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☆ Social Security cost-of-living adjustment may be 2.7% in 2024, new estimate finds
▼ + stars: | 2023-06-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

New government data shows the annual rate of inflation dipped to the lowest level in about two years as of May. But that may be bittersweet news for Social Security beneficiaries, as they may receive a much lower cost-of-living adjustment in 2024 than they did this year. The Social Security COLA could be 2.7% in 2024 based on the latest consumer price index data, according to The Senior Citizens League, a nonpartisan senior group. The CPI rose 4% from a year ago as of May, the U.S. Department of Labor said Tuesday, and 0.1% for the month. The subset of the index used to determine next year's cost-of-living adjustment, the consumer price index for urban wage earners and clerical workers, or CPI-W, was up 3.6% year over year — the lowest level since March 2021, The Senior Citizens League noted.

Organizations: Social, Social Security, Senior Citizens League, Finance, GOP, U.S . Department of Labor

New York City’s air quality index was above 200 at one point Tuesday night – a level that is “very unhealthy,” according to IQair. Later Tuesday night, New York City had the second-worst levels of air pollution in the world after New Delhi, India, IQair reported. Air quality alerts were in effect across parts of the Northeast and the Midwest on Tuesday as wildfire smoke spread west into Detroit and Chicago. Spencer Platt/Getty ImagesDetroit was listed in IQair’s top 10 worst locations for air pollution on Tuesday afternoon. Chicago’s air quality was moderate on Tuesday afternoon and is expected to remain moderate for the next couple of days.

Persons: IQair, ”, William Barrett, ” Barrett, Spencer Platt Organizations: CNN, New, Doha, World Health, World Health Organization, American Lung Association, Canadian Interagency Forest Fire, Midwest, National Weather Service, Getty, Detroit, IQAir Locations: New York City, Quebec, York, New Delhi, India, Qatar, Baghdad, Iraq, Lahore, Pakistan, New York, Canadian, Canada, Detroit, Chicago, IQair’s, New England, Massachusetts , Connecticut, Rhode Island and Vermont, Cities, Baltimore, Boston, Hartford, Providence, Montpelier , Vermont, South Carolina, IQAir North America

"Once this bill reaches the Senate, I will move to bring it to the floor as soon as possible," Majority Leader Chuck Schumer said on Wednesday. His counterpart, Senate Republican Leader Mitch McConnell, also signaled that he would work for fast passage, saying, "I'll be proud to support it without delay." The chamber's rules require 60 votes to advance most legislation, meaning at least nine Republican votes are needed to pass most bills, including the debt ceiling deal. On Wednesday he vowed to vote against the bill, but did not reiterate his threat to try to delay it. Chastising House Republican negotiators for agreeing to what he sees as a weak compromise with Democrats, Lee lamented, "With Republicans like these, who needs Democrats?"

Persons: Chuck Schumer, Jonathan Ernst WASHINGTON, Joe Biden, Biden, Kevin McCarthy, McCarthy, Mitch McConnell, Schumer, McConnell, John Thune, Rand Paul, Mike Lee, Lee, surrogates, Richard Cowan, David Morgan, Scott Malone, Lincoln Organizations: U.S, Democratic, Capitol, REUTERS, Senate, Republican, Republicans, Treasury Department, CBS News, Biden, Social, Wall, Thomson Locations: Washington , U.S, United States

☆ Kevin McCarthy's proposed spending cuts would cost his home state 68,500 preschool slots and nearly 7 million Californians would have to wait longer for Social Security and Medicare help, White House
▼ + stars: | 2023-05-23 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The White House finds those cuts could hit thousands in Kevin McCarthy's home state of California. Currently, the US is hurtling towards a potential default as soon as June 1, as both sides negotiate a deal. According to a new White House fact sheet, the bills House Republicans have put forward to reign in spending as part of a debt ceiling increase could have "devastating impacts" for Californians. If the cuts were to go through, that would mean 68,500 fewer preschool and childcare slots, and 107,000 Californians losing help with rent, according to the White House. It's 10 days out from him defaulting on the debt," McCarthy wrote on Twitter on Monday.

