So, you may ask, now that we’ve looked at how the budget and tax bill would affect SNAP, children, disabled adults, how does it affect Social Security? Proposed is a $4,000 “bonus” on top of the standard deduction for people 65 and over who do not itemize their taxes, but it’s structured in such a way that the actual benefit is not $4,000 but a reduction in the taxable income by $4,000.
This combined with other parts of the tax bill will actually reduce the amount of money going into the Social Security Trust Fund by $1.6 trillion – that’s with a “T” – over the next decade because social security taxes would not increase on the wealthy and a few other exceptions of paying into the Fund.
It’s the opposite of investing for the future, which we all need to do, and not just for our own future but for the future of our children and grandchildren. As more immigrants who have been paying into the Fund are deported, the Fund will drop even more. Every nation needs young people working and paying into a fund to support the retired. We’re biting off our nose to spite our face.
Prayer for the Day
O God, we have often lived as if we do not need you,
Pretending that life is what we make it;
In those exceptional moments, when we receive your Spirit,
We often assume it was given for ourselves alone.
Awaken us by your Spirit so we care for others,
Leading us to find in all the opportunities for love.
In the name of the One who embodies your Spirit,
Even Christ Jesus our Lord. Amen
Thoughts for the Day
The administration’s request removes the ‘draft’ stamp from the damaging Department of Health and Human Services leaked budget mid-April and solidly calls into question how our federal health agency can cut more than 26% of its funding without harming older adults and the providers who serve them.
Linda Couch, policy director for Leadingage, serving the elderly
SSA estimates that if net immigration per year were roughly 400,000 more people than they assume, it would reduce the shortfall by about 11 percent, while lower immigration of a similar amount would have the opposite effect, worsening the trust fund balance.
Kiran Rachamallu, Center for Budget and Policy Priorities
I know the Lord maintains the cause of the needy, and executes justice for the poor.
Surely the righteous will give thanks to you; the upright shall live in your presence.
Psalm 140: 12-13