PoliticsMedicare, Social Security Called Essential to Seniors

Medicare, Social Security Called Essential to Seniors

-

- Advertisment -sslate

As the midterm elections approach, Medicare and Social Security are top-of-mind issues for Florida seniors.

A recent AARP poll found just 12% of Florida seniors feel these two programs are prominent issues at the ballot box, after rising prices and inflation. But a few of the state’s high-ranking elected officials have shown they’re no fans of these programs.

Part of Florida GOP Sen. Rick Scott’s 12-point “Plan to Rescue America” includes sunsetting federal programs and taxing Social Security checks.

Monique Morrissey, an economist with the Economic Policy Institute, explained why the program is regularly on the chopping block.

“Social Security is going to need to be rebalanced,” said Morrissey. “There hasn’t been an increase in Social Security revenues or anything in over 40 years – and every once in a while, you do need to tweak these programs to put them in balance.”

old

In this rebalance, Morrissey said new ways of financing Social Security must be considered. One option is to raise the cap on the amount of wages subject to Social Security taxes, although she said she finds many Republican policymakers are unwilling to do that.

The Social Security Administration has announced an 8.7% increase in benefits, starting in 2023.

Morrissey said misconceptions about Medicare and Social Security have done nothing but fuel the fire among groups that went to cut them. One element of Scott’s plan would require that Congress write an annual report for what it would do if Medicare and Social Security go bankrupt.

Morrissey said based on how these programs work, that isn’t likely to happen anytime soon.

“It’s never going to run out of money, because it’s mostly funded in a ‘pay-as-you-go’ system,” said Morrissey. “So, this is because the first generation of beneficiaries, during the Depression era, they hadn’t had a chance to pay in. So, it’s always been funded by current workers’ contributions going directly to current retirees, which is no different than a lot of other programs.”

Last year, Florida’s other U.S. senator, Republican Marco Rubio, co-sponsored the Senior Citizens Freedom to Work Act, which would rescind the Social Security Retirement Earning Test. This would allow Social Security recipients who haven’t reached full retirement age to earn private income without losing benefits.

As inflation hits new highs and prices continue to rise, Florida seniors will no doubt make their voices heard at the ballot box.

Sunshine Slate
Sunshine Slatehttps://www.sunshineslate.com
Sunshine Slate is your news, entertainment, music fashion website. We provide you with the latest breaking news and videos straight from the United States of America.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Dental Therapists Work to Gain Support in Florida, Congress

Inside a massive appropriations bill now in Congress is a provision which would allow federal funding for dental therapists.

A Detailed View of The Window Frosting Glass with The Selection Features

The modern choice of window frosting glass can serve your privacy concerns and is preferred for commercial buildings and residential homes.

Sustainable Circle of Renewable Energy

Hyperproduction that we have nowadays require vast amounts of energy. Based on the theory of conservation of energy,

Should you tell customers how long they’ll be queuing for this Holiday Season?

Companies should partially hide information on how long the queue is if their products are highly popular and valuable
- Advertisement -

9 Reasons Why You Need a Car Locksmith

Locks are essential to our safety and security, and a professional car locksmith can help keep them in working order. Read now!

Top Trends we can expect to see in Digital Finance over the next 10 years

Digital banking has become a fundamental requisite for most banks and their digitally savvy consumers. I
edealo.com
- Advertisement - Motel 6
transformerscon

Must read

Top Huda Beauty Lipstick Shades to Buy Online

A lipstick helps a woman achieve the perfect look. In other words, every woman must have a decent collection of lipsticks.

Best Apps for your New Mobile Phone

We can install any app from the google play store very quickly. Let’s take a look at some most amazing apps for android mobile phones.
- Advertisement -
- Advertisement -sslate

You might also likeRELATED
Recommended to you