☆ Japanese city of Hiroshima rose from the ashes and now it welcomes millions
▼ + stars: | 2023-05-21 | by ( Emiko Jozuka | ) edition.cnn.com time to read: +7 min

Within the bomb’s hypocenter, only the half-exploded Genbaku Dome – formerly the Hiroshima Prefectural Industrial Promotion Hall – was left standing as the bombing razed Hiroshima city to the ground. A man relaxes alongside the river on a bench overlooking the Genbaku Dome. ET), Hiroshima city lost roughly 40% of its population, which numbered around 300,000 people at the time. Full-scale reconstruction only began in August 1949 after the Hiroshima Peace Memorial City Construction Law was promulgated, allowing the national government to extend special financial support to Hiroshima. “It’s impressive how Japanese people rebuilt the city from scratch again – building a beautiful city full of green spaces.

A main focus of Trump's attacks has been Social Security - the federal pension system - and Medicare. I will always protect Social Security and Medicare for our great seniors." Today, party leaders and many Republican voters oppose reforming Social Security and Medicare because so many Americans rely on the programs. They are reliant on Social Security and Medicare and they worry about this stuff," Feehery said. INSULTS KEEP COMINGThere is so far no clear polling on how Trump's attacks on entitlement spending have impacted DeSantis.

☆ This chart shows the fastest-rising costs for Social Security beneficiaries
▼ + stars: | 2023-05-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Lordhenrivoton | E+ | Getty ImagesHigh inflation 'extremely difficult' for retireesSocial Security COLAs have increased by 78% since 2000, according to The Senior Citizens League. At the same time, the cost of goods and services retirees typically buy has gone up by 141.4% over that time. Yet the current 36% loss in buying power is still one of the deepest losses recorded, according to the group. Eggs topped the list of fastest-growing costs for seniors since 2000. While higher spending may complicate the fight against higher inflation, it is delayed relief for older Americans, whose COLA was lower than price growth in 2022.

In that instance, S&P Global Ratings credit rating agency downgraded the government from AAA to AA+ credit rating. The federal government maintains a perfect credit rating from Fitch and Moody’s, but that could change as the stalemate drags on. Investors care about stability and predictability, so a credit rating downgrade would send a chill down Wall Street’s spine. The broadest economic impact of a US debt default would be a recession that would encompass the global economy, including sharp job losses. And the housing market would not be spared by the “economic calamity” of a US government default, as Yellen once described it.

☆ How the Voyager probes keep going decades after launch
▼ + stars: | 2023-05-10 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

Voyager 2’s priceless data is captured and returned to Earth through its five science instruments, while Voyager 1 still has four operational instruments after one failed earlier in the mission. Both Voyager probes rely on radioisotope thermoelectric generators. Over time, the Voyager team has commanded the probes to turn off instrument heaters and other nonessential systems. The Voyager proof test model, seen here in 1976, has a platform showcasing several of the science instruments. “Picture it as an ocean of space with waves and turbulence and activity going on, and the Voyager instruments can measure what’s happening,” Spilker said.

☆ Russians trying to help the Kremlin are being scammed into throwing Molotov cocktails at its offices and cars instead: reports
▼ + stars: | 2023-04-28 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

They were told by scammers to chuck Molotov cocktails, but most were unsuccessful, per local media. The people involved have tried to set fire to enlistment offices, bank ATMs, a car trunk, and a police department, though most have been unsuccessful, the outlet reported. Olga told authorities an unknown man had been calling her for a month, saying he was a bank employee. He'd taught Olga how to create the Molotov cocktails and instructed her to start a fire in the government building, according to Shot. We're standing on the street where they stopped me," Olga told the man on the phone.

☆ Alzheimer's: Medicare will cover Leqembi for all patients if FDA approves drug, CMS chief says
▼ + stars: | 2023-04-26 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Medicare will cover the new Alzheimer's treatment Leqembi for all patients eligible under the medication's label if the Food and Drug Administration fully approves the drug in July, a federal official told members of Congress on Wednesday. Brooks-LaSure faced pointed criticism from Democrat and Republican members of the House Subcommittee on Health over Medicare's controversial coverage policy for new Alzheimer's treatments. The Food and Drug Administration approved Leqembi, which is a collaboration by Biogen and Eisai antibody treatment, on an expedited basis in January. But Medicare, which primarily provides health coverage to senior citizens, currently will only cover the majority of costs for Leqembi for patients participating in federally approved clinical trials. "When FDA approves the drug, whichever populations they say it is appropriate for, that will be the basis of which people will get the drug," she said.

