants to expand them

For every Medicare, Medicaid or Social Security-related tweet, Donald Trump sends 150 insulting Democrats'It is not the fault of Iowa, it is the Do Nothing Democrats fault,' Trump tweeted in February. This gentleman offends everything and everyone does not sympathize with his attitude in society Make up your mind, Stupid--if Dems are 'Do Nothing'...how did they come together 2 finalize the 2 'Articles of Impeachment' in the House You CAN'T HAVE IT BOTH WAYS--Got It?!! Go see a Neurologist, cause your ability 2 think rationally, IS GONE! How many media stories are against trump?

Despite promises, Trump takes aim at Social Security, MedicareTrump promised voters he wouldn't cut Social Security, Medicare, or Medicaid. The new White House budget includes some bad news for those who believed him. mradamscott MaddowBlog Anyone surprised? shocker sawitcoming MaddowBlog Hey, non-rich Trump* devotees: ARE YOU FEELING SCREWED YET? MaddowBlog Fake News. He cut what hospital providers would be paid.

No coalition without Merkel, say German Social DemocratsGermany's Social Democrats (SPD) signaled on Wednesday they could quit thei...

Trump's budget could make it harder to stay on Social Security disability insuranceThough President Donald Trump has repeatedly vowed to protect Social Security benefits, his budget includes big cuts to parts of the program. One proposal could make it more difficult for individuals to keep receiving disability benefits. 'could' is another way of saying we don't want you to vote for him so we are spreading misinformation to you so you don't. Bout time!!!

Trump Social Media Documentary Rolls Into Europe, AustraliaPassion Distribution have announced a slate of international pre-sales for Pioneer Productions’ forthcoming documentary, “Trump: How Social Media Changed the Presidency.” A 60-minute examina… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hi Fake news of course! You know trump will win trump2020 Yep Andy, Yang dropped out, Bernie is going strong and the Dem establishment doesn't like him, they want Buttiboy. I hear the Dem cabal might be getting behind Bloomberg. Doesn't matter, too many Dems are tired of the drama and losing and are gunna vote Trump or not vote at all

AHRQ Visualization Resources of Community-Level Social Determinants of Health ChallengeAHRQ Dir, Gopal Khanna congratulates MathematicaNow AcademyHealth’s HDPalooza for winning AHRQ’s Visualization Resources of Community Health-Level Social Determinants of Health Challenge.



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