U.S. Representative Zach Nunn (IA-03) today introduced legislation to protect Iowans’ Social Security and Medicare benefits. The Safeguarding Social Security and Medicare Act, which is co-led by U.S. Representative Don Davis (NC-01), will require the U.S. Comptroller General to create a plan to protect Social Security and Medicare benefits from the effects of skyrocketing inflation.
“When the government created Medicare and Social Security, it made a promise to Americans. I’m 100% committed to protecting those benefits,” said Rep. Nunn.“Iowans worked hard, paid into these programs for years, and planned futures around these programs. I will do everything in my power to ensure they can continue to count on their benefits. This bill is a commonsense step in the right direction.”
According to the Social Security trustees’ annual report released in May 2024, the current Social Security Trust Fund is projected to deplete by 2035. This could lead to a 17% reduction in benefits for the more than 650,000 Iowans who rely on Social Security. Similarly, the Medicare trustee’s annual report projects that Medicare funds will be insolvent by 2036. The status quo is unsustainable. Action is needed to secure the benefits Americans rely on for current and future generations.
“No one is hurt more by rising costs than our seniors living on a fixed income,” said Rep. Davis. “To better help Social Security and Medicare recipients facing the burden of high costs, we must study the impact of inflation on benefits for seniors. Our retirees, who have worked their whole lives for financial stability, deserve nothing less.”
As of May 2024, the Social Security Administration reported the average monthly payment was $1,788.24. With inflation skyrocketing, Americans are seeing their budgets squeezed – especially those on a fixed income. Changes in the cost of gas, food, and more erode the purchasing power of those on fixed incomes until their benefits are adjusted.
The Safeguarding Social Security and Medicare Act would require the U.S. Comptroller General to create a plan to address challenges created by inflation to ensure beneficiaries receive their full benefits.
The bill was introduced during a press conference at Wesley Life on Grand on June 20, 2024.
Text of the bill can be found here.
