Things Seniors Won’t Hear Today From Obama

Obama Will Have A Difficult Time Pleading His Case To Seniors That They Are Better Off Today Under His Watch

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Obama Will Address The AARP Today. “Questions about Medicare and Social Security will be front and center in the presidential campaign next week when President Barack Obamaand Republican vice presidential nominee Paul Ryan address the senior group AARP in back to back sessions on Sept. 21.” (Laura Meckler, “Obama, Ryan Plan To address AARP,” The Wall Street Journal’s ” Washington Wire,” 9/13/12)

OBAMA WON’T MENTION THAT HE CUT HUNDREDS OF BILLIONS OF DOLLARS FROM MEDICARE

Obama Told ABC’s Jake Tapper That One-Third Of ObamaCare Is Funded By Cuts to Medicare. ABC’s JAKE TAPPER: “One of the concerns about health care and how you pay for it — one third of the funding comes from cuts to Medicare.” BARACK OBAMA: “Right.” TAPPER: “A lot of times, as you know, what happens in Congress is somebody will do something bold and then Congress, close to election season, will undo it.” OBAMA: “Right.” (ABC News , 11/9/09)

The Nonpartisan Congressional Budget Office: ObamaCare Cuts $716 Billion From Medicare. (Congressional Budget Office, Letter To Speaker John Boehner, 7/24/12)

• ObamaCare Already Cut Medicare By 6 Percent. “If the debt committee hits a dead end, the agreement between President Barack Obama and congressional leaders decrees an automatic 2 percent cut to Medicare providers. That’s on top of a 6 percent cut already enacted to finance the president’s health care law, according to the nonpartisan Kaiser Family Foundation. And the earlier cut is still being phased in.” (Ricardo Alonson-Zaldivar, “Debt Ceiling Deal Paves Way For Medicare, Medicaid Budget Fight,” The Associated Press, 8/2/11)

Obama Has No Plan To Ensure The Solvency Of Medicare Past 2024

Obama Said If We Don’t Fix Medicare “We’ll Either Have To Cut Medicare, In Which Case Seniors Then Will Bear The Brunt Of It, Or We’ll Have To Raise Taxes, Which Nobody Likes.” OBAMA: “So here’s what’s going to happen if we don’t change the delivery systems and change some of the incentives — we’ll have a choice. We’ll either have to cut Medicare, in which case seniors then will bear the brunt of it, or we’ll have to raise taxes, which nobody likes.” (President Barack Obama, Remarks At A Town Hall On Health Care, Grand Junction, CO, 8/15/09)

The Trustees Of Social Security And Medicare Predict That Medicare’s Trust Fund Will Be Exhausted In 2024. “The estimated exhaustion date for the HI trust fund remains at 2024, the same year shown in last year’s report. As in past years, the Trustees have determined that the fund is not adequately financed over the next 10 years.” (“2012 Annual Report Of The Boards Of Trustees Of The Federal Hospital Insurance And Federal Supplementary Medical Insurance Trust Funds,” The Boards Of Trustees, Federal Hospital Insurance And Federal Supplementary Medical Insurance Trust Funds , 4/23/12)

“Medicare And Social Security Are On A Fast Track To Deep Fiscal Problems, Trustees For The Two Programs Warned Monday.” (Sam Baker, “Medicare, Social Security Funds Running Out Quickly, Trustees Say,” The Hill , 4/23/12)

“‘Lawmakers Should Not Delay Addressing The Long-Run Financial Challenges Facing Social Security And Medicare,’ The Trustees Wrote In Their Report.” (David Jackson, “Social Security Financial Lifespan Shortened Three Years,” USA Today, 4/23/12)

• Medicare Trustees Report Notes That Doing Nothing Now To Fix Medicare Will Result In Either An Immediate 26 Percent Cut In Medicare benefits Or A 47 Percent Increase In Taxes. “Lawmakers could address the long-range financial imbalance in several different ways. In theory, they could immediately increase the standard 2.90-percent payroll tax by the amount of the actuarial deficit to 4.25 percent, or they could reduce expenditures by a corresponding amount. Note, however, that these changes would require an immediate 47-percent increase in the standard tax rate or an immediate 26-percent reduction in expenditures.” (“2012 Annual Report Of The Boards Of Trustees Of The Federal Hospital Insurance And Federal Supplementary Medical Insurance Trust Funds,” Social Security & Medicare Trustees Report , 2012)

