The Greene County Democrat

Tag: and Social Security

  • Newswire: Social Security benefits to increase despite Republican calls for reform

    By Stacy M. Brown, NNPA Newswire Senior National Correspondent


    In the face of increasing pressure from elected Republican officials to reform safety net programs, the Social Security Administration has announced a 3.2% increase in benefits for 2024. Starting December 29, recipients of Social Security will see an average boost of $50 per month in their retirement benefits, a change attributed to the annual Cost of Living Adjustment (COLA) calculated based on inflation readings from July, August, and September.
    “Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” stated Kilolo Kijakazi, acting commissioner of Social Security.
    The Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which showed increases of 2.6% in July, 3.4% in August, and 3.6% in September, is where the adjustment comes from.
    Despite this positive news for Social Security beneficiaries, a political battle looms over the long-term fate of these crucial programs. During the 2022 campaign season, several Republican incumbents, and candidates, including Florida Sen. Rick Scott and Wisconsin Sen. Ron Johnson, advocated for significant changes, including cuts and the need for annual funding reauthorization.
    Scott’s 11-point legislative agenda included a provision proposing the expiration of all federal laws every five years, which he argued would best serve to “preserve those programs.” Johnson, who narrowly won reelection, called for transforming all mandatory spending into discretionary funds, asserting this would enable better evaluation and problem-solving for programs facing financial strain.
    Unsuccessful GOP Senate candidates in various states also floated proposals to end at least one of the programs through privatization or significant cuts, highlighting a growing divide on the issue within the Republican Party.
    Medicare, Medicaid, and Social Security each constitute critical pillars of support for a significant portion of the American population, particularly seniors and those with limited means. According to the Center on Budget and Policy Priorities, Social Security alone accounts for most older Americans’ monthly income, with nearly a quarter relying on it for 90% of their income.
    According to the Social Security Administration, over 67 million people received benefits in 2023, with nearly 90% of those over 65 relying on the program. Stanford University’s white paper on Social Security outlines its historical development, emphasizing its role in safeguarding retirees against financial insecurity.
    While the program remains crucial for many, the same Stanford paper highlights that demographic and economic shifts pose challenges to its long-term financial stability. The authors contend that policymakers must confront the issue and explore potential reforms to ensure the program’s continued viability.
    “Social Security is an essential program that provides critical support to millions of retirees, survivors, and disabled individuals,” the authors asserted. “While reforming Social Security is challenging, policymakers must act to address the program’s long-term funding shortfall and ensure that the program can continue to meet its important mission.”

  • Newswire : House passes tax bill raising deficit by $1.7 trillion

    Terri_Sewell,_Official_Portrait,_112th_Congress
    Congresswoman Terri Sewell

    WASHINGTON, D.C. – On Thursday, the House of Representatives passed Republican tax legislation, which will add $1.7 trillion to the national debt according to estimates by the Congressional Budget Office. Analysis by the Tax Policy Center shows that 36 million middle-class and working families, or more than one out of every four taxpayers nationally, will experience a tax increase under the tax bill by 2027.

    Congresswoman Terri A. Sewell (D-AL) releases the following statement:

    “The Republican tax bill which passed the House today is nothing more than a giveaway for corporate special interests at the expense of America’s working families,” said Rep. Sewell. “By eliminating popular deductions like the student loan interest deduction and the medical expense deduction and by limiting mortgage interest deductions for homeowners, this bill betrays our middle-class families. This legislation pays for unsustainable tax breaks by erasing proven economic incentives that distressed communities rely on, like the New Market Tax Credit, the historic tax credit, private activity bonds, and bond provisions that cities and municipalities rely on to fund the construction of public projects.

    Our tax code is a reflection of our values, but this legislation values special interests over the economic interests of our constituents. This will add $1.7 trillion to the deficit which is likely to result in massive cuts to programs like Medicare, SNAP, and Social Security. While today’s bill is a raw deal for Alabama’s working families, I will continue fighting for real tax reform that benefits all Americans.”

    During the markup of the Republican tax bill in the Committee on Ways and Means, Rep. Sewell offered three historically bipartisan amendments. All Democratic amendments, including the three amendments offered by Rep. Sewell, were rejected without a single Republican vote.