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Posts Tagged 'social security benefits'

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USA Today Gets it All Wrong on Social Security

Opinion editors at USA Today wrote an editorial today that, unfortunately, read much like the billion dollar anti-entitlement lobby’s standard news release, loaded with crisis rhetoric and a core misunderstanding about how the Social Security Trust Fund is designed.  All to build the case for cutting already modest benefits in Social Security.

The good news is that, unlike many newspapers, USA Today does have a standard policy of offering rebuttals, as they did to our President/CEO, Max Richtman.  You can read USA Today’s call for benefit cuts in their OpEd here

And this is NCPSSM’s rebuttal.  Please take a moment to comment on these articles and share Max’s rebuttal to help journalists understand why strengthening Social Security benefits is so important to working Americans when they retire.


There’s No Reason for Benefit Cuts: Opposing View

Social Security’s impending doom has been foretold since before the first benefit check was ever delivered. The crisis calls are familiar:

“Social Security is bankrupt!”

“The trust fund isn’t real!”

“We have to cut benefits!”

The truth is very different. Social Security remains strong and will be able to pay full benefits until 2034. After that, there will still be enough income coming into the program to pay 79% of all benefits. But with an average monthly benefit of just $1,300, most beneficiaries cannot afford a 21% benefit cut, and that’s why Congress must pass modest reforms, as it has many times before.

Doing nothing is not an option. However, in this hyper-partisan environment where cutting benefits is worn as a bad

ge of courage with little thought to what those cuts actually mean to working Americans, it’s virtually impossible to engage in a meaningful debate.

Raising the retirement age, cutting the cost-of-living adjustment, privatization and means testing are all benefit cut proposals touted by the billion dollar anti-entitlement lobby and its supporters in Congress as the best ways to close Social Security’s shortfall. The American people support an entirely different approach. Poll after poll, including an important public survey by the National Academy of Social Insurance, show that large bipartisan majorities want to improve benefits and are willing to pay more to stabilize and strengthen the program.

There is no reason for Social Security benefit cuts that would force vulnerable Americans to bear an even greater financial burden than they already do. The fiscal woes of this nation are not due to this worker-funded program, which currently has $2.8 trillion in its trust fund.

Numerous proposals languishing in Congress would extend Social Security’s solvency while also improving benefits by lifting the payroll tax cap, adopting a cost-of-living adjustment for the elderly, expanding the minimum benefit and boosting benefits overall. These are reasonable reforms that deserve consideration.

Max Richtman is president and CEO of the National Committee to Preserve Social Security & Medicare.

USA Today Permalink here

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Even the Mainstream Media Supports Boosting Social Security

We live in a media era in which, more often than not, stories about America’s federal retirement programs do little more than parrot quotes offered up by Washington’s billion dollar anti-Social Security lobby.  For decades we’ve been told Social Security and Medicare are to blame for federal debt and deficits and the only way to be fiscally responsible is to slash benefits for America’s seniors.  Of course, the truth has proven to be just the opposite.

The budget deficit for 2015 is expected to drop to roughly $425 billion, according to a report released Friday by the nonpartisan Congressional Budget Office (CBO).That’s down from the $486 billion the CBO projected in March. If it drops to $425 billion by the end of the fiscal year on Sept. 30, it would be a seven-year low for the government’s annual budget shortfalls...MSNBC

Social Security and Medicare NOT the cause of our deficits and cutting already modest benefits would have devastating consequences for millions of American families and our economy overall. That’s why this weekend’s New York Times editorial on the 2016 Presidential campaign and Social Security marks an important shift in perspective.

This election season offers an opportunity to reframe the debate over Social Security. It is necessary, of course, to ensure the program’s long-term health beyond 2034, when the system is projected to come up short. But this can’t be done by broadly cutting benefits. In fact, there’s mounting evidence that Social Security, which has become ever more important in retirement, needs to be expanded.

Is it possible that the national media is finally coming around to the fiscal reality that the American people, no matter their political party, have long known to be true?

The latest survey by the National Academy of Social Insurance shows large majorities of Americans, both Republicans and Democrats, agree on ways to strengthen Social Security, without cutting benefits. Of those polled, 74 percent of Republicans and 88 percent of Democrats agree that “it is critical to preserve Social Security even if it means increasing Social Security taxes paid by working Americans.”  Simply put, the American people are willing to pay more for Social Security.  They understand the growing impact these benefits have on individual lives and on our larger economy.

2016 marks the National Committee’s third year of our “Boost Social Security” campaign.  We’ll continue to spread the word, reframe the debate and keep the pressure on Presidential candidates to stop taking their lead from the billion dollar anti-Social Security lobby and instead listen to what the American people support for the future of Social Security.

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Same-Sex Marriage Ruling Will End Social Security Discrimination for Families Nationwide

Today’s historic Supreme Court ruling touches the lives of millions of Americans and their families in many ways.  It ends the discriminatory patchwork of laws that has given some same-sex partners legal rights that were denied to their neighbors in other states.  It will also impact access to federal benefits like Social Security.  For those Americans who rely on Social Security for retirement, disability, spousal and survivor benefits this ruling finally clears the way for the universal and fair distribution of benefits to all who have earned them.

The basic tenet of Social Security is that if you contribute to the system throughout your working life, you and your family will receive those earned benefits in retirement, death or disability. Unfortunately for many same-sex couples and their families that important principle has been ignored as some states refused to recognize the marriages of gay and lesbian couples.  Today’s Supreme Court decision finally rights that wrong and clears the way for same-sex couples to access the hard-earned spousal and survivor benefits they’ve paid for just like every other American.

