The Week Just Passed: Toward Fiscal Responsibility

House Advances “Kids First Research Act”

New Healthcare Law Uncertainty and Worry

Planning for Your Future: Social Security and Medicare

This Week’s Salute: Happy Birthday National Guard!

The Week Just Passed: Toward Fiscal Responsibility

“While most New Jerseyans were rightfully occupied with their busy lives this week, a little-noted event occurred in Washington: Republicans and Democrats came together to pass a ‘modest’ budget agreement that takes the prospect of another government shutdown off the table for two years.

“This agreement represents a firm step in the right direction because it further reduces the budget deficit without raising taxes on hardworking New Jersey residents.  Discipline is maintained: the bill retains 92% of the sequester spending cuts, but it reduces spending in a smarter way and makes long-term pension reforms. 

“Of course, when one party has a majority in the House and the other party runs the Senate, no one gets everything they want.  But we can still make progress toward our goals:  the agreement balances the budget in 10 years.

“Passing a budget is the first step toward righting our fiscal ship.  If the Senate agrees, we all can be encouraged by the progress that Congress is making to break through the partisan gridlock to fulfill one of our most basic duties – funding the operations of the federal government. So at least for the time being, Washington will not lurch from crisis to crisis. 

“In a divided government the American people expect Members of both parties to work to find common ground to move the nation forward. While this budget agreement is not perfect, it is a step towards bridging our differences and bringing fiscal responsibility to Washington – a prerequisite for a healthy American economy.”

Rodney Frelinghuysen

House Advances “Kids First Research Act”

With Rodney’s strong support, the House this week passed legislation designed to boost research efforts aimed at combating childhood diseases and disorders. H.R. 2019, the Gabriella Miller Kids First Research Act, eliminates taxpayer funding for presidential campaigns and conventions, and redirects that funding to medical researchinto pediatric diseases and disorders such as cancer, autism and Fragile X.  

“Throughout my career, I have been a strong supporter of the incredible life-saving work that’s underway at the National Institutes of Health and other medical research centers,” Rodney said.  “This bill is an opportunity to advance health research for millions of young patients who suffer from rare and genetic disorders. Yes, we’ve made great strides in finding cures and treatments, we still have a great amount of work to do.”

The Gabriella Miller Kids First Research Act would require the Director of the NIH to allocate $126 million—$12.6 million each year for 10 years—of appropriated funds for pediatric research. The money would be re-designated from the Presidential Election Campaign Fund for national party conventions.

The bill passed the House on Wednesday on a 295-103 vote.

New Healthcare Law: Uncertainty and Worry

'Uncertainly,' is a word Rodney hears a great deal when he’s out and about in Morris, Essex, Passaic and Sussex counties these days.  He also hears it when he conducts Telephone Town Hall meetings, as he did again Wednesday evening.

“There’s uncertainty about the economy and jobs.  Uncertainty about more regulations and higher taxes.  And, of course, uncertainly about the President's health care law,” he said.

"There is no doubt that we had a broken health insurance system that needed some fixes, but what we got was the President’s new healthcare law and a whole raft of questions: Can I keep my doctor? How much will costs go up? Is the website working yet? Is my information safe and secure? What is the next delay the President will issue?

For your information, here is a sampling of the reporting this week about the President’s new healthcare law:

Recommended Reading: Lindy Washburn and Barbara Williams of the Bergen Record write, “Many New Jerseyans stuck in health care limbo as Dec. 23 deadline nears.”

Recommended Reading: The key Obamacare deadline few are talking about.  Amid the rush to enroll as many people as possible by the December 23 deadline, there’s a huge caveat that is not getting much public attention: In order for coverage to take effect on January 1, enrollees must pay their first month’s premium on time. (The deadline varies somewhat by state and by insurer.)  Read more here.

Recommended Reading: Leslie Scismand Timothy W. Martin, writing in the Monday Wall Street Journal, “High Deductibles Fuel New Worries of Health-Law Sticker Shock. Some Lower-Cost Plans Carry Steep Deductibles, Posing Financial Challenge.”  Read it here.

Planning for Your Future: Social Security and Medicare

The Wall Street Journal this week reported on a new report: "Social Security and Medicare Taxes and Benefits Over a Lifetime: 2013 Update" by the Urban Institute, a nonprofit research and educational group.  The document offers an interesting look at the taxes you will contribute to, and the benefits you are likely to receive from, these two programs in your lifetime.

For example, the Journal reports, “Consider: A one-earner couple with a high wage ($71,700 in 2013 dollars) retiring in 2015 can expect lifetime Social Security benefits of $640,000. The same couple can expect to get $427,000 in lifetime Medicare benefits—while paying only $111,000 in Medicare taxes…”

Read the Urban Institute report here.  

This Week’s Salute: Happy 377^th Birthday National Guard!

The citizens of the State of New Jersey owe a great deal to the New Jersey National Guard. As we saw last year with its response to Hurricane Sandy, the Guard’s impressive versatility enables its troops to respond to domestic emergencies, combat missions, counter-drug efforts - all with equal speed and efficiency. Whether the call is coming from Governor Christie or from President Obama, Guardsmen and women are always ready and always there.

Although the country’s growth and expansion has made it a large military force today, the National Guard still remains a cornerstone of our communities – just as it did when it was given birth on December 13, 1636.

Happy Birthday to our National Guard!