What the United States and Other Countries Have in Common When It Comes to Social Security

The Unites States is not unique when it comes to Social Security. According to the International Social Security Association (ISSA), most countries have some type of social security system, the most common being for old age, disability and survivors, all of which we have.

Basic Human Right

ISSA deems social security to be a fundamental human right. The association considers the development of social security programs and systems to be one of the most significant social policy achievements of the 20th century.

Interestingly, the recognition of social security as a basic human right was enshrined in the 1948 Universal Declaration of Human Rights. In several countries, including Germany and Brazil, social security is a right guaranteed by the constitution.

Limitations

Despite being a basic human right, not everyone has access to social security. According to ISSA research, about half of the global population has access to some form of social security, but only 20 percent have what it considers to be adequate social security coverage. It calls the need to extend social security coverage a challenge for all countries, stating “the enhancement and extension of social security will remain major challenges for the decades to come.”

Social Security Expansion Act

The Social Security Expansion Act now before Congress calls for expanding Social Security here in the U.S. When enacted, this landmark piece of legislation will:

• Extend the solvency of Social Security for 75 years by requiring the wealthiest American households to pay their fair share of taxes. This legislation would lift the earnings cap and subject all income above $250,000 to the Social Security payroll tax. Under this bill, over 93 percent of households would not see their taxes go up by one penny.
• Expand Social Security benefits across-the-board for current and new beneficiaries. Social Security benefits for current and existing recipients would be increased by $200 a month.
• Increase Cost-Of-Living-Adjustments (COLAs). This bill would more accurately measure the spending patterns for seniors by adopting the Consumer Price Index for the Elderly (CPI-E) in the formula for calculating COLAs.
• Require millionaires and billionaires pay their fair share into Social Security by increasing the net investment income tax by 12.4 percent and applying it to certain business income not already covered by payroll taxes.
• Improve the Special Minimum Benefit for Social Security recipients which would help low-income workers stay out of poverty.
• Restore student benefits up to age 22 for children of disabled or deceased workers, if the child is a full-time student in a college or vocational school.
• Combine the Disability Insurance Trust Fund with the Old Age and Survivors Trust fund to help senior citizens and persons with disabilities.

The Seniors Trust is a strong supporter of this bill. You can show lawmakers that Social Security expansion is important to you by signing our petition to Congress.