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Search resuls for: "Social Security Commission"


6 mentions found


☆ As Social Security faces looming fund depletion, there's fierce debate over whether a commission can help
  + stars: | 2024-06-15 | by ( Lorie Konish | ) www.cnbc.com   time to read: +9 min
"A vote for a commission is a vote to cut Social Security," the man shouted before he was escorted off the floor. How the last major reforms, in 1983, came togetherPresident Ronald Reagan signs the Social Security Act Amendment into law on April 20, 1983. The changes involved taxes on Social Security benefits, increases to payroll tax rates, a future increase to the retirement age and a near-term postponement of cost-of-living adjustments. Social Security Commission Chairman Alan Greenspan, left, shakes hands with Sen. Charles Grassley, R-Iowa, prior to a Social Security hearing on Feb. 15, 1983. Lawmakers divided on best path forwardToday, lawmakers are divided on the best path forward to address Social Security.
Persons: —, Scott Peters, Peters, Bill Huizenga, Joe Manchin, Mitt Romney, — Rep, John Larson, Connecticut —, It's, " Larson, Larson, Nancy Altman, Ronald Reagan, Alan Greenspan, Greenspan, Jim Baker, Reagan, Tip O'Neill, Robert M, Ball, O'Neill, Sen, Charles Grassley, Bob Dole, John Danforth, Altman, Bruce D, Schobel, Elizabeth Warren, Bernie Sanders, California —, they're, Hakeem Jeffries, Conn, Brian Higgins, Jimmy Gomez, Jeffries, Dan Kildee, Richard Neal, Tom Williams Organizations: iStock, Social, Social Security, AARP, CNBC, Rep, Democratic, Corbis, National Commission, Social Security Reform, Greenspan, Federal Reserve, House, White, Finance, Economic Policy Institute, Republican, Greenspan Commission, Senate Finance, Bettmann, Getty, Congress, Democratic House, White House, Democrats, Security, Capitol Visitor Center, CQ, Inc Locations: Sens, R, Utah, Connecticut, Massachusetts, Iowa, California, D
☆ Social Security Administration to expand access to certain benefits through several upcoming changes
  + stars: | 2024-05-10 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Kate_sept2004 | E+ | Getty ImagesUpdates to definition of public-assistance householdThe agency on Thursday announced a new rule to expand the definition of a public-assistance household. Now, households that receive Supplemental Nutrition Assistance Program, or SNAP, payments and those where not all members receive public assistance will be included. "By simplifying our policies and including an additional program geared towards low-income families, such as the SNAP, we are removing significant barriers to accessing SSI," Social Security Commissioner Martin O'Malley said in a statement. SNAP is the first public income maintenance benefit to be added to the public-assistance household definition since 1980, according to the Social Security Administration. Other rule changes to help beneficiariesThe Social Security Administration is also working to address outdated practices through two other rules that are set to go into effect on Sept. 30.
Persons: Martin O'Malley, Darcy Milburn, Milburn, Brown Organizations: Assistance, SNAP, SSI, Social Security Administration, Social, Social Security, National Disability Institute, SSA
☆ Social Security now expected to run short on funds in 2035, one year later than previously projected, Treasury says
  + stars: | 2024-05-06 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
Valerie Macon | Afp | Getty ImagesThe trust funds the Social Security Administration relies on to pay benefits are now projected to run out in 2035, one year later than previously projected, according to the annual trustees' report released on Monday. The Social Security trustees credited the slightly improved outlook to more people contributing to the program amid a strong economy, low unemployment and higher job and wage growth. "This year's report is a measure of good news for the millions of Americans who depend on Social Security, including the roughly 50% of seniors for whom Social Security is the difference between poverty and living in dignity — any potential benefit reduction event has been pushed off from 2034 to 2035," Social Security Commissioner Martin O'Malley said in a statement. What reports reveal about Social Security, MedicareSocial Security's new 2035 depletion date applies to its combined trust funds. The Medicare Hospital Insurance trust fund — used to fund Part A benefits — saw the biggest improvement in this year's trustees report.
Persons: Valerie Macon, Martin O'Malley, O'Malley, — Organizations: Social Security Administration, Afp, Getty, Social Security, Social, Medicare, Insurance Trust, Disability Insurance Trust, Medicare Hospital Insurance, Insurance Trust Fund, Department Locations: Burbank , California
☆ Republicans and Democrats agree Social Security reform needs to happen. But they're divided on how
  + stars: | 2023-06-27 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
Advocates for a bipartisan commission argue the approach may help smooth out the differences between the parties. But whether a bipartisan commission is the answer to Social Security's funding woes is the subject of fierce debate. Social Security benefit cuts unpopular, poll showszimmytws | iStock | Getty ImagesA new poll from Social Security Works and Data for Progress of 1,191 likely voters highlights one big concern about that approach — that it would require benefit cuts. 'It has to be done in a bipartisan way'Any changes to Social Security will require bipartisan agreement. "You don't want Social Security to become a partisan issue," said Bill Hoagland, senior vice president at the Bipartisan Policy Center.
Persons: Tom Cole, Jake LaTurner, Cole, Danielle Deiseroth, Nancy Altman, Altman, Bill Hoagland, Hoagland Organizations: Istock, Getty, Social Security Commission, Democrats, Social Security, iStock, Progress, actuaries, Greenspan, Center Locations: Kansas
☆ Seniors urge Congress to protect Social Security, Medicare ahead of State of the Union
  + stars: | 2023-02-07 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
President Joe Biden speaks about protecting Social Security, Medicare, and lowering prescription drug costs, during a visit to OB Johnson Park and Community Center, in Hallandale Beach, Florida, on Nov. 1, 2022. Kevin Lamarque | ReutersSocial Security and the debt ceiling debateThe future of Social Security and Medicare have increasingly come up in the debate around the debt ceiling. Both Biden and House Speaker Kevin McCarthy have vowed to keep changes to Social Security and Medicare off the table. That would include Social Security's pension and disability, Medicare Part A and highway trust funds. Social Security changes require bipartisan support
☆ Some GOP lawmakers aren't quite ready to take Medicare and Social Security out of the debt limit battle — even after Kevin McCarthy said the matter is 'off the table'
  + stars: | 2023-02-06 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Kevin McCarthy previously said cuts to Medicare and Social Security are out of debt ceiling negotiations. But some House Republicans are eyeing creating panels to evaluate those programs in a debt limit deal, per Bloomberg. McCarthy and Biden met last week to discuss raising the debt limit, and Biden maintains it should be bipartisan. "If you read our Commitment to America, all we talk about is strengthening Medicare and Social Security. As Bloomberg reported on Monday, though, some House Republicans are still looking at including those programs in debt limit talks.
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