South Iowa News

U.S. Representative Zach Nunn has introduced a bipartisan bill aimed at safeguarding Social Security and Medicare benefits against the impact of inflation. The Safeguarding Social Security and Medicare Act, co-led by Representative Don Davis, seeks to mandate the U.S. Comptroller General to devise a strategy to shield these crucial programs from inflationary pressures.

"When the government created Medicare and Social Security, it made a promise to Americans. I’m 100% committed to protecting those benefits," stated Rep. Nunn. He emphasized that Iowans have contributed to these programs for years and have planned their futures around them, asserting his commitment to ensuring beneficiaries can continue relying on their entitlements.

The urgency of this legislation is underscored by projections from the Social Security trustees' annual report released in May 2024, which predicts depletion of the Social Security Trust Fund by 2035, potentially resulting in a 17% cut in benefits for over 650,000 Iowans who depend on them. Similarly, the Medicare trustee's report foresees insolvency by 2036, highlighting an unsustainable status quo requiring action for future security.

"Congress must better understand how Social Security and Medicare effectively support the American people," commented Rep. Davis. He pointed out that seniors are facing high living costs that significantly affect their ability to afford essentials such as food and housing.

As reported in May 2024 by the Social Security Administration, average monthly payments stood at $1,788.24. However, with rising inflation impacting budgets severely—particularly for those on fixed incomes—adjustments are necessary as costs like gas and food increase.

The proposed act aims to ensure full benefit disbursement despite inflationary challenges through strategic planning mandated for the U.S. Comptroller General.