Regardless of how you voted, what party you belong to, it’s critical we resist cuts to Social Security and Medicaid, and push for solvency for both programs. Those with older loved ones in nursing or memory care can’t afford to lost one penny.
SOCIAL SECURITY IS a critical income stream for most senior citizens, but when the recipient is in care, it’s even more important. Given the cost of having a loved one in memory or nursing care, even if long-term insurance is involved, every penny matters.
That’s why it is so disconcerting that we can’t seem to get our arms around making Social Security solvent for generations. It’s not hard. But, with the current administration gutting the agency, most likely to do nothing, the fund is expected to hit critical meltdown by 2034. When that happens, benefits will be cut by 19 percent. Given increases have hardly kept up with real inflation, that would be devastating to people relying on those checks.
The solution really is quite simple. Currently all taxpayers pay into the fund for the first $176,000 of their annual income. If that cap were done away with entirely, the fund would be solvent for generations. Even if the cap were raised to $500,000, the uber rich would be protected and fund made more solvent.
Of course, that would amount to a tax on the wealthiest Americans and that’s not likely with the party currently in power, which is pushing tax cuts for that group. Instead, that party is pushing to raise the eligibility age to 70. That would extend the fund’s life a bit, but denies the reality that many workers are not physically able to work until 70. Coal miners, steel workers, construction workers and more cannot push their bodies that far.
It’s not just Social Security. Medicare, which does not cover nursing home stays but does cover medical needs for those in care, faces a predicted crisis by 2033. Already the party in control is talking cuts and increasing the roles of private insurers.
The threats to these later-in-life safety nets will impact all Americans, regardless of political party, regardless of who voted for whom.
For those of us with loved ones in care, it’s time to raise a little hell. We are facing enough economic and emotional challenges without having more stress piled on.
Rich Heiland, has been a reporter, editor, publisher/general manager at daily papers in Texas, Pennsylvania, Illinois, Ohio and New Hampshire. He was part of a Pulitzer Prize-winning team at the Xenia Daily (OH) Daily Gazette, a National Newspaper Association Columnist of the Year. Since 1995 he has operated an international consulting, public speaking and training business specializing in customer service, general management, leadership and staff development with major corporations, organizations, and government. Semi-retired, he and his wife live in West Chester, PA. He can be reached at [email protected].