Obama Created The Independent Payment Advisory Board (IPAB) Which Is Primarily Tasked With Cutting Medicare

ObamaCare Created IPAB “To Cut Medicare.” “That’s the job description for the 15 members of the Independent Payment Advisory Board – the new panel created by President Barack Obama’s health care law to come up with ways to cut Medicare spending if it grows too fast.” (David Nather, “Medicare Cost-Cutting Job Could Be Worst In D.C.,” Politico, 5/14/11)

• The Nonpartisan Congressional Budget Office Found That IPAB Will Be Required To Recommend Changes To Medicare Spending. “The legislation also would establish an Independent Payment Advisory Board, which would be required, under certain circumstances, to recommend changes to the Medicare program to limit the rate of growth in that program’s spending.” (Congressional Budget Office, Letter To Majority Leader Harry Reid , 12/19/09)
• IPAB Will Advocate For Medicare Payment Cuts To Doctors. “The 15-member board will recommend cuts in Medicare payments to doctors, which will take effect automatically unless Congress votes to block them.” (Sam Baker, “Sebelius: Congress Can Avoid IPAB By Addressing Medicare Costs,” The Hill’s ” Health Watch,” 7/12/11)

Obama Has Continually Pushed For Strengthening IPAB And An Additional $248 Billion Cut From Medicare. “The plan calls for strengthening a controversial piece of the health care reform law, and it includes proposals state governments have strongly opposed. It also would require seniors to pay more for certain Medicare benefits, according to a summary of the proposal, which would cut $248 billion in Medicare funding and $73 billion to Medicaid and other health programs.” (Sam Baker, “Obama Health Cuts To Spark Fights With States, GOP, Industry Groups,”The Hill’s ” Health Watch,” 9/19/11)

• IPAB Will “Kick In” Earlier According To Obama’s Deficit Reduction Plan. “The plan proposes strengthening the Independent Payment Advisory Board (IPAB) – a cost-cutting panel created by health care reform that Republicans have said will ‘ration’ care. Obama’s proposal would allow the IPAB to kick in earlier.” (Sam Baker, “Obama Health Cuts To Spark Fights With States, GOP, Industry Groups,” The Hill’s ” Health Watch,” 9/19/11)

OBAMA WON’T MENTION THAT SENIORS CONTINUE TO STRUGGLE WITH LONG-TERM UNEMPLOYMENT IN THE OBAMA ECONOMY

“The Number Of Long-Term Unemployed Workers Aged 55 And Older Has More Than Doubled Since The Recession Began In Late 2007.” (Susan Heavey, “Over 55 And Jobless, Americans Face Tough Hunt,” Reuters, 5/15/12)

• “About 55 Percent Of Jobless Seniors, Or 1.1 Million, Have Been Unemployed For More Than Six Months, Up From 23 Percent, Or Less Than 200,000, Four Years Earlier.” “About 55 percent of jobless seniors, or 1.1 million, have been unemployed for more than six months, up from 23 percent, or less than 200,000, four years earlier, according to a Government Accountability Office report released on Tuesday.” (Susan Heavey, “Over 55 And Jobless, Americans Face Tough Hunt,”Reuters, 5/15/12)

“The Typical Household Income For People Age 55 To 64 Years Old Is Almost 10 Percent Less In Today’s Dollars Than It Was When The Recovery Officially Began Three Years Ago.” “The typical household income for people age 55 to 64 years old is almost 10 percent less in today’s dollars than it was when the recovery officially began three years ago, according to a new report from Sentier Research, a data analysis company that specializes in demographic and income data.” (Catherine Rampell, “Big Income Losses For Those Near Retirement,” The New York Times’ ” Economix,” 8/23/12)

• Incomes For People Ages 55-64 Have Dropped To $55,748 From $61,716, Or 9.7 Percent, Since 2009. “Income drops vary significantly by age, though. Households led by people between the ages of 55 and 64 have taken the biggest hit; their household incomes have fallen to $55,748 from $61,716 over the last three years, a decline of 9.7 percent.” (Catherine Rampell, “Big Income Losses For Those Near Retirement,” The New York Times’ ” Economix,” 8/23/12)

Seniors’ Retirement Security Continues To Be Threatened Under Obama

More Seniors Are Attempting To Enter The Workforce Due To “Growing Worries That Their Retirement Security Is At Risk.” “Coyle is among the many unemployed, older Americans who, while struggling to reenter the workforce, have growing worries that their retirement security is at risk.” (Susan Heavey, “Over 55 And Jobless, Americans Face Tough Hunt,” Reuters, 5/15/12)

