Pass The Social Security Expansion Act
The Social Security Expansion Act is a landmark bill that buttresses the long-term solvency of Social Security by expanding benefits for seniors – not cutting them.
If passed, this legislation will make four major changes to Social Security for retirees:
• Benefits will be increased for most recipients by about $65 per month.
• The solvency of the Trust Fund will be immediately extended, the income cap on Social Security contributions will be dissolved, making 100% of all workers’ earnings subject to the Social Security tax.
• The Consumer Price Index for the Elderly (CPI-E) will be used to calculate Social Security Cost-of-Living Adjustments (COLAs) instead of the Consumer Price Index for Urban Wage Earners (CPI-W) used currently. The CPI-E takes the unique spending habits of seniors into account — particularly regarding the cost of healthcare — and offers a more realistic COLA for retirees.
• A minimum Social Security benefit would be set to greatly reduce senior poverty.
The full text of the bill can be found here.
The Social Security Expansion Act is a comprehensive piece of legislation that seeks to reform Social Security the right way: by expanding and strengthening benefits proven to reduce senior poverty and improve retirement security, and extending the solvency of this crucial program by ensuring all American workers contribute their share.