☆ Americans stuck in Sudan to make ‘life or death decisions’ express anger at US government
▼ + stars: | 2023-04-26 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +9 min

US officials have said they are in “close communication” with US citizens and “actively facilitating” their departure from Sudan. Those who spoke to CNN also pushed back on the argument made by US officials that they had warned Americans not to be in Sudan. Other Americans are attempting to flee Sudan through Egypt, but those who spoke to CNN warned of a growing humanitarian catastrophe at that border. After a 36-hour journey, his parents had not been able to cross the border into Egypt, Imad told CNN Wednesday evening. Imad said when he contacted the State Department, “they essentially said that there are other cases ahead of us that are similar.

☆ DOJ charges 18 people — including doctors — in massive Covid health-care fraud takedowns
▼ + stars: | 2023-04-20 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +5 min

Other cases involved the alleged manufacture and distribution of fake Covid vaccine record cards. But instead of administering the Covid vaccine, the defendants allegedly destroyed vials of the vaccines intended for patients, the DOJ said. Two people in Utah were also charged with allegedly manufacturing and selling about 120,000 fake Covid vaccine cards. The DOJ said the people charged with distributing fake vaccine cards "intentionally sought to obstruct" the federal government's efforts to roll out a nationwide Covid vaccine program. They also follow similar criminal charges related to Covid fraud schemes in April 2022 and May 2021.

☆ As inflation starts to subside, a lower Social Security cost-of-living adjustment for 2024 may be on the horizon
▼ + stars: | 2023-04-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

New government inflation data shows inflation is cooling — and that could point to a lower cost-of-living adjustment, or COLA, for Social Security beneficiaries next year. Yet another measure used to calculate the Social Security COLA each year — the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W — rose 4.5% over the last 12 months and 0.3% for the month prior to seasonal adjustment. To be sure, that is a very early estimate, according to Mary Johnson, Social Security and Medicare analyst at The Senior Citizens League. Gauging how much the increase for 2024 will be, if there is one, will be clearer toward the second half of the year, she said. In 2023, Social Security beneficiaries saw an 8.7% bump to their Social Security benefits, a four-decade record prompted by high inflation.

☆ You may face a 'stealth tax' on Social Security benefits, expert warns. These steps can help
▼ + stars: | 2023-04-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The reason: More of their Social Security benefits may be taxed following a higher 5.9% cost-of-living adjustment in 2022. Unlike other tax thresholds, the Social Security income levels have not been adjusted for inflation since taxation of benefits began in 1984. Not moving the brackets or indexing them gradually exposes more and more people to income taxes on their Social Security benefits, according to David Freitag, a financial planning consultant and Social Security expert at MassMutual. The result is a "stealth tax," Freitag said. How Social Security benefits are taxedUp to 85% of Social Security benefits may be taxed, based on current tax rules.

☆ Police arrested senior citizens who blockaded banks in a 'Rocking Chair Rebellion' to end fossil fuel use
▼ + stars: | 2023-03-24 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +6 min

They say Wells Fargo, Chase, Citibank, and Bank of America should stop lending to fossil-fuel companies. Grey-haired San Francisco protestors donned hats and rain jackets, set up a tent, passed around colorful banners and signs, and sang songs about protecting future generations. Organizers reported that 10 activists who occupied a Chase Bank were arrested on March 22, 2023. There were no arrests in San Francisco, where three young people and three older people chained themselves to the Wells Fargo doors. Morgan McFall-Johnsen"We're hoping to damage the reputation enough that people say: 'Oh no, Wells Fargo is not a good guy.

☆ After an 8.7% Social Security cost-of-living adjustment for 2023, next year's increase may not be as large
▼ + stars: | 2023-03-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Pascal Broze | Onoky | Getty ImagesAn 8.7% Social Security cost-of-living adjustment for 2023 means beneficiaries received on average $140 per month more starting in January. The Social Security COLA for 2023 was the highest bump in monthly checks beneficiaries have received in four decades. About 70 million beneficiaries receive Social Security or Supplemental Security Income payments. watch nowWhile the Social Security COLA for this year may help ease beneficiaries' budgets, next year's increase may not be as large. Social Security COLA for 2024 may be far lessBased on current projections, the Social Security COLA for 2024 will likely be much lower than this year's 8.7% due to cooling inflation, according to the league.

☆ China has to figure out how to care for 400 million people over the age of 60 by 2040 — and it's off to a rocky start
▼ + stars: | 2023-02-20 | by ( Matthew Loh | ) www.businessinsider.com time to read: +11 min

By 2040, it's expected to have 400 million people above the age of 60 — more people than in the entire US. "It's obvious that relying on contributions from medical insurance schemes to fund age care services is not likely to be viable in the longer term," she said. Alzheimer's is quickly rising as a concern in China, Luk said. "Is China aging rapidly? Beijing has been pressuring the private sector into building daycare centers, wards, and other age care infrastructure to shore up gaps in local government finances, Gu said.

