U.S. Rep. Zach Nunn Representative for Iowa's 3rd District | Official U.S. House headshot
U.S. Rep. Zach Nunn Representative for Iowa's 3rd District | Official U.S. House headshot
U.S. Representative Zach Nunn (IA-03) introduced legislation aimed at protecting Social Security and Medicare benefits for Iowans. The Safeguarding Social Security and Medicare Act, co-led by U.S. Representative Don Davis (NC-01), mandates the U.S. Comptroller General to develop a plan to shield these benefits from the impact of rising 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.”
The Social Security trustees’ annual report released in May 2024 projects that the current Social Security Trust Fund will be depleted by 2035, potentially resulting in a 17% reduction in benefits for over 650,000 Iowans who depend on Social Security. Similarly, the Medicare trustee’s annual report forecasts that Medicare funds will become insolvent by 2036.
“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 average monthly payment reported by the Social Security Administration was $1,788.24. With inflation increasing rapidly, Americans are experiencing tighter budgets—especially those on fixed incomes—as changes in costs such as gas and food reduce their purchasing power until benefits are adjusted.
The Safeguarding Social Security and Medicare Act requires the U.S. Comptroller General to create a plan addressing challenges posed 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.
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