[LoisR]

Mitt Romney and Mitch McConnell have introduced the TRUST ACT as part of the new Covid-19 aid bill.
The TRUST ACT will allow elected officials to appoint representatives who will decide about further funding or reducing the benefits of both Social Security and Medicare.
If Medicare and Social Security are reduced in funding or entirely eliminated, can you afford to continue living your present lifestyle?
Need further information or want to comment? Contact your elected Federal officials.

[retiredguy123]

///

[davem4616]

Originally Posted by LoisR

Mitt Romney and Mitch McConnell have introduced the TRUST ACT as part of the new Covid-19 aid bill.
The TRUST ACT will allow elected officials to appoint representatives who will decide about further funding or reducing the benefits of both Social Security and Medicare.
If Medicare and Social Security are reduced in funding or entirely eliminated, can you afford to continue living your present lifestyle?
Need further information or want to comment? Contact your elected Federal officials.

Lois, changes to Social Security payments have always been 'going forward' and phased in...it's never been retroactive. Not to say that that couldn't happen...but it's too much of a risk for reelection if that happens, so they usually go with a phased in approach. So IMO, unlikely that anyone already on Social Security will have their payments impacted. Medicare, that's another story...you know that's always going to go up.

That said, your speculative question has the potential to cause a lot of people already collecting social security needless concern that they are at risk. That's not right.

The likelihood is that the contribution tables will change (earnings subject to SS and the %) as well as an increase in the ages folks are eligible to apply for social security. As in the past changes will most likely be effective going forward impacting those that are not currently receiving Social Security. The methodology for determining the monthly payment amounts will most likely also be 'on the block'.

IMHO, the program has been grossly mismanaged for decades and now it's come to the point that the 'can' can no longer just be kicked down the street.

So, a task force, will come up with a plan that will basically allow them to dodge the bullet again and kick the can down the street some more....

However on the flip side...knowing that 'they're up to their dirty old tricks again' we all should be reinforcing with the younger folks in our families to really 'salt' as much $$$ as they can into their IRA's, ROTH's, annuities and other forms of savings.

just saying

[Stu from NYC]

Originally Posted by davem4616

Lois, changes to Social Security payments have always been 'going forward' and phased in...it's never been retroactive. Not to say that that couldn't happen...but it's too much of a risk for reelection if that happens, so they usually go with a phased in approach. So IMO, unlikely that anyone already on Social Security will have their payments impacted. Medicare, that's another story...you know that's always going to go up.

That said, your speculative question has the potential to cause a lot of people already collecting social security needless concern that they are at risk. That's not right.

The likelihood is that the contribution tables will change (earnings subject to SS and the %) as well as an increase in the ages folks are eligible to apply for social security. As in the past changes will most likely be effective going forward impacting those that are not currently receiving Social Security. The methodology for determining the monthly payment amounts will most likely also be 'on the block'.

IMHO, the program has been grossly mismanaged for decades and now it's come to the point that the 'can' can no longer just be kicked down the street.

So, a task force, will come up with a plan that will basically allow them to dodge the bullet again and kick the can down the street some more....

However on the flip side...knowing that 'they're up to their dirty old tricks again' we all should be reinforcing with the younger folks in our families to really 'salt' as much $$$ as they can into their IRA's, ROTH's, annuities and other forms of savings.

just saying

Well said

[Stu from NYC]

Wish they would not add amendments to bills adding pork to many for their votes

[LoisR]

All agree say "Aye."

[ismatta]

Don’t worry, it’s a two party system.

[Rowenfl]

The Congress salary and benefits should be a part of the bill. (Reduction in salary and benefits). Have always thought voting for your own pay/benefit, is not the best for the American budget.

[jedalton]

Originally Posted by Stu from NYC

Wish they would not add amendments to bills adding pork to many for their votes

we need to reinstate line item veto

[Bay Kid]

Take, take, take.

[diva1]

TRUST as in trust me? From a politician? Why is something like this sneaked, yes sneaked, into a bill that is to help those hit in the pocketbook by the COVID crisis? They need to stay on topic! This needs to be publicized! There is always more than meets the eye, isn't there?

[Dana1963]

There has never been a line item veto authorized in the Constitution EVER!

[rlcooper70]

I believe the issue has nothing to do with your benefits ... but rather is addressing things like the age of retirement with benefits for future generations.

You can relax ..... not about you but is about the idea that with people living so much longer our system will fail without change.

Change is sometimes rational and good .... I trust that Mitt Romney will have the interests of the country at heart.

[Marine1974]

So some people think it’s ok to change
the rules regarding social security for
other people so long as it doesn’t effect
them in the Villages.

[FredJacobs]

These are recommendations only - they must be passed by Congress and signed into law by the President.

The following was copied directly from the Senate Bill -

"This bill establishes congressional rescue committees to develop recommendations and legislation to improve critical social contract programs.

A critical social contract program is a federal program

for which a federal trust fund is established (e.g., Social Security, Medicare, and federal highway programs),
with outlays of at least $20 billion during the year preceding the year in which this bill is enacted, and
for which the amount of dedicated federal funds and federal trust fund balances will be inadequate to meet the total amount of outlays of the program that would otherwise be made.

Each rescue committee may develop recommendations and legislation to improve the program for which it was established, including by (1) increasing the duration of positive balances of the federal trust fund established for the program, and (2) providing for the solvency of the federal trust fund established for the program during a 75-year period.

Congress must use specified expedited legislative procedures to consider legislation that is approved and submitted by the rescue committees."