Social Security Cost Control Act

[AI summary unavailable — showing source text] Social Security Cost Control Act - Eliminates specified optional payment provisions under title II (Old-Age, Survivors, and Disability Insurance) of the Social Security Act. Revises the qualifications for retirement under such program. States that the first $60 of earned income per month plus an amount equal to dependent child care expenses shall be disregarded in determining need under the aid to families with dependent children program of the Social Security Act. Modifies the rate of Federal financial participation state programs of aid to needy families with children and aged, blind, or disabled individuals. Provides that the amount payable for inpatient hospital services under title XVIII (Medicare) during any spell of illness shall be reduced by a deduction equal to the inpatient hospital deduction, or, if less, the charges for such services imposed with respect to such indivdiual for such services, and by a coinsurance amount equal to one-tenth of the charges imposed. Sets forth provisions regulating the amount of Medicare supplementary medical insurance coinsurance available under specified instances. Provides for the automatic adjustment of the medicare supplementary medica…