According To The Employee Benefit Research Institute, Only 14 Percent Of Seniors Believe They Can Retire Comfortably. “A flurry of recent reports have raised fresh concerns about the ability of some older Americans to support themselves in retirement. More seniors with jobs expect to work longer, according to the Employee Benefit Research Institute, and just 14 percent say they believe they can retire comfortably.” (Susan Heavey, “Over 55 And Jobless, Americans Face Tough Hunt,” Reuters, 5/15/12)

As Seniors Rely On Their Savings To Supplement Their Social Security Benefits, Interest Rates On CDs And Money Market Accounts “Have Gone Subterranean.”“Middle-class white seniors, who rely on income from savings to supplement Social Security and pensions, are particularly sensitive to changes in interest rates on CDs and money market accounts. And those interest rates have gone subterranean.” (Martin Frost, Op-Ed, “Seniors Could Be Obama’s Achilles’ Heel,” Politico, 5/23/12)

The Nonpartisan Employee Benefit Research Institute: Working To Age 70 Won’t Be Enough “For Approximately One-Third Of The Households Between The Ages Of 30 And 59 In 2007” To Have Adequate Income In Retirement. “Contrary to some reports that working just a little bit longer-to age 70-will allow between 80 and 90 percent of households to have adequate income in retirement, new research by the nonpartisan Employee Benefit Research Institute (EBRI) shows that for approximately one-third of the households between the ages of 30 and 59 in 2007 that won’t be enough.” (Press Release, “Work To Age 70? For Many, That Still Won’t Pay For Retirement,” Employee Benefit Research Institute, 8/30/12)

• EBRI Research Director Jack VanDerhei: “It would be comforting from a public policy standpoint to assume that merely working to age 70 would be a panacea to the significant challenges of assuring retirement income adequacy, but this may be a particularly risky strategy, especially for the vulnerable group of low-income workers.” (Press Release, “Work To Age 70? For Many, That Still Won’t Pay For Retirement,”Employee Benefit Research Institute, 8/30/12)

OBAMA WON’T MENTION THAT SENIORS ARE ON THE CUSP OF LOSING THEIR HOMES MORE THAN EVER BEFORE

In 2011, Foreclosure Rates On Prime Loans Increased 2.3% For People Over Age 50. “The foreclosure rate on prime loans of the 50+ population increased to 2.3 percent in 2011, 23 times higher than the rate of 0.1 percent in 2007. The foreclosure rate on subprime loans of the 50+ population increased from 2.3 percent in 2007 to 12.9 percent in 2011, a nearly six-fold increase over the five-year period.” (Lori Trawinski, “Nightmare On Main Street: Older Americans And The Mortgage Market Crisis,” AARP Public Policy Institute , July 2012, p. 7)

“Among People Age 50+, The Percentage Of Loans That Are Seriously Delinquent Increased 456 Percent During The Five-Year Period.” “Among people age 50+, the percentage of loans that are seriously delinquent increased 456 percent during the five-year period, from 1.1 percent in 2007 to 6.0 percent in 2011. As of December 2011, 16 percent of loans of the 50+ population were underwater.” (Lori Trawinski, “Nightmare On Main Street: Older Americans And The Mortgage Market Crisis,” AARP Public Policy Institute , July 2012, p. 7)

• From 2007 To 2011 The Foreclosure Rates For People <50 Has Gone Up From .5% To 3.5%. (Lori Trawinski, “Nightmare On Main Street: Older Americans And The Mortgage Market Crisis,” AARP Public Policy Institute , July 2012, p. 7)
• From 2007 To 2011 The Foreclosure Rates For People Between 50 And 64 Has Gone Up From .4% To 3%. (Lori Trawinski, “Nightmare On Main Street: Older Americans And The Mortgage Market Crisis,” AARP Public Policy Institute , July 2012, p. 7)
• From 2007 To 2011 The Foreclosure Rates For People Between 65 And 74 Has Gone Up From .3% To 2.5%. (Lori Trawinski, “Nightmare On Main Street: Older Americans And The Mortgage Market Crisis,” AARP Public Policy Institute , July 2012, p. 7)
• From 2007 To 2011 The Foreclosure Rates For People 75+ Has Gone Up From .4% To 3.3%. (Lori Trawinski, “Nightmare On Main Street: Older Americans And The Mortgage Market Crisis,” AARP Public Policy Institute , July 2012, p. 7)