The National Committee has led the way in the fight to end this denial of Social Security benefits to deserving spouses. We’re proud of the role we have played with the Social Security Administration and others as part of our “Know Your Rights” project in helping same-sex couples exercise their legal right to benefits as their marriages were recognized in various states.  We now urge the Social Security Administration to move quickly to ensure all Americans nationwide can access the spousal benefits they have earned.”...Max Richtman, NCPSSM President/CEO



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Why We Need to BOOST Social Security -- New CBS Poll Shows Retirement Still Elusive for Many

We’ve wasted years of political discourse led by a billion dollar Wall Street campaign to convince America we can’t afford a strong Social Security system.  While those like Alan Simpson, Pete Peterson and Paul Ryan, believe middle class families should foot the bill for trillions in tax breaks for huge corporations and the wealthiest among us, step outside Washington and Wall Street and it’s clear the average American disagrees. 

Our nation’s middle class continues to struggle and for older workers, the prospect of retirement remains elusive.  A new CBS poll describes the economic realities facing most Americans.

 “Seven of 10 Americans who haven't retired yet find it hard to save for retirement while also paying the bills and meeting their basic living expenses, a new CBS News poll shows. Not surprisingly, those earning less are having more difficulty setting money aside. More than 80 percent of people making less than $50,000 a year say it is hard to keep up with bills and save for retirement at the same time, and half say it is very hard.

"There is a segment of the population who cannot afford food and rent and to save for retirement, and they rationally choose rent and food over retirement savings," said Anthony Webb, senior research economist with Boston College's Center for Retirement Research.”

According to the 2014 Retirement Confidence Survey by the Employee Benefit Research Institute, a sizable percentage of workers report they have virtually no savings and investments. More than a third (36 percent) of retired civilian workers say they have less than $1,000 (up from 28 percent in 2013). A quarter of workers and 17 percent of retirees indicate that their current level of debt is higher than it was five years ago.  The CBS poll received similar responses:

“But the country's troubling shortfall in retirement savings isn't confined to lower-income earners. More than 60 percent of those earning between $50,000 and $100,000 a year say it is hard to save for retirement, according to the telephone poll of more than 1,000 adults around the U.S.”

Social Security remains the only stable source of income for many families who are still rebuilding after our nation’s recent brush with economic collapse.  This is exactly why it’s time to shift the debate to where it should have been all along...boosting benefits. 

Building upon the growing public support for expanding Social Security, the National Committee to Preserve Social Security and Medicare (NCPSSM) has launched the Boost Social Security Now education campaign to inform and mobilize our membership, grassroots networks and on-line communities to convince Congress that now is the time to boost benefits, not cut them.  

Please take a moment and join our growing movement.  Call Congress, Write a Letter and Sign our Petition telling Washington Now’s the time to Boost Social Security!

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NCPSSM Launches "Boost Social Security Now" Campaign

Education campaign will push for better benefits for workers, retirees and their families

We're building upon the growing public support for expanding Social Security by launching the Boost Social Security Now education campaign to inform and mobilize our membership, grassroots networks and on-line communities to convince Congress that now is the time to boost benefits, not cut them. For more than 30 years NCPSSM has been recognized as one of the nation’s most ardent and effective defenders of America’s social insurance safety net. In 2012, the National Committee expanded its focus on Social Security with the release of a proposal to modernize benefits, which included caregiver credits, shifting the annual cost of living adjustment formula to one designed for elderly consumers and improving the basic benefit of all current and future beneficiaries.  Since that time, the call for expanded benefits has grown louder and includes support from within Congress including Senators Elizabeth Warren, Tom Harkin and Bernie Sanders, and Representatives Linda Sanchez and Gwen Moore.  

For years, Washington’s fiscal debate has been co-opted by the billion dollar austerity lobby and its single-minded quest to cut middle-class benefits in Social Security and Medicare to reduce the deficit.  Their anti-Social Security mission ignores the cold hard economic realities facing millions of retirees, the disabled, widows and children.  That’s why the National Committee, on behalf of its millions of members and supporters nationwide, is saying enough is enough.  Now is the time to boost Social Security benefits, not cut them. It’s the right thing to do for our economy and America’s middle-class families and this is the right time to do it”...Max Richtman, NCPSSM President/CEO

The National Committee has endorsed nine different pieces of legislation that would enhance Social Security, including S. 567 and HR 3118 which, when fully phased in, would boost benefits by approximately $70 per month and adopt the more accurate consumer price index for the elderly (CPI-E). As a fiscally responsible way to increase and strengthen Social Security finances we also support lifting the payroll tax cap.

Today, Social Security’s average monthly benefit of just $1,269 is 90% or more of retirees’ income for 46% of unmarried elderly and 23% of married couples.   Social Security will be even more important to future generations, especially the Recession Generation which faces income loss, diminished net worth, and high unemployment during their vital income earning years, all of which ultimately impacts their retirement. 

Social Security’s positive economic impact shouldn’t be ignored. American families spend $775 billion in Social Security benefits nationwide each year, providing vital economic stimulus to local businesses and state economies they wouldn’t have without Social Security.

The goal of our Boost Social Security Now campaign is straightforward: Congress should increase Social Security benefits now to protect the economic security of millions of American families. 

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