via twitter.
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Dems, Advocates Push Hard for Social Security Expansion.
Rep. JohnLarson’s ‘Social Security 2100 Act’ would:
- Cut taxes for seniors.
- Strengthen benefits.
- Ensure the system remains solvent for generations.
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After years of Republican-led debate over how to pare back Social Security’s rising costs, Democrats are flipping the script with an ambitious plan to expand the New Deal-era social insurance program while making gradual changes to keep it solvent for the rest of the century.
The Social Security 2100 Act, which was introduced this past week in the House and the Senate, represents a sea change after decades dominated by concern that aging baby boomers would bankrupt the government as they begin drawing benefits from Social Security and other entitlement programs.
via New York Times.
Related Reading:
A bill to boost Social Security will finally get a full and fair hearing.
Boosting — rather than cutting — Social Security makes good financial sense. The program provides more than one trillion dollars in fiscal stimulus to the nation’s economy, as seniors, workers with disabilities and survivors spend their benefits on goods and services in all fifty states.
Rep. Larson’s bill is a resounding rebuke to conservative proposals, because it maintains Social Security’s financial solvency for generations while giving seniors a bump in benefits. Among other things, the bill would:
- Provide a 2% benefit bump for all beneficiaries.
- Protect retirees against inflation with a new formula for calculating cost-of-living adjustments, the Consumer Price Index for the Elderly (CPI-E).
- Increase the special minimum benefit threshold so that more low-wage workers qualify.
- Cut taxes for over 12 million Social Security beneficiaries.
National Committee president Max Richtman will be attending this event speaking about the current state of Social Security and the Social Security 2100 Act.
Rep. John Larson’s ‘Social Security 2100 Act’ would:
- Cut taxes for seniors.
- Strengthen benefits.
- Ensure the system remains solvent for generations.
For years, seniors have told us that they need their Social Security benefits boosted. They want fairer cost-of-living adjustments (COLAs) that reflect retirees’ true living expenses. They say it’s time for the wealthy to start paying their fair share in Social Security payroll contributions. Congressman John Larson’s Social Security 2100 Act would achieve all of that – and more.
The bill would keep the system solvent for nearly the rest of this century while modestly boosting benefits – and cutting taxes for retirees. Not only do seniors and advocates support this bill, the American public has affirmed the proposals that it embodies in poll after poll, across party lines and age groups.
Read more from this blog post by clicking here.
President Roosevelt’s vision has most certainly endured. Today, Social Security provides some 61 million Americans and their families with basic financial security upon retirement or disability. For older Americans, Social Security can mean the difference between financial well-being and poverty. Two out of three seniors rely on Social Security for most of their income, and one-third of seniors depend on it for at least 90% of their income. Public polling consistently shows that Social Security enjoys overwhelming support from majorities of Americans across party lines.
Over the years, Social Security has been modified (with bipartisan support) to expand benefits and keep the system financially sound. This year, Social Security has come under new threat from budget hawks in the Trump administration and on Capitol Hill. But as generations of Roosevelts have
shown us, Social Security is worth fighting for. On this, Social Security’s 82nd anniversary, we at the National Committee recommit ourselves to preserving this landmark program for current and future generations of Americans.
Read more from our blog post here marking this anniversary by clicking here.
Democrats have introduced legislation—the Social Security 2100 Act—in both the House and Senate to preserve the social insurance program. It proposes the biggest changes to Social Security in nearly four decades, when the program—wobbly even then—was propped up by tax hikes and a raising of eligibility ages.
via Why Social Security should be a major issue in the 2020 election.
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Social Security Legislation Would Give Seniors the Pay Raise they Deserve.
Not only do seniors and advocates support this bill, the American public has affirmed the proposals that it embodies in poll after poll, across party lines and age groups.
The ‘Social Security 2100 Act’ will help seniors and the program remain solvent for decades. You can learn more about the legislation here: http://bit.ly/2Sd8mYq
With the 116th Congress kicking off on January 3, 2019, and the Democrats seizing control of the House, it did not take long for a bill to emerge that would strengthen and expand the nation’s Social Security program. Seven years ago, when U.S. Congressman John Larson (D-CT) first introduced the Social Security 2100 Act during the 113th Congress, the GOP controlled Congress blocked a fair hearing and vote. Now, with a Democratic majority in the House Larson’s Social Security proposal will finally get a thorough review as Democrats take control of the House Ways and Means, Energy and Commerce, and Education and Labor. These committees have oversight of Social Security.
Larson chose to throw the bill into legislative hopper on the 137th anniversary of President Franklin D. Roosevelt’s birth, who signed Social Security into law in 1935…
…“For years, fiscal hawks have told us that the only way to ‘save’ Social Security is to cut benefits for future retirees. Congressman Larson’s bill is a resounding rebuke to those claims. The Social Security Act 2100 keeps the program financially sound for most of this century while boosting benefits for millions of beneficiaries,” said Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare.
via Go Local Providence.
Related Reading:
A bill to boost Social Security will finally get a full and fair hearing.
Boosting — rather than cutting — Social Security makes good financial sense. The program provides more than one trillion dollars in fiscal stimulus to the nation’s economy, as seniors, workers with disabilities and survivors spend their benefits on goods and services in all fifty states.
Until the last few years, all Washington could talk about was how to cut Social Security benefits, and by how much. But a grass-roots progressive coalition began campaigning for expansion in 2013, and the idea has since moved straight to the heart of the Democratic Party.
That was evident this week when U.S. Representative John Larson introduced his Social Security 2100 Act in the House of Representatives. The Connecticut Democrat’s proposal calls for a small across-the-board bump in benefits, a more generous annual cost-of-living adjustment and a higher minimum benefit for low-income workers. Larson’s plan would pay for the expansion in two ways. First, it would add new payroll taxes to wages over $400,000 (currently, tax collection stops at $132,900 of annual income). The bill also would gradually phase in a higher payroll tax rate, with workers and employers each paying 7.4 percent by 2042, compared with the current rate of 6.2 percent.
via Reuters.
Related Reading:
A bill to boost Social Security will finally get a full and fair hearing.
For the first time in almost a decade, legislation to expand and protect Social Security will receive serious consideration in the United States Congress. On Wednesday, I was honored to join Rep. John Larson (D-Conn.) at the Capitol as he announced the re-introduction of his groundbreaking Social Security 2100 Act.
This bill would boost benefits for America’s 62 million Social Security beneficiaries and keep the system on a sound financial footing for the next 75 years.
Max Ritchman, President and CEO of the National Committee to Preserve Social Security and Medicare: “America’s seniors understand all too well that our nation faces a retirement crisis and improving Social Security benefits is vital to keeping millions from poverty. Rep. Linda Sanchez’s ‘Strengthening Social Security Act’ makes several important improvements for seniors by: phasing out the payroll tax cap so that the wealthy pay their fair share, creating a Cost of Living adjustment for the elderly and boosting benefits for all retirees including widows/widowers. NCPSSM strongly supports this legislation and applauds Congresswoman Sanchez for doing the right thing for America’s seniors and their families.”
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A new analysis by the National Institute on Retirement Security shows that #WomensRetirement income lags behind men’s. Our #EleanorsHope initiative is dedicated to helping close the gap between women & men when it comes to retirement savings and benefits. https://www.ncpssm.org/eleanors-hope/