Federal Bill S1295 is relevant to Dignity Alliance MA Goal 3: Home and Community-Based Supports and Services improvement and expansion of opportunities. DAM opposes this legislation.
Whenever a Trust Fund is depleted automatic cuts take place in the program if Congress fails to act. Medicare and Social Security would be two examples of Trusts where funds are expected to be depleted in the near future. The TRUST Act 2021 reintroduced in the 117th Congress would establish bipartisan and bicameral “rescue committees” for major federal trust funds that are projected to deplete their reserves.
During the February 5, 2021 debate on Senate budget resolution, the Senate voted 71-29 in favor of an amendment to potentially pave the way for Social Security and Medicare “Rescue Committees.” These committees would have the authority to recommend changes to the Social Security, Medicare and Highway Trust Funds. There would be no limits to what they can propose, including benefit cuts for current and future retirees.
Senator Mitt Romney (UT) offered the amendment. It is based on a bill he introduced with Representative Mike Gallagher (WI) during the last Congress, the Time to Rescue the United States Trusts (TRUST) Act, S. 2733 and H.R. 4907. Although this amendment cannot be included in the upcoming COVID Relief bill, the TRUST Act itself is a threat to the retirement security of millions of Americans. Alliance for Retired Americans Position The Alliance for Retired Americans strongly opposes the TRUST Act. Retirees have earned their Social Security and Medicare benefits over a lifetime of work. The benefits ensure older Americans receive the health care they need, and they provide necessary income for more than 60 million Americans.