[1/5] Eldery people who use the free subway service to deliver parcels gather in Seoul, South Korea, February 8, 2023. "But honestly, I wouldn't be doing it if subway rides weren't free because there wouldn't be much left over for me." Free rides have been a perk enjoyed nationally by those 65 and older for four decades and are credited with keeping senior citizens active. In the greater Seoul area, where almost 3.7 million people are 65 or older, more than 233 million free rides were taken last year. Sixty percent of Koreans support raising the minimum age for senior citizen benefits including free subway rides to 70, according to a Gallup poll released last week.

The states said in their lawsuit, however, that the rule in practice could affect anyone who uses a brace. Texas Attorney General Ken Paxton filed a similar, separate lawsuit in federal court in Texas on Thursday. A group of veterans also filed a lawsuit challenging the rule in federal court in Texas earlier this month. Democratic President Joe Biden has championed tougher gun control measures, and last year signed a national gun safety law. Since then, several state gun control measures have been struck down by courts.

Some Republicans heckled him at times during a speech that lasted 73 minutes. But over the past two years, we proved the cynics and the naysayers wrong," said Biden, a Democrat. The White House has said Biden will not negotiate over that necessity; Republicans want spending cuts in exchange for their support. And he stuck to that theme, highlighting a massive infrastructure bill and gently ribbing Republican lawmakers who opposed it. Some House Republican lawmakers have questioned Biden's victory in the 2020 presidential race against Trump, vowing to investigate his Cabinet and family.

☆ Winter heating costs likely won't be as high as feared
▼ + stars: | 2023-01-30 | by ( Tami Luhby | ) edition.cnn.com time to read: +7 min

New York CNN —Heating your home this winter likely won’t burn quite as big a hole in your wallet as initially forecast. Still, costs are up across the board compared to last winter — nearly 26% and 14.5% for heating oil and natural gas, respectively, and 10.5% and nearly 9% for electricity and propane, respectively. “You’re still paying more, but not as much more,” said Mark Wolfe, executive director of the National Energy Assistance Directors Association. Applications for the Low Income Home Energy Assistance Program are projected to reach their highest level in more a decade, Wolfe said. To help its residents cope with the high heating costs, Maine started sending $450 energy relief payments on Monday.

☆ Biden to attack House Republican's economic plans in Virginia
▼ + stars: | 2023-01-26 | by ( Steve Holland | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 26 (Reuters) - President Joe Biden will use a speech at a steamfitters union hall in Virginia on Thursday to launch an attack against Republicans who control the U.S. House of Representatives, saying some of their proposals are dangerous for the U.S. economy. Biden, who is laying the groundwork for a bid for re-election in 2024, will visit the union hall in Springfield, Virginia, a Washington suburb. A White House official said Biden will seek to tie House Republicans to former President Donald Trump, the Republican who Biden ousted in the 2020 election. "The president will outline the biggest threat to our economic progress: House Republicans’ MAGA economic plan," the official said, speaking on condition of anonymity. Biden will say his policies "are laying the foundation for strong and stable growth," the White House official said.

☆ China's Covid wave drives up consumer interest in insurance after health system shortfalls
▼ + stars: | 2023-01-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +7 min

For people planning to spend more on that health category, 47% said in December they intend to spend more on health insurance. "This experience is also driving increased interest in commercial health insurance which could cover access to premium private providers," Lipson said. Anecdotes depict a public health system overwhelmed with people at the height of the wave, and long wait times for ambulances. Some of the players in China's health insurance industry include Ping An , PICC and AIA . Hospital fundingHowever, one of the barriers to improving China's public health system is its fragmented financing system, according to Qingyue Meng, executive director at Peking University's China Center for Health Development Studies.

☆ A booming market for gear to help seniors grow older at home is creating an opportunity for investors
▼ + stars: | 2023-01-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +13 min

Alphabet, Amazon and Best Buy are among the fund's plays on the aging in place theme. Best Buy breaks into the space It's Best Buy that has really been doubling down on its efforts to break into the space. Best Buy sees the role of technology within health care becoming much more important. Medicare Advantage's health care at home coverage includes primary care, transitional care when someone is released from a hospital and often hospice care, she said. That should lead to higher earnings power, said Baker, who has a buy rating and $237 price target on Lowe's stock.

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