RAHALL REPORT: Seniors’ Social Security Must be Preserved
From the desk of U.S. Rep. Nick Rahall (D-WV)Representing West Virginia's 3rd District
Washington, D.C. (HNN) -- As many of you know, not only is our senior population doubling in the next 30 years, but life expectancy is increasing dramatically. What a blessing. Sixty years ago, average life expectancy was below the retirement age. Today, it is 76 and rising.
But with this blessing comes responsibility, a responsibility to meet the needs of an aging population-needs for a reliable, affordable healthcare system, a need for retirement security. It will take dedication on your part, and on the part of your government representatives. Unfortunately, Republican leaders have other ideas.
The Republican Leadership is talking again about allowing Social Security and guaranteed pensions to wither on the vine. Even though the American public soundly rejected privatization schemes last year, they have made it clear that privatization remains a priority for their party.
This year's budget proposal sets aside $712 billion over the next 10 years for Social Security privatization. In July, when the President updated his budget, it contained Social Security private accounts.
Well, I for one will not stand by silently while the Republican Leadership attempts to put the safety net for tens of millions of Americans at risk.
It is for this reason that I have signed the "Golden Promise" petition - a pledge to fight to protect Social Security and not jeopardize it with risky, politically motivated schemes. Recently, hundreds of people gathered at the Capitol to launch the petition drive. Organizations like the Alliance for Retired Americans and Americans United have committed to the effort to protect Social Security.
I will honor this pledge, just as I have honored the AARP pledge I made some time ago to be an advocate for the rights of West Virginia seniors.
As part of my ongoing efforts to protect Social Security benefits for retirees and seniors in West Virginia, I am co-sponsoring legislation in the House of Representatives that will keep Social Security recipients' annual cost of living adjustment (COLA) from being eaten up by Medicare premiums.
According to a report by the Democrats on the Joint Economic Committee, when the new drug benefit is fully implemented, almost one-quarter of Social Security beneficiaries will spend more than 25 percent of their COLA to pay for the increases in Medicare premiums. By 2014, that number will increase to 64 percent.
Another study has found that in the six months after January 1, 2006, when the Medicare drug program went into effect, pharmaceutical industry profits increased by more than $8 billion. The Medicare drug program contributed to this windfall in drug industry profits.
What does all this mean? It means the pockets of our seniors are being emptied while those of drug companies are bursting at the seams. This is unacceptable.
The legislation I am supporting, H.R. 3954, the Social Security COLA Protection Act, amends title XVIII (Medicare) of the Social Security Act to limit increases in the monthly Medicare premium, including the Medicare Advantage prescription drug program premium, to 25% of any Social Security cost of living increase. I supported similar legislation in 2004. We have an obligation to make sure that our seniors can retire with dignity.
I am committed to protecting America's seniors, and helping them seize the new opportunities of a new Century. If we rise to its changes and challenges, the 21st Century can be the healthiest and most hopeful time America's seniors have ever known.
But we must work together.