Trust the TRUST ACT??

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Old 07-31-2020, 10:35 AM
LoisR LoisR is offline
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Default Trust the TRUST ACT??

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.
 
Old 07-31-2020, 10:44 AM
retiredguy123 retiredguy123 is online now
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Last edited by retiredguy123; 07-31-2020 at 11:39 AM.
 
Old 07-31-2020, 12:08 PM
davem4616 davem4616 is offline
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Quote:
Originally Posted by LoisR View Post
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

Last edited by davem4616; 07-31-2020 at 12:13 PM.
 
Old 07-31-2020, 12:19 PM
Stu from NYC Stu from NYC is offline
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Quote:
Originally Posted by davem4616 View Post
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
 
Old 07-31-2020, 12:20 PM
Stu from NYC Stu from NYC is offline
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Wish they would not add amendments to bills adding pork to many for their votes
 
Old 07-31-2020, 01:18 PM
LoisR LoisR is offline
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All agree say "Aye."
 
Old 08-01-2020, 05:10 AM
ismatta ismatta is offline
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Don’t worry, it’s a two party system.
 
Old 08-01-2020, 05:24 AM
Rowenfl Rowenfl is offline
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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.
 
Old 08-01-2020, 06:15 AM
jedalton jedalton is offline
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Default line item veto

Quote:
Originally Posted by Stu from NYC View Post
Wish they would not add amendments to bills adding pork to many for their votes
we need to reinstate line item veto
 
Old 08-01-2020, 06:22 AM
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Bay Kid Bay Kid is offline
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Take, take, take.
 
Old 08-01-2020, 07:06 AM
diva1 diva1 is offline
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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?
 
Old 08-01-2020, 07:09 AM
Dana1963 Dana1963 is offline
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There has never been a line item veto authorized in the Constitution EVER!
 
Old 08-01-2020, 07:18 AM
rlcooper70 rlcooper70 is offline
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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.
 
Old 08-01-2020, 08:21 AM
Marine1974 Marine1974 is offline
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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.
 
Old 08-01-2020, 08:49 AM
FredJacobs FredJacobs is offline
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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."
 

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trust, act, medicare, security, social
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