Let’s Look at the Social Security Reform Measures Congress Could Be Considering This Session
Members of Congress go back to work in Washington D.C. next week and we believe Social Security reform should be at the top of their agenda. Inflation is still high. Seniors are still struggling financially. And the Social Security trust fund is inching ever closer to depletion. Lawmakers can’t keep kicking the can down the road. They must act soon to shore up Social Security before it’s too late.
Here’s a look at some of the proposed bills they could be considering:
Social Security Expansion Act — Sponsored by Sen. Bernie Sanders (I-VT), Sen. Elizabeth Warren (D-MA) and Rep. Jan Schakowsky (D-IL), this bill would increase benefits by $200 per month across the board; update and increase the minimum benefit to 125 percent of poverty, to ensure that no one retires into poverty after a lifetime of work; and switch to the more accurate consumer price index for the elderly (CPI-E), that more accurately reflects seniors’ spending. Additionally, this legislation would ensure that all benefits will be paid in full and on time for the next 75 years and beyond by requiring those with incomes of $250,000 or more to pay into Social Security on all of their income, earned and unearned, above that $250,000 threshold.
Social Security 2100: A Sacred Trust Act — Sponsored by Rep. John Larson (D-CT) and Sen Richard Blumenthal (D-CT), this bill would increase benefits by two percent across the board and in numerous targeted ways; switch to the more accurate consumer price index for the elderly (CPI-E); and ensure that all benefits can be paid in full and on time through 2066 by requiring those with incomes of $400,000 or more to pay into Social Security on all of their income, earned and unearned, above that $400,000 threshold.
Strengthening Social Security Act — Sponsored by Rep. Linda Sanchez (CA-38), this bill would increase benefits across the board, increase widow(er) benefits for spouses in two-income households, and switch to the more accurate consumer price index for the elderly (CPI-E), so benefits keep pace with inflation and do not erode over time.
Medicare and Social Security Fair Share Act — Sponsored by Sen. Sheldon Whitehouse (D-RI), this bill would ensure that all Social Security benefits will be paid in full and on time for the next 75 years and beyond by requiring those with over $400,000 in income to contribute to Social Security on all of their income, earned and unearned, above the $400,000 threshold.
Fair COLA for Seniors Act — Sponsored by Rep. John Garamendi (D-CA), this bill would switch to the more accurate consumer price index for the elderly (CPI-E), so benefits keep pace with inflation and do not erode over time.
Tell Them What You Want
The Seniors Trust strongly believes the Social Security Expansion Act is the best option. It is the only bill that seeks to reform Social Security the right way: by expanding and strengthening benefits proven to reduce senior poverty and improve retirement security as well as extending the solvency of this crucial program.
We believe the Social Security Expansion Act stands a good chance of being enacted if we can show lawmakers that their constituents want this legislation. Please, sign our petition to Congress and join us as we strive to improve the lives of senior citizens.
