The country is facing a retirement income crisis. Social security is arguably the most important in the country source of retirement income. But the last time Congress expanded Social Security was when Richard Nixon was president. Unless this Congress tackles the crisis by expanding social security, too many Americans will not be able to retire without a drastic and precipitous drop in their standard of living.
As the richest country in world history, America can afford to protect and extend social security – if we demand that those at the top contribute their fair share. The good news is that this Congress is ready to take action.
representing John larson John Barry Larson It Shouldn’t Be That Hard Aging In America House Democrats Reintroduce Social Security Reform Bill Social Security Benefits Rise Almost 6% Next Year MORE (D-Conn.), Chairman of the House Social Security subcommittee, just held a audience on its legislation, Social Security 2100: a sacred trust. Law 2100 is co-sponsored by 90% of House Democrats and incorporates all the extensions that President Joe Biden promised during his winning campaign.
The legislation increases modest social security benefits both in all areas and also in a long overdue manner. It adds caregiver credit, restores student benefits, improves widowers’ benefits and more. It pays for every penny by forcing the highest paid workers to contribute to social security at the same rate as the rest of us.
While no Republican politician has co-sponsored the expansion legislation, the protection and expansion of Social Security enjoys strong bipartisan support among those who matter most – the American people. Big majorities Republicans, Democrats and Independents overwhelmingly support the expansion of Social Security. But Republican politicians listen to their corporate donors, not their constituents.
Now is the time for Democrats, who currently control both houses of Congress and the White House, to put the Social Security extension to a vote. There is no better way to show voters the difference between the two parties on this essential and essential issue.
Social security is a priority for voters. A Public Policy Polling survey carried out in 2018 found that 56 percent of those who voted for Donald trumpDonald Trump The 10 Races That Will Decide The Majority In The Senate How US Conservatives Normalize Anti-Semitism VP Dilemma: The Establishment Or The Base? FOLLOWING and 55% of those who identify as Republicans would be more likely to vote for a candidate who “will support the expansion and increase of Social Security.”
Expanding social security, while forcing those at the top to contribute more, will help reverse income and wealth inequalities – a problem president obamaBarack Hussein Obama How US Conservatives Normalize Anti-Semitism VP’s Dilemma: The Establishment or the Base? Democrats love what they saw in Harris-Charlamagne that God trades MORE called âThe defining challenge of our timeâ. This inequality does not only exacerbate the retirement income crisis; it also costs Social Security billions of dollars in revenue each year.
As the incomes of high-income workers have grown much faster than average over the past decades, an increasing share of their earned income exceeds the current cap of $ 142,800 on which Social Security contributions are assessed. This cap was reduced from 90 percent of national wages, as Congress had planned, to 83 percent today. As a result of this apparently minimal slippage, those at the top paid $ 84.4 billion less to social security In 2020 only. These are billions of dollars that should have gone to social security but stayed in the pockets of the richest among us.
Additionally, congressional action on legislation that both extends benefits and cuts the projected Social Security deficit by more than half, as Bill 2100 does, will begin to restore the intangible benefit of peace of mind. spirit that Social Security is supposed to provide. Too many Americans have lost that sense of security because they have heard, wrongly, that Social Security is going to disappear and that they will never receive the benefits they earned. A vote on Safeguarding and Extending Social Security will restore the confidence of the American people that Congress is a responsible steward of their vested benefits.
The extension of social security will strengthen the economy and create jobs. Because the vast majority of the 65 million Social Security recipients have low or moderate incomes, they tend to spend their benefits immediately in the local community in which they live. Social security is particularly important for rural communities, which tend to be older.
In short, Social Security is a solution. Protecting and extending modest social security benefits is sound policy and represents the will of the people. It will improve the economy, create jobs and significantly increase the security of working families.
It is imperative that this Congress votes on Social Security. Democrats must make social security their next top priority. They must force Republicans to stop hiding and speak out clearly when voting for or against. If they do, voters will reward the party that created social security and continues to protect and improve it.
Democrats will then follow the vision of President Franklin Roosevelt who proclaimed, when he signed the Social Security Act, that he set “a cornerstone in a structure which … is by no means complete. ” President BidenJoe BidenThe 10 Races That Will Decide The Majority In The Bidens Senate: Desmond Tutu’s Legacy âWill Resonate Through The Agesâ Media loves bad news; you don’t have to PLUS, President Larson and the Democratic Party are about to take another step forward in completing this essential structure.
Nancy Altman is president of Social Security Works.