The Social Security system is on fragile ground. That’s no secret. But how has the pandemic affected Social Security’s future and how can we fix it?
Lorie Konish at CNBC.com writes “researchers are saying that the virus and its economic aftereffects could reduce” the money held in the Social Security Trust Fund. This puts the retirement system, which tens of millions of seniors depend on, in an even more precarious situation.
Earlier on in the pandemic, estimates for the trust fund’s depletion were about the same as they had been in recent years, seeing the money run dry by 2035. But in May, the Wharton School at the University of Pennsylvania projected that the trust fund could run out of money three years earlier, 2032. That’s just 12 years from now. Once the trust fund runs dry, benefits would need to be slashed.
Fixing the Problem
Greedy politicians led the nation to edge of bankruptcy. Now, they expect senior citizens to pay for their reckless financial policies. It’s a disgrace.
Senior citizens require a guarantee they will receive their full benefits. And not only that, seniors deserve a $65 a month benefits raise. After all, they paid into the Social Security system with the promise of a secure retirement.
That’s where the Social Security Expansion Act comes in.
The Social Security Expansion Act guarantees seniors a $65 monthly raise to their benefits checks. That means no cuts.
On top of the benefits raise, seniors can expect a fair COLA every single year that keeps up with inflation, as well as enhanced benefits if the Social Security Expansion Act is passed.
Seniors aren’t to blame for our nation’s irresponsible fiscal policy and the impact of the pandemic. So, seniors shouldn’t be punished for actions of career politicians in Washington and global health crises. In fact, seniors should receive more money to help make ends meet during these uncertain times. They earned it.
The Seniors Trust is putting together a petition to send to Congress in support of the Social Security Expansion Act.
We need help your help to force real change in Washington and fix Social Security.
Please – click here – to sign our petition and join us as we call on our elected officials to increase Social Security benefits by $65 a month, implement an improved COLA, and provide enhanced benefits to seniors.
We can’t sit idle. 2032 is not far off. And, if we wait to pass desperately needed legislation to fix Social Security, it could be too late.
Take a look at our Social Security Expansion Act Highlights to learn some of the most important facts about this piece of legislation.