Safeguarding Social Security and Medicare Act
H.R. 1339, the Safeguarding Social Security and Medicare Act, would require the Comptroller General (GAO) to conduct a one-year study on how inflation and cost-of-living changes affect the Social Security Old-Age and Survivors Insurance (OASDI) program and Medicare. The purpose is to assess the programs’ resiliency and long-term financial stability and to provide Congress with recommendations for any legislative actions needed to ensure the ability to provide full benefits. The bill emphasizes the large number of beneficiaries and the mounting pressure from rising living costs, framing the study as a step toward informing future policy to safeguard these programs. The bill does not enact policy changes itself; instead, it directs GAO to analyze inflation/COLA effects on these programs and to deliver a report with actionable legislative recommendations within one year of enactment. It was introduced in the House and assigned to the Ways and Means and Energy and Commerce committees for consideration.
Key Points
- 1Short title: The act is named the “Safeguarding Social Security and Medicare Act.”
- 2Purpose: Directs GAO to study the resiliency and longevity of Social Security (OASDI) and Medicare in light of inflation and cost-of-living increases.
- 3Scope of study: Assess how inflation/COLA affects the OASDI program and Medicare, and consider legislative actions needed to improve the ability to provide full benefits.
- 4Timeline: GAO must complete the study and submit a report to Congress within 1 year after the act becomes law.
- 5Rationale provided in findings: Highlights the large beneficiary base (tens of millions for Social Security and Medicare), the importance of these programs for elderly/disabled populations, and the ongoing pressure from rising living costs.